Why is Healthcare Market Research a Must for Hospitals and Clinics?

Read this blog post to find out how market research can be used to bring benefits to hospitals, healthcare centers and clinics.

It is a well-known fact that market research is a must-have strategic investment in industries like technology, consumer packaged goods, entertainment, hospitality etc. But what about hospitals, healthcare clinics and healthcare centers? Do they require market research? Yes, just like any other industry, the healthcare industry too requires market research. In fact, this industry needs market research more than any other industry because the end result is not to create profits or sales, but to assist people and even to save human lives.

Here are three reasons why healthcare market research is a must have for the healthcare fraternity.

  1. Stand out amid competition and convergence
    Earlier on, the healthcare business sector was ruled over by a limited number of leading enterprises and supported by several niche but smaller providers. This is not the same anymore. With the emergence of disruptive technology and an influx of venture capital from the hands of investor, the healthcare marketplace has experienced a large amount of compliance and convergence. For buyers of healthcare solutions and for consumers, this is positive change, as it as led to better prices and more choices. However, for businesses within the healthcare sector, there is a risk of finding themselves outside the ring and falling off the map. Healthcare market research is a strategic, smart and proven-effective hedge against such a risk. Opting for healthcare market research can help such businesses stand out and assure them of a clear and actionable knowledge of exactly whom they need to reach out to and how and why.
  2. Service and product development insights
    Even healthcare enterprises that are currently leveraging steady year-over-year growth and new customer acquisition rates, cannot afford to rest solely on their past success. This is because the customers of today are more demanding than ever before. If a customer is not able to find what they want from a current provider, they will start to look elsewhere. Healthcare market research can help hospitals in the healthcare segment to stay innovative by spotting profitable and practical ways to enhance services and products, as well as offer novel offerings to customers. This is not only a great way to engage with new customers, but it is critical for keeping current customers on your side.
  3. Fill in service delivery gaps
    By nature, healthcare services are both sophisticated and complex at the same time. Healthcare solutions typically depend on a service delivery model or a simple transaction approach. For instance, business firms that aid hospitals in tracking patient care satisfaction and quality would typically have engagements that include loads of touch points every week with several staff members. Another example could be firms that offer medical testing equipment to labs. They would have professionals on their staff that would no nothing else other than offer training and ensure that the equipment is being used adequately so that the full value is delivered.

Healthcare market research can be used to help these firms assess and spot if there are any gaps in their service delivery model or if there are any opportunities to make changes that can results in stronger relationships or better outcomes. For instance, in the example above, the firm that offers medical testing equipment can use market research to offer effective online training via tablets. This could prove to a cost-effective and viable alternative to in-person training. The firm that assists hospitals can use market research to evaluate patient quality and spot staff that are struggling with data capture processes. They can use research to address the problem and make sure that the engagement with the hospital remains strong in the future.

Market research helps these firms assess and identify if there are any gaps in their service delivery model or, just as importantly, if there are opportunity to make improvements that can generate stronger relationships and better outcomes. For example, the aforementioned firm that provides medical testing equipment may identify through market research that offering online training via tablets could be a viable and cost-effective alternative to in-person training. Or the firm that helps hospitals assess patient quality may identify that staff are struggling to manage data capturing processes, and solving this problem now will ensure that the engagement remains strong into the future.

Outsource healthcare market research

Do you want to learn more about why healthcare market research is a must for hospitals? Find out how you can make an investment on healthcare market research and see a sharp increase in your ROI. Read more about outsourcing healthcare market research services to Outsource2india. At Outsource2india, we have been working with healthcare companies over the last 20 years and can customize our services to suit your needs. We can help you with branding research, customer satisfaction research, healthcare market segmentation, new product development research and competitor analysis to name a few. Start outsourcing healthcare market research services today.

Did you like reading this post? Did you find the information useful? Do you think market research can assist your hospital or clinic? If not, why? Let us know your feedback or queries by leaving a comment in the box below. We, at Outsource2india love to hear from you!

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