Market Research Letter: January/February 2008
Providing insights for home care and hospice
January/February 2008
In This Issue
Feature Article: Why is large market share important?
Assessing Acquisition Potential: A Case Study
Metrics Matter: Find out How to Double your Referrals
Welcome to the first edition of Health MR’s Newsletter. We are very happy to have you as a reader. We will be sending you our newsletter every other month. We believe you will come to rely upon our newsletter for sound business advice on how to grow and build your home health or hospice business.
In this, our initial newsletter, we wanted to first discuss a topic that is so critical to home health and hospice businesses. By understanding why large market share drives how successful your home health or hospice business can be, you can set your strategy on how to obtain a larger market share. After reading this month’s feature article, I would love to hear from you about how this article has impacted your business strategy.
Welcome!
Rich Chesney
President, Healthcare Market Resources, Inc.
Why is large market share important?
Market share drives the market’s perception of your service, and the market’s perception of your business is a prerequisite for growth.
Your market share affects the market’s perception of you, and, at the end of the day, it is what people think of your business that drives them to either do business with you or with someone else. Whether you are looking to attract customers or employees, what those potential customers or potential employees think of your business will affect what choice they make about doing business with you. Read More.
HealthMR Case Study
What role can market analysis play in setting your home health or hospice business strategy? For one client, HealthMR’s reports were instrumental in understanding an acquisition target’s sales potential, position in the local market, and operational performance. With this information in hand, determining an appropriate acquisition price became much clearer. Read More.
Metrics Matter: Find out How to Double Your Referrals
As shown in the above graph, Healthcare Market Resources, Inc. studied the discharge patterns to home care of more than 3,000 acute care hospitals. All data based on Medicare hospital claims. We analyzed the discharges for each of the top 15 DRGs. We then ranked the hospitals in order of discharge percentage to home care by DRG. For each DRG, the top 10% discharge sources, the “top performers,” were identified.
For almost every DRG, the “top performers” discharged more than double the national average to home care. This confirms what home health guru’s have been saying for years: many patients who could benefit from home care go to other settings or are not referred. By looking at this data for your local region, you can help determine which hospitals perhaps should increase discharges to home health.
Click here to learn more about this report, or call us today at 215–657–7373.