Market share: More important than ever
In today’s slow-growth environment, strategic planners and service line leaders must leave no stone unturned when identifying market share opportunities.
Members often ask us to review their service line strategic plans to suggest competitive tactics not being considered by their planning teams. When we review these plans, we use a nine-point checklist to ensure a comprehensive review of the levers that influence core service share.
Nine tactical categories might seem like a lot, but several market trends require planning teams to increase their scope.
- No longer just a volume game—The next five years will see more beneficiary cost sharing, price-sensitive steerage models, and rigorous utilization management programs for high-end procedures.
More pressure on utilization renders traditional growth levers such as premium technology investment and referring physician satisfaction important but insufficient to promote service line growth.
- More complex growth channels—Group purchasers large and small increasingly explore mechanisms to save on health benefits spending. Tiered networks and employee health engagement tools will play a larger role in provider selection, requiring providers to prove service line value to purchasers.
- Prominence of patient share of wallet—There is growth in health care, but it is occurring outside of acute care, in primary care and outpatient specialty services.
At the same time, payers promise to hold providers accountable for value across longer care episodes. As the key metric of share performance moves from clicks to individuals, service line competitive strategy must break from an acute care-centric model to serve more patient needs across time.
We’ve excerpted our quick-reference growth audit below to help service line planning teams identify and prioritize the growth tactics most relevant for their organizations. As always, members can also call on our research teams for tactic briefs and more in-depth discussions by webconference.
Download our checklist and use it with your planning teams to flag and prioritize the best growth bets for your service lines.
GET THE CHECKLIST
Next, Check Out
Medicare Total Share Performance Assessment