Client description: U.S.-based provider of patient-pay billing and collection technology solutions.

Practice area: Market Research and Analysis; Strategic Positioning and Planning

Geographic scope: US

Industries involved: Healthcare, specifically Private Physician Practices and Groups

Services applied: Market opportunity study, competitive intelligence and concept testing; go-to-market strategy

Business challenge: The client aimed to diversify its customer base and expand into new healthcare verticals. Specifically, the client needed to make informed decision on the best market opportunities where its solutions could reduce administrative time spent on billing while improving cash recovery for healthcare providers.

Methodologies: The study combined secondary and primary research. Desk research was conducted to map the market landscape, perform a competitive analysis, and size key market segments. Primary research included a survey of 250 decision makers across seven medical specialties to understand pain points, unmet needs, and purchasing considerations. A concept testing was also conducted to validate service offerings and potential partnership models with target customer segments. This was followed by 26 in-depth interviews within the three most attractive segments to further explore purchasing drivers and behaviors; and with six software providers with the greatest potential benefit in integrating Patient Revenue Cycle Service.

The result: The study identified priority healthcare segments with the greatest demand for revenue cycle support, as well as the software platforms best suited for integration partnerships. These insights enabled the client to expand into new healthcare verticals and develop targeted go-to-market strategies, including strategic partnerships, product integration opportunities, and sales and marketing approaches to penetrate high-potential segments.