In any industry, it’s crucial to know your market. Healthcare is no exception, with hospitals and health systems operating at their best when they have deep connections with local employers.
But before they can forge these mutually beneficial relationships with employers, hospital and health system leaders must first examine their local markets — including a close look at key industries and their potential market opportunity.
As with most things in life, that’s easier said than done.
Thankfully, you don’t have to do it by yourself. By partnering with Paytient, you can better understand key employers and potential market spend in your metro area.
What is this process like in practice? We recently dove into the data and pulled together a similar report for some of the leading healthcare providers in the Dallas-Fort Worth metroplex. Here’s an inside look at how we did it.
We started by pulling together a variety of data on the metropolitan area. This included U.S. Census data, information from the U.S. Bureau of Labor Statistics, and some helpful material from the Dallas Regional Chamber.
We then cross-checked all of that information and finalized our list of some key employers in the Dallas-Fort Worth area. We also crunched all of that information to categorize the numerous companies in the metroplex to provide a snapshot of the main industries present in the region.
Once we had all of that information compiled, we performed an actuarial analysis to nail down the region's total market opportunity for health systems. We looked at commercial averages for deductibles, inpatient and outpatient utilization, and payor contributions; we then extrapolated that data across the market to give area health systems an estimate of their potential market opportunity.
In the case of Dallas, it was an impressive $13.5+ billion of available commercially insured revenue for inpatient and outpatient services.
Why did we do all of this research? It’s our business to understand the commercially insured population in all markets.
Paytient partners with respected health systems that recognize the value of direct-to-employer partnerships to drive more commercially insured volume to their facilities by engaging local employers with financial support for their employees’ out-of-pocket costs — all without any interest or fees.
Employers add a needed benefit for their team exclusive to a respected provider, and the provider receives an influx of customers. Paytient assumes all financial risk, pays the provider upfront, has no system integration requirements, and delivers a consistently positive patient experience.
Ultimately, this partnership helps increase access and affordability of care while directing the highest-margin business to providers, mitigating patient deductibles in the process.
This is just the tip of the iceberg when it comes to the valuable information the Paytient team has at its fingertips. If you’d like a deep dive like this done on the key employers and total commercially insured revenue in your city, reach out to Paytient VP of Health System Partnerships Andrew Harris via email at email@example.com.