How provider organizations can transform facility planning with market forecasting tools

Planning for the future in healthcare is all about minimizing uncertainty. That's why industry leaders are increasingly relying on forecasting tools: They enable healthcare organizations to see and plan for the most likely scenarios and find the answers to questions such as 'What's a realistic growth goal or expectation?' or 'What are the range of possibilities that exist in my market?'

With so many interconnected functions to oversee and optimize, facility administrators and operators get even more value from these forward-looking insights. Market forecasting tools give those in charge of provider facility planning the ability to predict, prioritize, and plan for upcoming demands, concerns, and market conditions.

Why use a market forecast to plan for 2025

Using a market forecast offers several clear advantages to traditional analytics. It allows your company to:

1. Stay ahead of the competition. By anticipating potential threats and making proactive adjustments, you're able to reduce their risk and impact severity.
2. Inform decision-making. Using data to inform your decision-making supports better outcomes and allows for more strategic planning and resource allocation.
3. Improve efficiency. Through predictive analysis, you can optimize staffing, purchasing, expansion, and partnerships.
4. Differentiate markets. Forecasting offers direction regarding which high-growth service lines are wise to invest in.

How to use market forecasting tools in facility planning

When planning for a facility, healthcare organizations should forecast the most critical factors like:

• Patient demand
• Financial performance
• Population and utilization changes
• New market entrants
• Care model shifts

Understanding how these factors may evolve in the future makes it easier to invest in the right services based on where the greatest need exists. Here are a few ways in which these forecasts can be applied to facility planning:

Strategic growth planning

The best forecasting tools offer insight into which service lines will face rising patient demand, allowing you to plan to meet these evolving needs, whether through the expansion of an existing department, the creation of a new one, or a partnership with another provider.

Predictive analysis can also identify emerging treatment areas with a high potential for growth or the evolution of specific disease states among certain populations. This information can guide your facility's offerings, service line marketing efforts, and resources planning. Furthermore, looking at the total market size, its projected growth, and your company's position in the market can help you to evaluate the financial and community impact of planned organizational changes.

Strategic service unloading

While market forecasting can offer insight into the service lines that are predicted to grow, it can also identify those that are likely to see less usage in the future, highlighting areas where resources might be diverted for more efficient use.

Localization

When analyzing a market forecast, facility planners should utilize localized market inputs. Focusing on geographically local factors like competitors, disease propensity, transportation availability, and social determinants of health will ensure your facility is fine-tuned to meet the needs of its community now and in the future.

Revenue stream analysis

For many providers, the question of value-based care and fee-for-service models isn't an either-or. Each model offers unique advantages and challenges, and market forecasting can help you decide how to incorporate each into your revenue stream. Specifically, looking at how volumes change by population segment can help you proactively adjust your services to meet population needs within your geography and support your strategy, whether through fee-for-service volume growth or a focus on preventive care, improved patient experiences, and better outcomes.

Stay ahead of the competition with market forecasting

Having the means to identify and address upcoming patient demands effectively and efficiently can give your organization a significant edge over the competition.

With predictive analysis, you can get insight into what services are expected to increase in demand and plan accordingly. Whether this constitutes adding a service line to meet the demand of a new patient population or improving the effectiveness and efficiency of an existing service line to appeal to more patients, modifying your practice with the guidance offered by market forecasting can help you confidently face the future.

To see how data can support your facility planning and help you keep ahead of patient demands, watch our webinar on how to navigate the future of healthcare with market forecast tools. Or, if you're ready to try it for yourself, start a free trial with Definitive Healthcare. Our data and analytics-including powerful predictive analytics and forecasting tools-allow you to discover new opportunities and achieve your business goals in a constantly shifting market.

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