How Top Sales Teams Identify High-Growth Opportunities

Healthcare organizations with regional and territory-based sales strategies require unique data to help derive insights and drive action.

There are a few different ways to conduct meaningful geographic analyses. One of the most useful ways to analyze patient populations is by focusing on cities and their surrounding areas. This reveals important insights about social, economic, and travel-related connections between communities.

Definitive Healthcare aggregates and calculates population estimates for Core Based Statistical Areas (CBSAs). CBSA data helps clients understand their markets and effectively target providers.

What is a CBSA?

CBSAs are metropolitan or micropolitan areas with a population of at least 10,000 people. Metropolitan areas have a population of 50,000 or more people and at least one urban center. Micropolitan areas have an urban cluster of between 10,000 and 50,000 people. The Office of Management and Budget (OMB) created CBSAs in 2000 to replace dated definitions of metropolitan and micropolitan areas.

Analyzing CBSA data

Definitive Healthcare’s Hospitals & IDNs database tracks over 920 CBSA profiles. Each CBSA profile contains key statistics about:

• Estimated Population
• Population Growth (from previous year)
• Total Number of Facility Types
• Net Patient Revenue
• Number of Total Beds
• Demographic breakdowns

Healthcare organizations can use this information to gain valuable population insights such as tracking areas with the highest estimated population growth. Areas with a growing population can lead to larger patient populations and a need for additional facilities and providers. These high-growth areas could be ideal territories for healthcare services and supplies.

Using historical population figures, Definitive Healthcare calculates estimated population growth numbers for each CBSA.

CBSA regions with the greatest population growth

Fig 1: Data is from Definitive Healthcare’s Hospitals & IDNs database. CBSA population data is sourced from the U.S. Census Bureau with statistics updated within Definitive’s product suite annually. Accessed October 2020.

The data reveal the top ten CBSAs with the highest estimated population growth projected an increase of more than 3.2 percent. Key insights include:

• Four of the CBSAs are metropolitan areas – Midland, TX; Myrtle Beach-Conway-North Myrtle Beach SC-NC; St. George, UT; and Lakeland-Winter Haven FL
• Three of the CBSAs are in Utah – Herber, Cedar City and St. George
• Two of the CBSAs have over 1,000 hospital beds
• Besides Williston ND, the other nine CBSAs experienced population increases over the last few years

These insights feed data-driven sales strategies and help understand complex healthcare markets. Six of the top ten CBSAs with highest estimated population growth are micropolitan areas suggesting smaller markets may have similar future growth. Clusters of CBSAs in one state all showing projected increases, such as three of Utah’s CBSAs expecting growth, can present an opportunity for a a sales team. Metropolitan areas with projected growth tend to have competitive markets but could still have growing physician specialty demands. Knowledge of local dynamics and how population changes will impact the provider communities arm sales teams for meaningful conversations with their accounts.

CBSA Market Overview analysis

Individual CBSA profiles in the Hospitals & IDNs database offer a detailed view of the geographic area. The profiles also provide analysis and comparison to help healthcare organizations understand their target markets. The CBSA Market Overview allows users to compare CBSAs against each other and access data about each. This creates an additional tool for clients in key healthcare sectors like:

• Medical devices and supply
• Consulting and healthcare services
• Staffing and recruiting firms
• Healthcare provider organizations

Using the above example of CBSAs with the highest estimated population growth, we can estimate that areas with expected population increases may also require:

• Additional or expanded health facilities
• Increased clinical services, including additional specialty needs
• Increased need for clinical supplies and office peripherals
• More providers from physicians to support staff

Knowing the expanding needs of a local market, Definitive users can then pair the CBSA data with Hospitals & IDNs profiles. For example:

• Providers analyze population growth to learn where certain types of services and specialties may need to be implemented
• Staffing services follow news and facility updates to understand which services will be increasing and what skill levels will be required to staff these new facilities
• Construction companies research which providers will be expanding and where to expect activity to increase
• Medical suppliers strategize and predict growing markets where demand may increase

Learn more

Are you looking for more ways to use healthcare data to improve your sales and marketing efforts? Watch out latest webinar — The Definitive Approach to Healthcare Sales 101: Codifying the Patient Journey.

In this webinar, two experienced data analysts explain the ins and outs of DRGs, CPTs, HCPCS, and ICD-10s. Patient data influences provider decisions. Understand what the data is and where it comes from, what insights it enables, and how those insights improve business performance. This webinar will cover:

• The codes, terms, and language combinations that encapsulate patient journeys
• What’s included in all-payor medical claims
• Using claims to analyze patient journeys
• How to apply patient data to differentiate you from your competitors