Leveraging market data to target referrals
In our latest eBook, we look at how understanding referral patterns—and more importantly, how the data insights within those patterns—drive business and can help grow referral sources. Here’s a glimpse of what we discussed.
Why do referral patterns and insights matter?
Understanding who your referral sources are and where they direct patient flow can help you discover hidden opportunities for your business. This is even more important for those in the home health space, because discharges have now exceeded that of skilled nursing.*
What is market data?
Simply put, market data is the claim information provided by CMS. It’s aggregated by NPI numbers to show the relationship between providers and agencies. In other words, data is taken line by line from each claim and aggregated by state and county to provide an overview of insights.
How can market data help you?
Knowing your referral sources and where they are going can help you to become a trusted provider. Use this data as leverage to find opportunities and get more business.
What else can providers do to drive referrals?
Studies show that your technology platform and how well it integrates with other systems matter. In fact, 60% of referring physicians say they would switch to a different post-acute provider if that organization was able to accept electronic referrals and demonstrate interoperability effectively.
Use your data to your advantage
With referral networks narrowing, now more than ever before, it’s time to know your numbers and know what’s happening in the market. You need to demonstrate why your agency should be considered first and show how you plan to leverage that data.
The goal is simple: Be a trusted partner for your referral sources. When this goal is achieved, both your referral sources and your organization will benefit.
*Data pulled from 2019-2020.
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