Skip to main content

The right data mix for facility market planning

Data shown on computer, stethoscope and graphs on table with person analyzing data.

Strategic growth requires knowledge of how key healthcare industry drivers impact your market. Understanding factors such as population demographics, economics and competitors in the marketplace enables you to make sound decisions about how and where to provide care.

With so many global pressures on healthcare, it’s important to remember a crucial industry principle: healthcare is local. Better data ensures your local lens is as clear as possible.

Assess your data capabilities

How you assess your strategic planning data mirrors how you should assess your market: start from the inside out, maximize the resources you have, and identify and fill the gaps. A few key questions include:

  • Which data sets already deliver strong service line insights?
  • How can we leverage this data to identify more savings, growth and care redesign opportunities?
  • What data is needed to make expansion decisions related to patients, services, settings and provider partners?

For New York hospitals and ambulatory surgery centers, the Statewide Planning and Research Cooperative System is a core data set. Using SPARCS, facilities can compare their clinical, discharge and transfer statistics to local competitors. Knowing that more patients go to a rival hospital for cardiac care, for example, is the first step to reversing that trend.

But what if you want a more granular view of how, for example, your cardiovascular inpatient volume has decreased? Sg2 reports that many hospitals have experienced inpatient declines over the last decade as outpatient care has grown.* The “what” and the “why” of those declines may be very specific to your facility.

Add layers, tell better stories

More robust data can help you drill deeper from the service line level into disease-specific care families and precise procedure groups. This kind of data can help capitalize on the predicted return of cardiac inpatient volumes and the continued outpatient growth in sub-specialties such as dysrhythmia and heart valve disease (additional Sg2 projections through 2029).*

Cardiac is just one example. With more data and analytics at the micro level, you can create a local market strategy that is designed to optimize service line mix, increase revenues and margins, and expand your footprint.

If it feels like your strategic plan needs to be updated as soon as you create it, DataGen can help. Our real-time knowledge of SPARCS data and Sg2’s MarketEdge helps you understand your position in the New York market and how to improve it. Contact us today to get started.

* Sg2. Snapshot 2021: Cardiovascular. February 18, 2022. https://www.sg2.com/resource-library/download-a-pdf/cardiovascular-service-line-snapshot/.

Labels:

Comments

Post a Comment

Popular posts from this blog

BPCI Advanced – take advantage of the model extension now

The Bundled Payment for Care Improvement (BPCI) Advanced Model is now open for applications until May 31, 2023. This model provides a unique opportunity to acute care hospitals and physician group practices who are looking to: evaluate their bundle performance; rejoin if they have previously dropped out due to being under a convener; or take advantage of the changes to the model. With a small window to sign the participation agreement, you’ll need experts to process data quickly and accurately for evaluation. BPCI Advanced Program Details The Centers for Medicare & Medicaid Services (CMS) announced in October 2022 that this program will extend from January 2024 to December 2025. Data used for evaluation will be taken from the baseline period between October 2018 and September 2022. A participation agreement will be sent out in September 2023 and needs to be signed by October 2023 in order to participate. Those who apply before the May 31 deadline will benefit
Read more

BPCI Advanced Model Extension

CMS recently made several major announcements about the Bundled Payments for Care Improvement Advanced Model.  The model, which was due to expire at the end of 2023 (Model Year 6), will be extended for an additional two years through Dec. 31, 2025.  New applications will be accepted in 2023 for the two-year extension. Participants still active in Model Year 6 can continue without reapplying by signing an amended and restated participation agreement for Model Year 7.  New methodological changes will be implemented for Model Year 6, which starts on Jan. 1, 2023. Methodological changes include that: the CMS Discount Factor for medical clinical episodes will be reduced from 3% to 2%;  the Peer Group Trend Factor Adjustment cap for all clinical episodes will be reduced from 10% to 5%; the Major Joint Replacement of the Upper Extremity clinical episode category will become a multi-setting episode category by allowing episodes to be triggered when the procedure is performed in the hospital ou
Post a Comment
Read more

You’ve been accepted to the Enhancing Oncology Model. Now what?

The Centers for Medicare and Medicaid Services Innovation Center recently announced approved applicants for the new Enhancing Oncology Model. If your facility has been selected by CMS, are you still weighing your options during the current baseline evaluation period?  Two deciding factors may include the program data that CMS provides and whether EOM is enough of an improvement over the prior Oncology Care Model to make your investment worthwhile. Another factor to consider: Will you have the resources in place to conduct a baseline evaluation before EOM’s program start on July 1, 2023? How EOM differs from OCM EOM aims to improve the coordination of oncology care, drive practice transformation and reduce Medicare fee-for-service spending through episode-based payment. It includes three major updates: Fewer cancer types. Compared with OCM’s 21, EOM will be limited to seven common cancer types: breast, prostate, lung, small intestine/colorectal, multiple myeloma, lymphoma and chronic le
Post a Comment
Read more