As traditional drivers of growth disappear, more health systems are struggling to maintain solvency.
Yet some organizations are growing, and new competitors are coming on the scene. What are they seeing that others aren’t?
At our inaugural Market Strategy Summit, we'll show attendees how to see their markets from new angles and push into new dimensions of growth—but you can get a preview in the article below.
New dimensions of growth
Today’s—and tomorrow’s—growth lies in new dimensions of markets and services—the virtual care arena, direct-to-employer services, consumer-oriented products, and cross-continuum service lines, to name a few. But these emerging opportunities are difficult to spot using existing analytics and frameworks. Strategy executives must apply different analyses and question long-held assumptions to see their markets and services from new angles.
How can you spot new dimensions of growth? Three ideas:
- Measure differently: Change your metrics and your scale. For example, track not just market share of volumes, but share of wallet. Measure time to first available appointment in minutes, not days.
- Empathize with consumers: Learn what they’re really looking for, shadow them on their care journey, and listen to what they’re saying – and not saying.
- Embrace discomfort: Pursuing different-in-kind growth will undoubtedly require change. You’ll be evaluating new types of business plans, making decisions about unfamiliar investments, and building buy-in across the organizations.
Our upcoming national meeting will focus on finding growth in new dimensions. We’ll have answers to questions like:
- Consumers: what’s most important to them, and where are they making trade-offs?
- Transparency: how much should you reveal, and how do you do that?
- Pricing models: should you offer bundled payments direct-to-consumer?
- PCP engagement: why and how should your strategy vary across service lines?
- Patient share: what is it, and how do you measure it?
We’ll also have a special facilitated networking session during lunch, and a genius bar to test drive new tools included in your membership.
I hope you’ll be able to join us. This will be my fourth meeting series with the Council, and I’ve never been more excited for a launch.