4 ways to leverage claims data for better marketing and sales performance
Medical and prescription claims data can be a valuable tool for any healthcare professional looking to build smarter, more effective marketing and sales strategies. By grounding your planning in data-driven insights, you can analyze the market from any angle, make more informed decisions, create tailored solutions for your target audiences, and much more.
Why is claims data so important? It’s versatility: With the right know-how, claims can reveal patterns, predict future needs, and highlight untapped opportunities for your business.
In this guide, designed for healthcare professionals operating in diverse areas across the healthcare landscape, we’ll explore four use cases where medical and prescription claims data can enhance your sales and marketing performance.
1. Using claims data to analyze emerging healthcare trends
As you know, healthcare claims data delivers insights into the diagnoses, procedures, prescriptions, and more performed by providers and organizations.
This data highlights patterns in healthcare utilization, revealing where and how specific services, procedures, and treatments are increasing or declining. By analyzing these trends, your marketing and sales teams can anticipate shifts in the market and position your products or services accordingly.
For example, claims data can reveal rising demand for specific services. A healthcare staffing company targeting physical therapists could analyze claims in a specific region to determine if there’s a demand for those professionals in that area. Then, they can proactively recruit more physical therapists to service the demand. Similarly, a telehealth provider could use data on rising flu-related claims to promote their virtual care solutions during peak flu seasons.
You can use these insights to adjust your focus, uncover new opportunities, invest in relevant resources, and meet the emerging needs of patients and provider organizations. And with our Market Forecast solution, you can equip your teams with the data, analytics, and tools they need to identify and capitalize on emerging trends faster than the competition.
2. Calculating your total addressable market
Whether you are starting a new business or trying to grow an established one, having a deep understanding of your target market is critical to the success of your product or service. While this is true for any industry, knowing the size and scope of your market is especially important in the competitive healthcare landscape.
If you’re looking to gauge your total addressable market (TAM), claims data can help you determine the value of the opportunity. Here's how it can be used:
- Identifying, sizing, and segmenting populations based on relevant healthcare needs
- Mapping the geographic distribution of healthcare needs to find saturated or underserved areas
- Leveraging cost information for treatments and services to estimate your financial scope
Finding your TAM can be a lengthy, complex process. Medical and prescription claims data can offer valuable insights into the opportunity present in your market, but you may need other sources of data to get a more complete picture. We recommend you read our guide on calculating your total addressable market for a deeper dive.
3. Optimizing your value proposition
The foundation of any successful go-to-market strategy lies in a compelling value proposition. This concise statement is the core of your competitive advantage—it clearly articulates the unique benefits your offerings deliver to your target audience.
You can use medical and prescription claims data to refine and focus your value proposition, allowing you to craft a compelling statement that directly addresses the pain points felt by the organizations, professionals, and patients you’re targeting.
Fortunately, you’ve already done the heavy lifting—the data you’ve gathered assessing your market (gaps in care, inefficiencies in services, etc.,) is exactly what you need to produce a tailored, effective proposition.
For example, a professional association for orthopedic surgeons can use claims data to identify an uptick in knee replacement surgeries nationwide. Recognizing that surgeons need to stay updated on best practices, the association promotes its continuing education programs, emphasizing their focus on the latest surgical techniques, technologies, and patient care strategies. Additionally, the association can deploy campaigns in regions where these claims are most prevalent, ensuring their resources reach the most relevant audience.
4. Maintaining compliance and adhering to regulations
Maintaining compliance and adhering to regulations not only protects your business from legal and financial risks but also can enhance your marketing and sales performance. This is typically in more subtle, less quantifiable ways, but is no less important.
Staying compliant fosters trust, and healthcare providers, payors, and patients are more likely to engage with companies that demonstrate a commitment to keeping sensitive information protected. For your marketing and sales teams, trust translates to stronger relationships and (likely) better conversions.
To maintain compliance, it is crucial to work with de-identified or aggregated data that removes personally identifiable information (PII). De-identification techniques, such as data masking or tokenization, ensure that the data cannot be traced back to individual patients while retaining its analytical value. Of course, it’s also important that you stay up to date on changes to healthcare data regulations.
What it all means
In a market that is more crowded and competitive than ever before, success in the healthcare industry is defined by having the best available data and analytics. By leveraging medical and prescription claims data into your strategic planning, you can empower your sales and marketing teams to navigate this complex landscape more effectively.
Looking for more tips, tricks, and best practices? Check out our comprehensive guide to leveraging healthcare data for sales and marketing success. You’ll walk away with the insights you need to tackle your business problems and accelerate commercial success-no matter the stage, size, or experience of your organization.
And to get hands-on with our healthcare commercial intelligence, including the Atlas All-Payor Claims dataset, start a free trial with Definitive Healthcare today or speak with your customer success manager.