Increase Admissions: Competitive Analysis

Well we have done a good job of looking at who we are and what we do best. A great first step. We looked at all the areas of the SWOT analysis. (Strengths, Weaknesses, Opportunities and Threats) We are now more intimately aware and have a better framework on what and who we are. We may now even have a better idea of where we want to go. So before we head out all jazzed up, and ready to take the hill, we need to know something else. We need to know the terrain, we need to know our competition.

Because we dont operate in a vacume, we have to understand the external environment we are working in. We must be intimately aware of our competition. Lets look at two real life examples of why this is so important, and how you can exploit YOUR competitive advantages.

1) Service delivery- I remember working for a start up hospice agency. Being part of a start up is VERY challenging, and extremely rewarding. After getting to know the competition more intimately through primary and secondary research and information, I found out that the dominant hospice could not get out to see the admission (dying patient) within 24 hrs and wouldnt see new admissions on the weekends. Can you believe that?! From a clinical perspective this was horrific, however from a competitive positioning perspective it helped us to gradually gain market share and increase admission. We improved hospice care in that area, and that was a good thing.

Now of course this was the key selling point on each and every sales call. We take new admissions withing 3hrs! As many of you know, sometimes the referralls in hospice happen so late that the referral had died before our nurse could get there. This was part of the education that needed to happen with our referral sources, but thats a topic and challenge for another time. But can you imagine how many times that happened through the years with that other hospice?!

Compete to your strenghts in service delivery.

2) Pricing/Insurances- Competing on value is usually more successful than competing strictly on price however you need to know what your competitors private pay rates are (if this applies to you) and or what insurances they take. Remember that this is fluid. Your competitor who only saw 24hr cases last year, (private duty) now does two hour minimums.

Maybe your large corporate giant homecare only takes Medicare. Could this be an opportunity to shine? You bet it is. I remember competing against one of those corporate giants. The key message was, they only take Medicare? I can help you Mrs Referral source with most insurances, Medicare and Medicaid.

Its always about WIFM's (whats in it for me) You can make the referrall sources job easier. It translates into... just call me as we take most insurances. I can take these patients off your plate and provide quality care. You dont have to worry who takes what insurance. One stop shop. That was a nice position, you might not have that same luxury.

So hardwire a competitive analysis semiannually into yourr startegic plan,
and compete to your strengths in price/insurances and or value proposition.

You can look at a long list of variables when you do a competitive analysis. The key is proper positioning after the research.

Heres to proper positioning and watching your competitors closely. Most importantly here to increased admissions.

Steve Kiley
Senior Care Partnership
www.seniorcaremall.com
(508) 868-2801