“Pairing our individual knowledge base with the information from RTMD allows us to dig deeper, learn the root cause of a particular Medicare service line business challenge, and then develop a plan to meet that challenge.” — VP of Marketing for a regional medical center in the Southeast
We needed to understand the most vulnerable parts of our business, and where that business was going.
We serve as a tertiary hospital system in a tri-state region. While our service area includes two major hospitals in the same geographic footprint, and market share is naturally competitive, the specialty service lines of our business made the tracking of outmigration harder to follow.
Our business includes 14 service lines. One of the service lines posting weaker business returns was in our heart and vascular area. We knew these patients were not within our immediate geographic area. What we needed to know was where these patients were going and why they were going elsewhere.
Create custom reports to pinpoint exactly where patient retention is an issue.
I was able to drill down by specific county levels and by one of the custom groupings we’d established (the Heart and Cardiovascular service line), and what I found was like killing two birds with one stone.
Reviewing specific service line data by the specific area where patients were from helped me determine which of our competitors were capturing this outmigration, and also why they were leaving our hospital.
That’s what I like about the RealTime Medicare Data platform. The business diagnostics are structured in such a way that you can validate or refute your hypotheses. As leaders in our respective organizations, we know more than we think we know about the details of our business. Pairing our individual knowledge base with the information from RTMD allows us to dig deeper, learn the root cause analysis of a particular Medicare service line business challenge, and then develop a plan to mitigate that challenge.
We identified which competitors were hedging into our market and what services Medicare beneficiaries believe these competitors perform more effectively.
This exercise illuminated us to the degree of Medicare beneficiary business leakage taking place in our immediate service area. We pinpointed the outmigration as a marked shift from the historical market share split, which previously trended as a near 50/50 split between our hospital and the other major hospital in our service area. Service line and provider level claims data also helped shed light on patient perceptions and why, all else being equal, they are choosing a competitor’s facility over ours.
We are now identifying the drivers behind this shift in regional patient loyalty. We’re also developing a plan to stem the revenue impact of this service line loss. Lastly, we’ve identified where we may have opportunity to improve physician loyalty and to keep more of these Medicare beneficiaries in our care.