Question

Why is Market Share a critical data point?

Answer 1

Market share is very important to a business as the market is a cake and the shares are it's pieces where bigger the piece becomes the better the potential of profit becomes. If there is a methodological growth of a business and it continues to improve it's market share then it means that they are able to prevent their competitors from taking their business away from them.

The previous method of health care market share whose focal point was high margin, high volume procedures was one of the greatest method to identify the position of the healthcare facilities in the competition. But recently new model is being used in the healthcare system which is Affordable Care Act. The focus of the new model is to transform the healthcare system from inpatient care model to outpatient model focusing on the community based care. It holds the values like:

- quality of care rather than quantity of care

- efficiency of delivering the top care in the affordable price

- the consumer of the health care system i.e patient iso placed at the center of the care.

It is very important for the healthcare system to identify the rapid changes occuring in the market and the impacts. In order to identify these elements that impacts the market some data's which are both internal and external like health care claims data. The three areas where the hospitals should look in to gain the market share as well the right data to support it are:

- health care data and patients

- health care data and physicians

- health care data and payers

1. Health care data and patients:

- patients loyalty

- health care consumers experience across the healthcare network

- choosing the health care on the basis of zip code.

2. Health care data and physicians:

- physicians are involved to help in providing care across the care continnum.

- it can help to monitor, assess and evaluate the strength of the network of the physician of both primary physician and the specialist

3. Health care data and payers:

- data can help to identify mix payer among the competitors

- helps to identify which healthcare system is getting good reimbursement for the procedures between the payers