RES Newsletter Volume 8
What’s for Breakfast? Whitespace Analysis Over Easy
by: Jenny Parlier, Sr. Analytics Manager
|The word breakfast literally means to “break the fast” after a long night’s sleep. Some say it is the most important meal of the day, and necessary to provide sufficient energy for the day’s work. Many of us need a hot cup of coffee to get us going in the morning, or a bowl of nutritious cereal to start off on the right foot. We find a lot of healthcare systems that have been “sleeping” on their location strategy – sitting on portfolios based on decades old market conditions, or cobbled together through acquisitions or piecemeal growth. Just like breakfast provides a refresh to our bodies, location strategies periodically need a reawakening and boost to maintain maximum performance. Here at RES, we’d like to invite you into our kitchen to share our special recipe for finding the best opportunities for your organization.
What’s on the menu this morning? Let’s cook up some Whitespace Analysis Over Easy!
If you’ve never tried it, a Whitespace Analysis is a data & analytics driven market distribution strategy that identifies an optimal site network and isn’t influenced by your existing locations. It simply asks: “What is the ideal distribution strategy based on current market supply and demand?” The results are then compared to actual existing locations, revealing opportunities for location validation, expansion, relocation, or consolidation. Basically, we look at your market as a blank slate, and identify the best locations for your business based on current market drivers. The benefits are that it is quick, immediately actionable, and covers all aspects of planning including Growth and Optimization.
Here’s the recipe:
- Demographic, Socioeconomic, Business & Retail & Psychographic Demand Data
- 100% Outpatient Demand Estimates across Desired Service Lines
- Existing Physician Supply by Service Line and Practice Location
- Payer Mix (Private/Commercial, Medicare, Medicaid, and Uninsured)
- Heat up RES’ powerful analytics platform.
- Add a generous dollop of data analytics and market expertise.
- Crack open the data to reveal undiscovered potential.
- Season generously with meticulous research.
- Turn over the results with the upmost care.
- Once your whitespace analysis is fully baked, utilize STRATUS to tweak your recipe in real time to taste.
- Now, serve up a delicious plateful of the most insightful strategy analysis on the market!!
We hope you join us to cook up something beneficial for your organization in the near future!