Expected Patient Volumes: A Fundamental, Powerful Tool for the Healthcare Strategist
The question, “How many patients are we likely to see this month?” might seem straightforward, but for many healthcare strategists, it remains elusive. A mere look-back at last month's figures is insufficient. The real inquiry goes deeper: “Are we getting as many patients as we should be getting?” In other words:
- “Are our outreach efforts effective and efficient?”
- “Who in the community are we failing to reach?”
- “Are we allocating internal resources appropriately?”
- “How many patients will our planned facilities attract? How do they impact our existing facilities?”
- “Are we meeting the needs of the community?”
- “Do we really know what the needs of the community are?”
All of these questions are of fundamental importance to the success of a healthcare organization. All of these questions share a common underlying thread: we need to better understand our expected patient volumes. Let’s take a look at how understanding expected patient volumes creates tremendous value for healthcare organizations and our communities.
Community Outreach
The essence of any outreach initiative is knowing your target audience. For healthcare, this translates to identifying potential patients who remain unreached. If we can quantify our expected patient volume based on demographics, we can spot gaps in our outreach. Consider this: the lifetime value of a new patient is estimated at over $600,000. By pinpointing who we might be missing, our outreach can be more strategic, thereby maximizing patient acquisition.
Operational Monitoring
Conventionally, healthcare organizations gauge departmental success by comparing current metrics with the past. But this method has inherent flaws. What if a department, although seemingly lagging in growth, is already excelling and capturing a significant market share? By knowing the expected patient volume, disparities between actual and anticipated performance can be spotted, prompting further evaluation and informed actions.
Facility Planning
Decisions about facility expansions are pivotal. Whether it's a small clinic or a vast hospital, determining its services, size, and location significantly affects the organization’s success. Currently, many rely on costly and time-consuming consultants for these insights. But with a clear internal grasp of expected patient volumes, investments can be more rapid and efficient, cutting down unnecessary consultant expenses.
The Role of Artificial Intelligence
Gaining insights into expected patient volumes is invaluable, but achieving rapid and accurate analytics has historically been challenging. The evolving landscape of data analysis and the advent of artificial intelligence are revolutionizing this. AI can sift through vast quantities of community, facility, and payor data to generate precise patient volume projections. Gone are the days of waiting months for expensive consultants. Welcome to a future where high-quality insights are available on-demand.
If you’d like to talk more about how Zite AI can make this future into reality for your healthcare organization, contact Josh Love at josh.love@ziteai.com.