LOUISVILLE, Ky., September 3, 2021 (Newswire.com) - Shifts in inpatient and outpatient revenue may be temporarily skewed as health systems face more challenges with the resurgence of COVID-19. However, the overall strategy to move to outpatient care in an ambulatory setting to increase clinical continuity remains viable and valuable. HSG, a national healthcare consultancy, has published a whitepaper, "Patient Share of Care: Share of Wallet for Healthcare" that explains to healthcare systems how to comprehensively understand what part of the overall healthcare dollar a health system controls in each care setting. This information is critical to building an effective strategy and monitoring/managing overall patient attraction and retention. It is also a health system's primary measurement of patient loyalty and revenue growth.
Providing healthcare organizations with best practices for measuring, reporting, and building strategy around Patient Share of Care is an expanded offering of HSG's Network Integrity service line. HSG Patient Share of Care™ is a revenue-based metric that comprehensively evaluates the total spend of a patient on their healthcare services (inpatient, outpatient, ambulatory, post-acute, etc.). The organization's whitepaper also supports ongoing education the team is addressing more frequently, including at the upcoming annual conference for the Society for Health Care Strategy & Market Development (SHSMD) in San Antonio, Texas, September 19 - 21.
"Other industries measure "Share of Wallet" to measure performance and inform strategic plans," said Travis Ansel Managing Partner at HSG. "Patient Share of Care should be a healthcare system's primary metric to evaluate patient retention and provide strategic growth insight for the future," he added.
Patient Share of Care enables an organization to comprehensively understand how differing patient populations are utilizing healthcare services in the market. With this information in hand, a strategy can be developed to maximize patient attraction and retention for a specific market. This is critical in both a fee-for-service and a fee-for-value reimbursement environment.
HSG Patient Share of Care™ leverages all-payer, all-sites-of-care claims data - by aggregating and manipulating line-level patient data, HSG can provide client health systems with customized performance measurements and benchmarks for current total market share of wallet performance. HSG can then facilitate the development of strategies for improving overall client performance as well as service line and geographic market performance.
Once a health system can properly measure Patient Share of Care for distinct patient populations and develop strategies to maximize patient retention within the system, implementation of the strategies is where the real work begins. Internal education and reporting mechanisms required to operationalize Patient Share of Care metrics throughout the health system is no easy task but can be extremely effective if done well.
"The areas that have produced the most immediate impacts in increasing a health system's Patient Share of Care include the executive leadership team, strategic planning, and provider recruitment departments, marketing departments, along with employed medical group leadership," said Whitepaper co-author and HSG Director, DJ Sullivan. "Each of these groups requires different insights to properly implement meaningful strategies," he added.
DJ Sullivan will present on HSG's Patient Share of Care approach on Sept. 20, 2021, at 10:30 a.m. Central Time at SHSMD's live conference. To register for the session or attend the conference virtually, visit shsmd.org. For more information on HSG's Network Integrity consultancy services visit the website at HSGadvisors.com. The white paper is now available for download on the healthcare consulting firm's website, HSGadvisors.com/thought-leadership.
HSG builds high-performing physician networks so Health Systems can address complex changes with confidence. HSG, a Louisville-based, national healthcare consultancy firm, can be reached via their website, LinkedIn, by emailing email@example.com, or by calling (502) 814-1180.
Media Contact: Karolyn Raphael