Intelligence aids financial services

Written by Debbie Rosenthal

Healthcare represents nearly 18% of U.S. GDP, making it an incredibly attractive industry for those in financial services.

Whether you’re in banking, private equity, venture capital or wealth management, you require in-depth intelligence to navigate the healthcare industry and find new, smart investment and business opportunities.

Traditionally, financial services firms consider key financial and clinical metrics such as revenue, assets, number of beds and claims volume to determine the financial health of hospitals or health systems in their investment evaluations.

However, financial services companies should consider leveraging additional avenues of healthcare commercial intelligence to gain a competitive edge.

Here are four useful data searches financial services organizations might not realize can aid them with strategic decision making:

News and intelligence

The healthcare landscape is in constant flux. Executives change jobs, hospitals get acquired and new partnerships are announced each and every day. It can be challenging to stay up to date on the latest news coming out of the healthcare organizations you care about.

To stay in the know as things happen, financial services firms can leverage the news and intelligence search in our HospitalView product. With the ability to tailor news searches to keep track of specific healthcare organizations, geographic areas or even specific keywords, you can ensure you receive the most relevant information related to your target markets.

Not only does this allow you to keep a pulse on what’s happening in your target market, but it also allows you to enrich conversations with prospects and clients with the latest market context.

Leakage data

Patient leakage is rarely a good thing for healthcare organizations. Understanding where healthcare facilities are leaking patients and revenue can help financial services organizations identify strategic expansion opportunities.

For example, you could leverage leakage data to get a more comprehensive view of where lost revenue is occurring. Leakage data allows you to locate specific points along the care journey where patients are seeking care elsewhere. Once you know where revenue loss occurs, then you can recommend potential facilities to acquire or new affiliations to consider if a hospital doesn’t have the capabilities or resources available within their own organizations.

In addition, leakage data can paint a more complete picture of a hospital and health system’s financial health. With better insight into a healthcare organization’s financial health, you can expand your list of prospects or identify more appropriate services to offer customers.

Executive and physician data

Executive and physician data is crucial for anyone looking to identify key decision-makers in healthcare.

This data can help the sales teams within financial services organizations identify the right executives in a hospital’s finance and technology department who are the best fit for their products and offerings, build territories and gather the contact information needed to reach prospects.

The Org Charts feature within our HospitalView product is particularly beneficial to those in financial services. No hospital is structured the same way. With Org Charts, you gain intelligence on a hospital’s departmental organization to find the right people to get your services in front of, making the sales process more effective and efficient.

Coupling physician and executive data with claims data can also be particularly valuable for organizations that offer wealth management services. With a greater understanding of procedure volume and payments, you can gain valuable intelligence on physicians who might be good candidates for wealth management services as well as make informed recommendations to help clients meet their savings goals.

Request for proposal (RFP) and certificate of need (CON)

An often untapped but valuable intelligence source for financial services firms is active requests for proposals (RFPs) and certificates of need (CONs).

RFPs and CONs offer an easy way for you to understand current projects underway by hospitals and health systems. With this intelligence, you can identify potential healthcare facilities that might need capital investment.

For example, if a health system or physician group is building a new facility, they might need additional funding to support the construction. By leveraging the RFP and CON search in our HospitalView product, a banking institution could quickly identify those organizations and reach out to the project owners to see how they can support them.

By setting up a recurring report on RFPs and CONs, you can stay ahead of their competition with the latest healthcare commercial intelligence to identify new business opportunities.

Learn more

Want to learn more about how Definitive Healthcare can aid financial services and other professional services firms to identify strategic opportunities?

Start a free trial to gain the latest healthcare commercial intelligence to identify new business opportunities and maximize investments.