Health care systems now have an added challenge of shifting from a volume to a value strategy. As a result of this shift, there is an even greater need for comprehensive examination and understanding of the multifaceted health care marketplace. Deeper visibility and analysis of both the current and surrounding marketplace will allow you to confidently lead your health system into the new value-based health care environment.
nThrive Analytics Market Analyzer is a robust analytic tool that provides clear and broad visibility into your market while revealing specific opportunities for growth.
The tool uncovers and pinpoints gaps by providing an apples-to-apples comparison of competitors within a given market across service lines, resulting in the identification of areas with the greatest potential for market growth. It provides you with access to the lowest possible data element available, allowing you to make the deepest market assessment available.
Transforms State Datasets
Market Analyzer identifies market potential by drilling down into both state and internal system inpatient & outpatient, and physician datasets within specified markets.
The product transforms cumbersome state datasets into a single, consolidated model by collecting, combining, cleaning, and standardizing the datasets. It enables you to drill down into a specific data element across any state’s inpatient & outpatient, and physician data. Its technology allows the user to slice and dice, filter and drill down to the lowest available dataset.
“Market Analyzer gives hospital executives visibility into competitor market share, patient in-migration/out-migration trends, provider referral patterns, exact population mix, and service line trends to gain a deep understanding of the influencing factors within specific market.”
– Ankit Sharma, VP BI Architecture and Data Integration, nThrive
Specific Market Insight
As with all nThrive Analytics products, Market Analyzer is equipped with our proven algorithms, equations, and methodologies.
These competencies are used to provide specific market insight into:
Competitor Market Share
Gain visibility into market share percentage within a specific facility by service line, DRG, patient type, etc.
Determine ZIP code dependence by access into existing facilities’ dependency on primary, secondary and/or tertiary service areas.
Exact Population Mix
Deepen your understanding of patient population via interactive maps. Acquire visual representation of patients within a market to determine market potential for services currently offered as well as potential services.
Service Line Trending
All inpatient & outpatient, and physician services are assigned to a standard service line definition to accurately decipher provider referral patterns, trend across facilities and competition, and see the direct impact a physician specialty has across all hospital service lines.
Physician Referral Patterns
Identify gaps in services by tracking patient in-migration and out-migration patterns. Determine where patients are seeking care, whether it be inside or outside your service area including facilities in neighboring states.
“Market Analyzer empowers hospitals to not only achieve improvements in quality and productivity but moreover to formulate effective strategic decisions on a per market basis.”
– Kyle Kobe, VP Consulting/Analytics, nThrive
Market Analyzer digs deep into:
- Patient Type
- Admission Type
- Admission Source
- MDC Code
- Admission Diagnosis
- Primary Diagnosis
- Primary Procedure
- Facility Region
- Facility Type
- Length of Stay
- Patient Age
- Patient Gender
- Patient Race
- Patient State
- Patient County
- ZIP Code
- Attending Provider