SALT LAKE CITY, Aug. 19, 2015 /PRNewswire/ -- Equation, an innovator in healthcare analytics, introduced Market Analyzer as its newest addition to its DataRiver Business Intelligence platform.
Market Analyzer is a robust analytic tool that delivers deep market visibility to healthcare organizations. The tool uncovers and pinpoints gaps by providing an apples-to-apples comparison of competitors within a given market across service lines resulting in the identification of areas with the greatest potential for market growth.
Market Analyzer identifies market potential by drilling down into both state and internal system inpatient and outpatient, and physician datasets within specified markets. Market Analyzer allows users to slice and dice market data across any dimension and drill down to individual DRG, procedure, and diagnosis across all discharges in the targeted market.
"Hospital executives can use Market Analyzer to look closely at the influencing factors within specific market environments," said Ankit Sharma, Business Intelligence Director at Equation. "It delivers visibility into competitor market share, patient in-migration/out-migration trends, provider referral patterns, exact population mix, and service line trends."
Currently, a hospital is using Market Analyzer to understand the in-migration and out-migration trends for congenital anomalies within the pediatric population. The tool provides ongoing case views and trends over multiple years and across multiple states, yielding a deep understanding of market share, population needs by ZIP code, and in-migration and out-migration trends for pediatric congenital anomaly cases.
The initial analysis indicated that over 42% of these cases from the client's service area were seeking care at facilities in neighboring states. Based on these findings, the client made specific system changes which quickly resulted in profitability and service improvement to their primary service area population.
"Market Analyzer empowers hospitals to not only achieve improvements in quality and productivity but moreover to formulate effective strategic decisions on a per market basis," said Kyle Kobe, Equation Principal. "The crucial insight gained from Market Analyzer allows healthcare executives to confidently lead their organizations into the new population health and accountable care environment."
Equation is a healthcare analytics and consulting company that offers the most valuable and robust financial BI platform in the world. Equation gives healthcare leaders complete financial and operational visibility into their organization so that they can increase their organization's profitability while also lowering the patient healthcare cost. Visit www.EquationHealth.com and follow us on Twitter @EquationHealth.
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