Let’s be honest: the healthcare sector has become increasingly difficult to navigate and generates stiff competition. In the face of a global pandemic, an aging population and rising health care spending, everyone from small startups to tech giants wants a share of the market. However, every organization that enters the healthcare market has unique issues that need to be addressed in order to be successful.
Introduce healthcare business intelligence. Healthcare business intelligence is a new category of software designed to help organizations address the complexity of product development and sales in the healthcare marketplace. With healthcare business intelligence, companies can untangle the cluttered network of data on delivery systems, doctors, payers, patients, government organizations, and more to identify the people, opportunities, and organizations that are best suited to products. In a nutshell, it’s about giving today’s companies an edge with a 365-degree view of the healthcare industry … so they can optimize everything from product development to market planning and ‘sales strategy.
Here’s why business intelligence is essential for anyone working in the healthcare ecosystem:
1. Find growth opportunities
All companies want to become a top tier player in their space. To grow, companies need answers to hot questions that can be difficult to find given the complexity of the healthcare market.
With healthcare business intelligence, companies can get answers to challenging sales questions such as:
– How can I increase leads for the next quarter?
– How can I size the market for the products we sell in hospitals?
– Who are the main decision makers in our target account?
Healthcare business intelligence provides companies with the tools to be autonomous, agile and well-informed, providing the information they need to grow and compete successfully in the healthcare ecosystem.
For example, a leader Electronic health record (EHR) The company took advantage of commercial health intelligence to modify its exit strategy. Leveraging a wide range of physician, hospital, and technology data, the company obtained information on the global market share of EHR providers nationwide and in specific territories, identified which physicians were referring patients to their hospital clients. and discovered new opportunities for expansion without taking advantage.
The company’s sales teams then used data-driven knowledge to gather the market context needed to hold informed conversations with current or potential customers about readmission and patient satisfaction metrics. With healthcare business intelligence, the company’s sales team was more efficient and effective, leading to more meaningful conversation with executives every time.
2. Get the necessary competitive advantage
Many companies that want to sell in the healthcare market do not have the necessary knowledge to gain a competitive advantage due to the inability to access a complete picture of the global market.
By gathering high-quality data from many sources and then analyzing the relationships between providers, patients, and delivery organizations, a company can begin to have a clearer picture of the healthcare market and gain an edge over the competition.
To understand the entire healthcare ecosystem, you need data from doctors, hospitals, patients, payers, clinics, government organizations, and more. A flow of data is not enough to unlock valuable information about the healthcare market.
With access to data that spans the entire healthcare ecosystem, companies get the market context needed to understand potential customer issues. In addition, it provides insight into potential customers that other companies may not have access to because:
– I do not understand how to analyze the data to sell better to the customer
– They are not using data in their sales strategy at all
– Do not make business decisions based on evolving or changing data
With the right healthcare data, companies get an advantage, an information advantage, to gain an advantage over their competitors.
3. Identify emerging health trends
Predicting the future is difficult. But healthcare business intelligence can make it easier to spot trends before they show up.
With healthcare business intelligence, companies can see what has worked well in the past, what is currently the trend, and what trends have been left behind.
For example, we are entering an area that has experienced a boom over the last year: telesalut.
Before the pandemic, telehealth was not as popular as it is now. Most of the providers that took advantage of telehealth in their practice were the first users.
Fast forward to the end of 2020 and pretty much everything is done remotely. Telemedicine use grew more than 6,000 percent during the COVID-19 pandemic, and experts estimate the pandemic drove 10 years of telemedicine innovations in about 12 months.
Looking at telemedicine The volume of use of all specialties and verticals sheds significant light on where telehealth companies and related providers, such as patient care coordination and remote monitoring companies, should focus their efforts to sell to market.
By tracking data points and claims over time, companies can identify new and emerging trends to make informed decisions about where the landscape is headed based on the history the data tells.
At the end of the day, healthcare business intelligence helps companies navigate the healthcare ecosystem to create new paths to business success. This is critical in today’s world, where the industry is changing rapidly day by day as we continue to monitor COVID-19 cases, vaccine development, new therapeutics, and changing regulations. With healthcare business intelligence, no matter how the healthcare landscape changes over the next few years, companies know they have the experience to identify where to go next.
About Jason Krantz
As CEO and founder of Definitive Health, Jason promotes a customer-centric approach to business strategy and manages the day-to-day operations of the organization. It has built several research-based companies focused on providing the highest quality and most timely data in information-intensive industries. Before founding Definitive Healthcare in 2011, Jason started Infinata. The company, founded in 1999, provided online databases of information for the pharmaceutical industry under the BioPharm Insight brand.