Demand Management: A Critical Factor in Healthcare Portfolio Management
Demand Management in the Healthcare Industry
About the Client
The client is a leading player in the healthcare industry in America. As a market leader in healthcare, the clients business goals revolve around the need to improve their customers health, well-being, and sense of security with the power of preventive care.
Business Challenge
Spiraling healthcare costs and the growing demand for efficient healthcare services, against a backdrop of financial austerity, make healthcare demand management a real challenge for healthcare companies in North America. However, leading healthcare organizations are turning to demand management, crunching numbers to help them determine potential device usage patterns, patient demands and even to decide whether or not to develop new medical devices. One of the biggest demand management challenges faced by healthcare companies revolves around accurate demand forecasting, demand planning, and data management.
To improve their portfolio management ability the healthcare company was looking at focusing on improving the efficiency of their services while driving up performance in delivering outputs through the imposition of targets. But the shift in demographics along with the changes in policy made it difficult to predict the future healthcare needs. Hence the healthcare client approached Infiniti Research to leverage its demand management expertise to anticipate customer behavior and respond proactively to market demands.
The healthcare market can be difficult to navigate because of the over-abundance of terms for technology and processes, making it necessary for healthcare companies to understand the various categories of demand management.Request a FREE brochure.
Top Demand Management Challenges Faced by the Healthcare Industry
Overcoming key demand management challenges, though difficult, is a critical part of the industry-wide effort to deliver high-quality care at a much lower cost. Fortunately, a new approach to demand management is on the horizon- one that streamlines and integrates market intelligence to achieve better outcomes.
Problem Statement 1: Limited Data Access
The client failed to create a coherent picture of their customers care management needs owing to their inability to obtain and consolidate patient data from disparate sources such as- EMRs, medicals claims, and other data sources. Acquiring such data was necessary to analyze the patient situations and formulate an effective data management plan.
Problem Statement 2: Lack of Standardization
Stratifying customer demands and aligning their needs with their services was a major challenge that prevented them from achieving the desired outcome. Achieving a standard business management workflow required them to hone skills associated with demand sensing and strategic planning.
Problem Statement 3: Limited Visibility and Transparency
The client lacked the ability to monitor key operational metrics, identify industry best practices, and develop reports on the obtained results. Their inability to evaluate and optimize customer needs prevented them from identifying new unmet customer demands that may have benefitted the development of new programs.
An increasing number of healthcare organizations are turning to demand management to effectively forecast demand and enhance service efficiency.