5 Most Common Data Searches by Professional Services Companies
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Many Definitive Healthcare clients leverage our data and analytics to provide the freshest and most accurate data insights to their own clients.
To give you insight into common tasks executed by your peers and competitors, we’ve compiled a list of the data most commonly pulled by professional services clients:
1. News and intelligence data combined with claims data to track post-COVID-19 hospital re-openings
After the elective procedures pause was recommended by the Centers for Medicare and Medicaid Services (CMS) in March 2020, many providers chose to cease performing non-essential operations to dedicate all resources to coronavirus patients. When these facilities would re-open, however, would remain a mystery to both healthcare industry participants and onlookers alike.
One common solution to this has been to combine Definitive Healthcare’s news and intelligence data and medical claims data to track which hospitals are performing which elective surgeries again.
2. Network and physician referral patterns
By tracing physician referral patterns and visualizing a network of patient treatment processes, additional revenue opportunities can be identified and captured.
This is an opportunity for external vendors to monitor whether certain specialties or procedure types are being outsourced to other facilities due to lack of resources. If the same procedures are consistently being outsourced, this could mean there is an opportunity to hire a specialist physician or surgeon, or to form a merger or partnership with the facility receiving these procedures.
Referral patterns tell stories. It is up to the vendor to decide what these stories mean for the future of their business strategies.
3. Total addressable market analytics
A strong go-to-market strategy considers all potential prospects. It is critical that a business understands the full market landscape for the product or service it supplies.
Specific examples of how to best capitalize on the total addressable market vary by business type. A software company might filter IT budgets to target care facilities that can definitively afford their product. Medical device companies might look at procedure volumes and referral patterns to find the facilities in most immediate need of their device.
Only after the entire picture is painted can a business identify all the unique opportunities that await within their market space.
4. Quality metric comparisons
A good way to make a strong impression on a provider prospect is to offer solutions that meet or exceed value-based care quality metrics. Providers that deliver quality care to patients are rewarded by CMS with reimbursement bonuses. If they fail to meet quality standards, however, these same providers will be penalized.
Surpassing quality standards is a primary objective for all providers, and, by leveraging quality scores and metrics data, vendors can more successfully quantify their own value to provider prospects.
5. Regional payer networks and provider relationships
Healthcare payers come in a wide array of forms: Medicare, Medicare Advantage, Medicaid, out-of-pocket, direct-to-employer, etc. Each one has its own quality metrics, administrative overhead, and other complications that can become time consuming from an operational standpoint. Payer-provider dynamics are important to understand and vary on a region-to-region basis.
Savvy organizations looking to break into a new market and partner with its providers will take the time to better understand these payer dynamics and leverage that knowledge to better help providers meet business demands.
Want to learn firsthand how professional services organizations (and more) are making intelligent use of healthcare data to drive business? Start a free trial now for access to the most relied-upon healthcare data and analytics platform on the market.