Blueprint for Growth
Imperatives to Secure Share and New Cardiovascular Volumes in a Hypercompetitive Market
By reading this study, members will learn how to:
- Evaluate new market opportunities and hardwire capital prioritization review
- Increase hospital-physician alignment
- Generate new patient volumes by capturing latent demand
- Expand reach through strategic partnerships
Evaluating drivers of demand
Despite epidemiological trends supporting cardiovascular growth, the majority of cardiovascular programs have experienced a decline in core procedure volumes. Six factors that impact local and national demand for cardiovascular services include changes in competitive landscape, practice pattern trends, impact of prevention, enhanced screening and diagnosis, improved treatment options, and health care reform.
Perfecting growth strategy formulation
Critically evaluating new market opportunities and hardwiring capital prioritization review is essential in identifying investments that offer outsized returns and securing a competitive advantage. Program leaders can also maximize the program’s growth potential by increasing physician alignment. Enhancing referring physician productivity, improving hospital-physician communication, perfecting patient transfer processes, and engaging demanding physicians will ultimately improve physician service and secure long term growth.
Enhancing patient capture
Hospitals can additionally generate new volumes by capturing latent demand. There are four patient populations that are often underserved. Patients have undiagnosed (and therefore untreated) cardiovascular disease and patients whose cardiologists and primary care physicians often hesitate in referring for interventions are two underserved populations. Also, patients in the community often have undiagnosed cardiovascular disease. Hospitals must eliminate obstacles to hospital patient capture, target education efforts to latent demand, and develop high-yield screening programs.
Exploring strategic partnerships
The final opportunity to secure long-term growth is by expanding geographic reach and securing high-acuity referrals through strategic partnerships. Common challenges aligned with these partnerships include difficulties identifying potential partners and a lack of executive support. In addition, specialists are often reluctant to travel to outlying communities and difficulties demonstrating a return on investment often forestall efforts. Successful execution is contingent on optimal partner selection, hardwiring two-way value creation, and aligning incentives.