Market intelligence to impact your population health solution sales
People are buzzing about Population Health
Population health is a growing market in health IT. Healthcare organizations across the world have been buzzing about the topic throughout 2016 and it only continues to grow in popularity.
As population health builds momentum, the number of organizations ready to purchase will continue to grow as will the number of vendors looking to sell to them. Forward-thinking health IT solution vendors are quickly recognizing that true market understanding is crucial to gaining a competitive advantage. Having the right market intelligence tools in place to identify the decision makers within purchasing organizations will save them time, energy, and money, but most importantly, help them make a sale. Do you know where your opportunities are? Let’s take a look at the market.
What’s going on in the market?
Less than 1/3 of US hospitals have engaged with a population health vendor. This means there is a lot of space for growth. The hospitals that have engaged with a vendor are of all sizes and types. Health IT market intelligence tools like HIMSS Analytics LOGIC™ show that there are similar features between those that have already adopted population health initiatives and those that have not yet adopted such initiatives Knowing these and other key metrics can assist in understanding where the market is, where it will be in 12 months, and how to approach your sales targets.
Who are the major population health solution players?
There are five dominate players with 100+ installs at this point of the adoption curve. The majority (56% of vendors) have expanded from an adjacent space into population health. Two major EMR (Electronic Medical Record) vendors have a combined share of 39%. Under 15% of vendors have a distinct focus on population health.
Where’s the opportunity?
26 health systems reported budgeted plans to purchase population health software in the next 6 months. Leveraging machine learning with the deep data within LOGIC we have identified double that number of health systems that are likely to invest in the next 12 months. These opportunities represent millions in potential revenue for the solutions vendors who can win these deals and help population health initiatives and technologies grow in the near term.
How do health IT solution vendors do something about it?
Vendors have a distinct opportunity to use big data to close more deals by understanding what organizations are planning to make a purchase and who within those organizations are making the decisions.
HIMSS Analytics LOGIC, the leading health IT market intelligence platform indicates there is a pool of 734 decision makers at the health systems with plans to purchase technology to build their population health initiatives. Armed with this data , you avoid making 800 cold calls and find the right information and the right contacts.. Impress them by showing them you did your homework, highlighting their firmographics, the vendors they are already working and showing them you know their business details like Cash on Hand. Using the available data can help you to sell a full solution instead of a widget.
How do you turn these refined opportunities into sales?
Knowing where the opportunities are and knowing what resonates with the target buyer are two different challenges. Healthcare market intelligence tools can become even more powerful when you leverage data analysis and research to get a full understanding of the marketplace at any given point. When you understand the market landscape and an organization’s motivations for investment you position yourself to move the sales needle.
Looking for more on the state of the current population health market? Sign up for a demo of LOGIC and check out our Population Health Essentials Brief which offers even more insight into the mindshare of population health buyers.