10/5/22 at 9:15 PM
Market Share is another non monetary statistic. In today’s competitive world of healthcare: market share is representative of consumer investment, potential business, future revenue stream. Historically, market was your local zip codes. In the area that I live in in Central Florida, there is a huge tourist industry with many of our patients coming from outside the local community. We track the percent, as it can be very powerful when you are dealing with a pandemic and the tourist are gone. Another point about market share is that folks outside of healthcare are vying for part of the business. Another point suggests that healthcare will need to evolve into a consumer model, forcing organizations to put resources in patient engagement technology. “This shift may happen even faster as outside disruptors like Amazon and Apple extend their footprints in the healthcare space. These retail players know a lot about direct-to-consumer services and are likely to drive healthcare further, and faster, in that direction. Nayyar can already imagine a world in which â€œAmazon creates a one-stop virtual shop, connected to a brick-and-mortar practice, where I can do a virtual visit, have my medication sent to me, and get a reminder that I haven’t had my mammogram.”Â This is fascinating since I see these companies already have a tremendous impact or retail industry and they are edging into healthcare.Â What other points might be important about Market share? Do you have examples from your communities?
Novotny, L. (2018). 4 healthcare predictions for 2019.Â Healthcare predictionsÂ
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