We’re celebrating our first anniversary with the launch of an innovative market analysis platform designed to take the guesswork out of growth strategy.
A new user-friendly market analysis platform from SimiTree helps clients pinpoint high referral targets, learn more about competitors and quantify market position with important metrics.
The new platform, appropriately known by the acronym MAP, takes much of the guesswork out of the route to success for home health and hospice agencies, delivering clients crucial market intelligence to move forward with potential partnerships, service line expansions or other growth strategies.
In developing MAP, SimiTree leveraged the expertise of its consultants and the experience of working with hundreds of clients who address real-world challenges and achieve growth goals with a data-driven approach.
“As a result, we built something that makes it uncomplicated for busy professionals to access, understand, and use the market intelligence they need,” said SimiTree Data Analytics Director Christine Lang. “We cut through the confusion and created clear reports that highlight the most important observations.”
Ease of use sets MAP apart
From SimiTree’s inception in May 2021, with the merger of industry leaders Simione Healthcare Consultants and BlackTree Healthcare Consulting, the company’s mission has been to deliver innovation to the market with helpful and easy-to-use solutions.
Data analysts took the same approach to the development of MAP, introduced this month in a launch coinciding with SimiTree’s first anniversary celebration. Like SimiTree’s other solutions, MAP prioritizes simplicity of use for busy professionals, delivering easily accessible and clear reports that highlight important observations in a straightforward manner.
SimiTree also made the platform customizable, so that clients can tailor the experience to a specific project or to their organization’s specific needs.
“We wanted clients to be able to spend their time acting on the data rather than digging through it,” Lang said.
MAP complements other renowned data analytics services from SimiTree, including the industry-leading Financial Monitor, an in-depth benchmarking and financial report available by subscription for home health and hospice agencies. The report provides subscribers real-time benchmarking data in quarterly increments to help clients understand what’s driving reimbursement and impacting their profitability.
How MAP works
Market intelligence plays a critical role in helping agencies react to or get ahead of emerging trends in a competitive landscape where change is constant, Lang said.
“Our experience tells us that the right data makes all the difference when it comes to home health agencies and hospices focusing precious time and resources for the greatest impact,” Lang said. “With the Market Analysis Platform, we want to make those metrics accessible to a wider audience, and we are getting great feedback from clients that we are making their jobs easier.”
MAP helps clients track patient movement between competitors and referral sources, determine high value referral sources and demonstrate to potential partners the value the agency brings to the relationship. It also helps agencies determine the viability of new lines of service or expansions into a new community.
“These sorts of business development efforts are especially improved by a data-driven approach, to ensure a service extension is viable before developing it and to take a targeted approach to program design and positioning,” Lang said.
MAP can provide details on the patients, players, and partnerships existing in a space, offering agencies an informed focus and the ability to identify and demonstrate competitive strengths, she said.
“Even if your organization is looking simply to solidify or increase market share in your current space, success is bolstered by using market data to focus efforts and effectively present your value proposition to referral partners,” Lang said.
MAP helps agencies:
- Quantify current and trended market share of all providers
- Identify high referral targets and their referral practices and patterns
- Evaluate competitors and partners, including revenue trends, service footprint, quality scores and patient movement
- Effectively present their value proposition to referral partners
- Evaluate which path may best lead to growth goals
- Understand market characteristics that influence their sales and marketing approach
Schedule a free demonstration
To schedule a free demonstration of SimiTree’s new MAP tool, call 800.949.0388 or reach out to us via the contact form below.