Heartland Conference Sneak Peek: Valuing Market Expansion Opportunities

Published in Complex Rehab on April 04, 2022

Ryan Ball Looking for growth next year? Your road to profitability can be accelerated by utilizing data to value opportunity:

Define current and potential new market size by product category.
Quantify market share and competitive landscape.
Identify and value top potential referral source partners by category and area.
Determine top payers and key contracting partners in new market areas.
Compare reimbursement rate variance from current and new markets.

The HME market is changing, current market dynamics have further incentivized providers to explore new areas for growth and expansion. Planning for growth and selecting new markets is too often a guessing game. What is my market share in my current markets? How much business is in that new market and how does that compare to my current markets? Who are my competitors and which payers do they work with? What is reimbursement for the new product focus with private payers? Too often, HME providers move into a new market without having the answers they need.

Whether entering a new geographic market or expanding into a new product line, data should be at the heart of your business development strategy. Rather than flying blind into a new venture, hoping your projections will take hold, analyzing available market intelligence data can provide greater certainty to your strategic planning and jump-start efforts to grow your business.

At this year’s Heartland Conference, join VGM Market Data director, Ryan Ball to learn how data can enhance your market expansion planning efforts to ensure you’re selecting the right markets and setting your growth plan up for success in 2022 and beyond. Learn more and register at vgmheartland.com.

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