Discover new opportunities for your products with healthcare market data

The healthcare landscape is rapidly evolving with new technologies, changing regulations, and an increasing focus on patient-centric care. Successful companies adapt to these changes and maneuver ahead of key trends using healthcare commercial intelligence (HCI).

Comprising a variety of healthcare claims, reference, and affiliations data, HCI can help sales and marketing teams gain concrete insights and drive growth. This blog, adapted from our e-book, “The comprehensive guide to leveraging healthcare data for sales and marketing success,” examines how HCI can specifically help organizations across the healthcare landscape find new markets and sales opportunities.

Want a detailed look at the role of HCI throughout the sales and marketing process? Check out the full e-book. If you just want the highlights, keep reading to learn how data can help you discover new markets.

Identify emerging healthcare market trends with data

Data is woven into the fabric of modern healthcare, both as a byproduct of myriad patient care processes and as a tool for improving those processes. It helps solve staffing issues, improve efficiency, strengthen relationships between medical professionals and patients, and ultimately leads to better care outcomes.

Healthcare commercial intelligence combines data from providers, facilities, and patients, generating insights into market trends and the forces that reshape how care is delivered. These insights can inform your decisions, speed up your go-to-market plans, help you adapt to market changes, and uncover growth opportunities.

You’ll need to identify new opportunities ahead of your competitors to position your products and services effectively. To get the fullest, most current picture of the industry, you’ll want to leverage HCI that pulls from multiple types of healthcare data:

• Market research helps you understand market size, pricing trends, and the competitor landscape.
• Medical and prescription claims can help you track service line usage and follow the patient journey.
• Public health data offers insights into disease prevalence, risk factors, and admission/readmission rates.
• Industry-specific data related to your therapy area reveals opportunities for your product to complement or replace existing solutions.
• Geospatial data, combined with demographic data and social determinants of health (SDOH), can lead you to regional markets with a high potential for your products.
• Social media delivers a closer look at patient and provider perspectives and unmet needs.

Collaborate across industries to unlock new opportunities

Quality HCI can also reveal opportunities for collaboration. Partnerships with the right businesses can extend your reach and enable you to offer a wider range of solutions to healthcare providers and patients. Impactful collaborations can have modest beginnings, from casual meetups at industry events and conferences to exchanges over social media, or they may come from a direct proposal.

Consider analyzing medical and prescription claims data to identify service gaps that you can fill. If there are high readmission rates for a specific condition you’re targeting, you could seek to partner with a company that offers a way to lowers those rates—like remote patient monitoring, or specialist telemedicine services—and package your solutions together.

Other data can provide insight into potential partnerships and opportunities for engagement. Facility data is useful for tracking resource and staffing issues, opening up collaboration opportunities with staffing agencies that offer relevant training programs or vendors that can address supply concerns. Social media can help you understand company executives and craft your messaging to their unique interests.

Navigate regulations and compliance concerns

The healthcare regulatory landscape can sometimes seem like a maze designed to slow your company down, but equipped with the right intelligence, it can actually be a source of new market opportunities.

Whether you get it through an online newsfeed, the morning paper, or your industry associations, healthcare news is a critical component of HCI that can help you track upcoming regulatory changes and anticipate necessary changes to your products or services. Just make sure you’re relying on reputable sources.

Similarly, if you know what regulatory changes are inbound, you can use that information to tailor your offerings and position your company as a compliance-focused partner dedicated to keeping your clients in the good graces of regulating authorities.

It’s important to pay special attention to billing issues like overbilling, high denial rates, or improper coding (claims data can help here). Identifying where these issues are occurring can reveal opportunities for solutions that assist in compliance—a nearly universal concern in the healthcare space.

Integrate emerging technologies to get ahead

Emerging technologies like artificial intelligence, the Internet of Things (IoT), blockchain, and big data analytics are driving massive change across healthcare. If your company wants to keep up (which I’m sure it does), you’ll need to incorporate data from these technologies into your business and solutions to meet clients evolving needs.

Machine learning algorithms, for instance, can help you parse huge datasets to inform strategic decision-making or improve your products and services. Blockchain technology gives you a secure and transparent means of sharing and working with that data. And IoT technologies like remote monitoring sensors, apps, and connected devices generate tons of data on patient behaviors, offering powerful marketing insights.

Healthcare data can help you navigate the potential of these technologies. By analyzing historical trends and market research, you can identify limitations in current practices and areas where traditional methods fall short. Data can also measure the impact of these technologies, helping you understand how they can address specific needs and quantify the return on investment of integration.

Learn more

Identifying market opportunities is just one useful application of healthcare data for sales and marketing professionals. For a deeper exploration of healthcare commercial intelligence and its uses in the sales and marketing process, download our e-book.

Want to get a hands-on demonstration of healthcare commercial intelligence for your unique market? Sign up for a free trial of the Definitive Healthcare platform today, and see how our data and analytics can help you achieve your sales and marketing goals.