Healthcare provider organizations face a range of challenges today. Among them are a shortage of workers, rising interest rates, supply chain issues, and more. With many health organizations (HCOs) under increasing pressure from reduced patient volumes and higher operating costs, leaders are looking for ways to position their organizations for growth.
In our latest Definitive Healthcare Intelligence Report, we surveyed healthcare leaders across diverse care settings, from health systems and hospitals to outpatient facilities, to find out how HCOs are preparing for the next two years. These leaders shared various priorities, from improving in-network referrals to identifying expansion opportunities.
Read on for a summary of the top three goals for HCOs for 2024 and beyond.
#1. Improving in-network referrals is a top priority for healthcare leaders
With patient leakage contributing to revenue loss and lesser control over patient outcomes, patient retention is a top priority for healthcare leaders. In our recent survey, 61% of healthcare leaders said they plan to focus on patient retention by improving in-network referrals over the next two years.
Referral data is key to boosting in-network referrals and improving patient retention. By analyzing referral data, HCOs can spot where and when patients choose to seek care outside of the network. This information can help HCOs understand the root causes of patient leakage and create strategies to address it.
Referral data can also help HCOs measure the performance of different referral sources within their network. It can help track which sources consistently generate in- or out-of-network referrals, which specialties and services are most frequently referred, and which providers have the highest patient retention rates. HCOs can use these insights to nurture relationships with high-performing referral sources.
#2. Focusing on matching services with patient demand
Resilient HCOs can maintain critical functions and high-quality care even under changing conditions. A key part of building a resilient system is matching resources to demand. This means having the right mix of facilities and services to meet the ever-changing needs of the patient population.
Most healthcare leaders (60%) said they plan to align their facilities and services with patient demand over the next two years. By understanding the dynamic needs of patients and adapting services to match demand, HCOs can maximize the value they provide to their communities while also optimizing resource allocation. This value encompasses not only the quality of care that HCOs provide, but also the affordability, convenience, and overall accessibility of care.
Today’s healthcare consumers are more informed than ever before. They also have more choices about where and how they receive care. In a healthcare landscape where patients have choices, HCOs that are responsive to patient needs and deliver services aligned with patient demand can gain a competitive edge.
To get there, HCOs need a clear picture of the patient populations they serve. All-payor medical claims and affiliations data are just a few types of data that can help HCOs understand local market demand and make informed decisions about resource allocation and service offerings.
Ultimately, HCOs that prioritize alignment can fulfill their mission of providing accessible, patient-centered, and sustainable healthcare services for their communities while fostering a healthier and more resilient healthcare system.
#3. Taking a data-driven approach to expansion
More than half of our survey respondents (51%) said they plan to analyze local markets for service line expansion and opportunities over the next two years. This data-driven approach to growth not only encourages sustainable growth but can also boost HCOs’ competitive edge in their respective service areas.
By expanding service lines based on informed market analysis, HCOs stand to gain several benefits, from increased patient volumes and greater market share to better health outcomes and improved physician loyalty.
To put this growth plan into action, HCOs need to have a firm grasp of their competitive landscape, local market demographics, current and future patient demand, and existing patient flow through the care continuum. With healthcare commercial intelligence, HCOs can get all the insights they need to make informed decisions about service line expansions and other growth opportunities.
There’s plenty more to learn about what the future holds for healthcare provider organizations. Read our full report to get all the details. Already seeing the potential of healthcare commercial intelligence to transform your business? Schedule a free trial today, and one of our specialists will show you how to leverage our data, analytics, and expertise to accomplish your organizational goals.