Tag: Healthcare services

Growth strategy for wound care management services organization

December 1st, 2017 by

The company had developed a robust business managing advanced wound care services in the hospital setting and was seeking to accelerate its growth by opening freestanding hyperbaric oxygen (HBO) centers for wound care and other indications.

Health Business Group team performed a systematic review of the evidence base for each non-wound care indication for HBO, characterized patient demographics and market size by indication, and mapped out the reimbursement environment by geography and indication. Primary sources included interviews with competitors, equipment suppliers, trade associations, health plans, financial analysts and medical researchers. We also utilized independent evidence based clinical review publications and health plan policies to map out the scientific evidence by indication.

We developed a report card for each indication, presented an assessment of the market dynamics, and mapped out alterative market entry strategies including acquisition and greenfield development. Senior management and the board ultimately concluded that it was more promising to continue investing in the core business than to diversify into the freestanding market.

Medication information strategy for major pharmacy chain

December 1st, 2017 by

A major retail pharmacy chain asked Health Business Group to undertake a review of its medication information offerings. The client had assigned ownership for the project to the online group, but we encouraged the company to view the opportunity more broadly than simply a website content strategy. We conducted data gathering and analysis in three areas:

Consumer demand, to determine how important medication information is to consumers and to zero in on key areas of interest
Competitive differentiation, to learn what competitors were doing and what the client could do that others could not Client business drivers, to assess how the client could leverage medication information to drive business results
We spent time behind the counter in a variety of retail stores, observing the work of the pharmacists and other staff and developing an understanding of their needs. We developed mockups of potential medication information offerings and participated in focus groups with several segments of consumers to identify those that were most compelling.

Working with a client team we developed a framework to categorize different types of medication information and to assess them on criteria such as their dependency on in-store pharmacists, customer segments addressed, level of differentiation, and ease of implementation.

We developed an overall strategy and a rollout plan for the client’s entire retail network.

Growth strategy for outsourced hospitalist company

December 1st, 2017 by

A leading hospitalist company was seeking additional growth and evaluating long-term strategic alternatives to maintain a differentiated offering in the marketplace.The overall hospitalist market is large and growing, due to increasing acceptance from community physicians, demand from hospitals for new programs and expansion of existing programs, and a growing realization that insourced solutions have drawbacks.

To determine our client’s current market positioning and growth opportunities, we spoke with current and past customers as well as potential customers. Through this process we gained a thorough understanding of customer needs, level of satisfaction, performance metrics, and operational considerations. This formed the basis of a market model of size and growth of the hospitalist industry. We further segmented this analysis to represent market potential by geography, size, and hospital type/ownership. In addition, we analyzed the competitive landscape and evaluated our client’s market positioning and differentiation.

We made specific recommendations in many areas across the business. Within sales and marketing, we helped the client refine and improve its value proposition to target hospitals and to incorporate our hospital segmentation database into sales planning efforts and marketing materials. In product development, we recommended that the client evolve its existing product offerings to address emerging issues (e.g., public reporting of quality and patient satisfaction, IT optimization). From a human resources perspective, we analyzed the labor supply and trends and made specific suggestions on how to bolster physician recruiting and retention. Lastly, we identified and profiled several acquisition targets.

Growth strategy, financing for medical risk management company

December 1st, 2017 by

Advanced Practice Strategies (APS) is a medical risk management company, which partners with leading professional liability carriers such as the Harvard Risk Management Foundation/CRICO to develop demonstrative evidence for use at malpractice trials and to provide online continuing medical education (CME) to healthcare providers to improve patient safety and risk management.Health Business Group’s relationship with APS began in 2005. Initially we provided business development support and strategic advisory services to help the company negotiate or renegotiate agreements with content and distribution partners. As we helped the company gain traction we realized that the commercial potential of APS could be maximized by going beyond the bounds of a traditional consulting relationship.

In 2007, the Health Business Group team secured a round of growth financing for APS. Dennis Ferrill left our consulting practice to become CEO of APS, and David Williams became chairman of the board of directors while remaining at Health Business Group full time.

The company entered an era of growth and prosperity characterized by national expansion and development of strategic partnerships with leading hospitals, liability carriers and universities. In 2012 Ascension Health Ventures made a substantial investment in APS to support continued growth and product development.