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Providing healthcare companies in hospitals, diagnostics and healthtech space with research oriented actionable and scientific insights related to market assessment, patient / doctor experience and NPS, patient / doctor needs and behavior study, competitive benchmarking, etc.

Diagnostics Hospitals HealthTech

What We Do

New opportunity market sizing
Distribution and channel benchmarking
Price and cost benchmarking
Franchisee economics benchmarking
Franchisee NPS study
Unit economics benchmarking (procedures / services / products)
Doctor practice sizing and analysis
Footfall benchmarking by therapeutic area
Micro-market potential assessment
Doctor productivity and incentive benchmarking
Vendor performance benchmarking and consolidation
Staff productivity and cost benchmarking
Patient NPS, loyalty and experience study
Patient journey mapping
Catchment area competitive benchmarking
Brand recall and perception study
Competitive processes and operations benchmarking

New opportunity market sizing

What are the new growth opportunities that exist within hospitals, diagnostics and healthtech space? What are the sub-sectors in each?
What are the number of players in each of this space by sub-sectors, by geography, by target customer segments?
How is the market structured? Is the market too fragmented?
What is the blended pricing of services provided by these competitors (both organized and unorganized)?
How is the demand landscape? What is the number of patients by age, income, geography, etc.?
What is the number of patients using the services provided across each of the sub-sectors?
What are the key drivers and barriers to entry in this market?
What is the current and forecasted (for the next 2-3 years) market size (TAM and SAM) of this opportunity?
What are the future growth drivers? What are the opportunities that exist in this space? Are there any white spaces?

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Distribution and channel benchmarking

What are the different distribution channels used by diagnostics / healthtech players to acquire customers?
What is the split between online and offline channels? Who are the participants involved in each?
What are the margin structures paid by different brands (regional / national)? What are the industry standards?
How does client’s channel margin structure compare with that of the competition?
What incentives policies / schemes are working well?
What are the drivers / barriers in expanding the distribution network?
What support is provided by diagnostic / healthtech companies to sell more through their channel partners?

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Price and cost benchmarking

What products / services are offered by client and its competitors? What is the price point at which it is offered?
How are the products / services bundled together? How does the pricing vary across these? Are there subscription price models adopted by competitors?
What is the competitive positioning of client’s products / services against that of competitors?
What is the willingness to pay of customers / patients for client’s products and services?
What are the features for which the customer is ready to pay the premium?
Is the healthcare market influenced by product / service discounting? Are patients attracted towards low price? What are the different promotions used to lower price across periods?
How can price be used as a strategy to win market share?

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Franchisee economics benchmarking

How many franchisees does the diagnostic company has?
What are the parameters of franchisee qualification and enrolment?
What is the agreement done with franchisees (revenue sharing vs profit sharing)? Does the diagnostic company provide capex, consumables, furniture, collection center retrofitting, etc. to the franchisee partners?
What is the monthly / annual revenue of the franchisee partners and its nearby competitor labs? How does it vary across cities / regions, agreement structure, etc.? What marketing initiatives are undertaken by the franchisee partners to acquire more patients?
What is the overall cost required to run a franchisee lab?
What are the margins earned by franchisee stores on a monthly / annual basis? What is the revenue growth?
How does the franchisee labs / collection centers perform in terms of the margins / unit economics compared to nearby labs?

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Franchisee NPS study

How likely is the franchisee partner (lab / collection center) to promote the diagnostic company’s brand / services?
How does the franchisee partner NPS vary across cities and specific micro-markets within the city?
Does the NPS of franchisee partner vary based on the agreement structure, payment collection (cash / credit), etc.?
What are the drivers for franchisee loyalty and NPS? How does the diagnostic company fare on those?
What initiatives are undertaken by the diagnostic company to improve franchisee partner NPS?
What are the industry and competitor NPS benchmarks for franchisee partners?
What are common global best practices that can be implemented to drive franchisee experience?

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Unit economics benchmarking (procedures / services / products)

What are the sources of revenue for hospitals, diagnostics and healthtech companies? What is the volume of each source of revenue (for hospitals - # of consultations, # of procedures, etc.; for diagnostics - # of lab tests, for healthtech companies – service offered based on type of healthtech company)?
What is the cost involved in providing each service (doctor / medical staff cost, employee cost, facility cost, consumables cost, overheads, etc.)?
What is the unit economics of these hospitals, diagnostics and healthtech companies as compared to its competitors?
How is the unit economics sensitive to price and volume of services provided in a month?
How does the unit economics vary by region, type of patient, type of procedure / test / service, etc.?
What are the areas in which the competitors fare better than the client company w.r.t. unit economics?
What are the learnings derived from competitors for the client company to improve unit economics?

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Doctor practice sizing and analysis

How big is the catchment area of the doctor’s practice and the catchment population?
What is the number of consultations and surgeries that is currently done and growth in five years?
What is the % repeat visits and % visits from catchment area?
What is the pricing of consultation and surgeries yearly for the next 5 years?
What is the payment method ? OOP, personal insurance, government insurance, etc. used by patients?
What is the revenue recognition and growth based on payment cycle of insurance companies?

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Footfall benchmarking by therapeutic area

Who are your key customer segments? What is their persona? What are their clinical needs / therapeutic areas where they avail the service (consultation, procedure, etc.)?
What is your catchment area? How many competitors exist in your catchment area?
How many patients visit your hospital / diagnostic lab on a daily / monthly basis compared to your competitors across their clinical needs?
What is the %age conversion of OPD to IPD, IPD to surgery, surgery to post-op care, etc. as compared to your competitors?
What are the initiatives undertaken by you to increase footfall in your hospital / lab for your target customer segments? Do these initiatives vary by clinical needs?
What are the initiatives undertaken by competitors to increase footfall? What are the learnings derived from competitors to increase footfall?

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Micro-market potential assessment

Who are your key patient segments in the micro-market? What is their persona?
What are the pain points and unmet needs of patients in that micro-market?
What is their annual spend on healthcare? How is the share of wallet distributed among different players for the healthcare needs of patients?
Who are the key competitors (local / regional / national labs; standalone / hospital chain, etc.) in the micro-market?
What is the patient footfall across type of services provided by these hospital / labs and how much is inflow from neighbouring micro-markets?
How are the competitors growing?
What are the gaps between patient expectations and current service offerings by these players?

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Doctor productivity and incentive benchmarking

What are the drivers for doctor productivity?
How does the hospital score across various dimensions of People Value Creation framework (PVC) framework? How do they stand against similar companies?
What are the current doctor engagement levels?
How does technology impact doctor productivity? How does availability of medical supplies, consumables, nurses, OT theatre, medical staff rostering, etc. impact doctor productivity?
How does the doctor productivity vary across different specialties?
How do hospital actions impact doctor productivity and organizational KPIs?
What are the initiatives undertaken by hospitals to improve doctor productivity?
What are the different ways to incentivise doctors? How do they differ across specialties in the client hospital and across competitor hospitals?
How satisfied are the doctors with the rewards and recognitions policy / revenue sharing / profit sharing agreement of the hospital?

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Vendor performance benchmarking and consolidation

How many vendors does the hospital / lab has? Do they source a given product from a single vendor or multiple vendors?
Where are the vendors located? What is the split of domestic / international suppliers?
How does the hospital / lab perform vendor benchmarking across the different parameters like supply lead time, OTIF rate, %age returns, payment collection, etc.? How is it compared to industry standards?
How does it score across the different dimensions of PGA Labs vendor benchmarking toolkit?
Are there any opportunities to consolidate vendors? What are the economies of scale achieved due to vendor consolidation?
How is the vendor contract impacted due to consolidation exercise?

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Staff productivity and cost benchmarking

What are the drivers for medical staff (nurses, paramedics, admin support, back-office employees, management executives, etc.) productivity and motivation?
How does the company score across various dimensions of People Value Creation framework (PVC) framework? How do they stand against similar companies?
What are the current staff engagement levels? How can that be improved?
How do hospitals / labs actions impact staff productivity and organizational KPIs?
What has been the trend in staff retention / churn? What are the reasons for them?
How does the salary received by medical staff compared to industry standards?
How satisfied is the staff with the rewards and recognitions policy of the organization? How does it compare with competitors?
How satisfied is staff with the benefits policy (insurance, PPF, etc.) of the client hospital / lab? How does it compare with competitors?
What are the improvement areas in terms of training and learning for the staff?

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Patient NPS, loyalty and experience study

How likely is patient to promote the hospital / lab services? How much is the patient referral rate to family and friends?
Which patient segments are unsatisfied and at-risk for the brand?
What are drivers for patient loyalty and NPS? How does the client hospital / lab fare on those?
What role does digital technology (online consultation, home healthcare, home sample collections, etc.) play to improve patient NPS?
What are the industry and competitor NPS benchmarks?
What is patient feedback on services provided by hospitals / labs? Where do patients want the hospital / lab to improve?
What are latent and unmet needs of the patient? What do they value the most?
What is the gap in the current patient experience and services provided by hospitals / lab?
What are common global best practices that can be implemented to drive patient experience?

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Patient journey mapping

How does a typical patient journey look like across the entire lifecycle à symptoms, diagnosis, treatment, payment, etc.?
How do patients interact with the doctors and medical staff as they enter the hospital / lab? What are the most valuable touchpoints? How does it vary for online consultations?
How was the patient’s experience across touchpoints in OPD, IPD, surgery, post-op, sample collection, etc.?
What are the pain points and unmet needs across these touchpoints?
What are the opportunities to optimize and innovate across the patient journey to provide better care?

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Catchment area competitive benchmarking

How big is the catchment area? How much is the catchment population?
Who are the key competitors (local / regional / national labs; standalone / hospital chain, clinics, etc.) in the catchment area?
What is the patient footfall across type of services provided by these hospital / labs and how much is inflow from neighbouring catchment area?
What is the pricing of services provided by these players? How much is the variance by specialties for consultations / surgeries, by type of lab test, etc.?
How has been the feedback of customers across the services provided by these healthcare providers?
What are the gaps between patient expectations and current service offerings by these players?
How are the competitors growing? Are there any new entrants in the catchment area who are planning currently or in near future?

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Brand recall and perception study

What is the maximum potential of different brands prevalent in the healthcare delivery space?
What is the degree of brand awareness with respect to competitors?
How does brand awareness change with patient demographics, geography, and customer clinical needs?
How affluent are the patients towards their healthcare provider’s brand? What is their stickiness to that brand? How does it vary as compared to its competitors?
How is the brand recall of patients towards their healthcare providers and how does it fare as compared to their competitors?
How slowly / quickly is the brand growing relative to competitors?
What is the patient repeat visits and patient retention rate? How does it compare to industry standards?
What are some of the best practices to strengthen brand value?

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Competitive processes and operations benchmarking

How does your company fare with regards to their competitors for the following processes ? Order to cash, Procure to pay, Market to customer, Hire to retire, Finance to manage, Audit to compliance, Lead to conversion?
How does your company fare with regards to their competitors for the following operational metrics ? Waiting time, Registration to treatment time, ALOS of patients by specialty, Revenue per employee / staff, Revenue per sq.ft. of hospital / lab, Inventory stocking rate of consumables?

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Connect with our Healthcare Experts

Madhur Singhal

Mentor

Aryaman Tandon

Mentor

Hitesh Gossain

CEO, Network

Amar Choudhary

CEO, Intelligence & Insights

Sanjay Sachdeva

Senior Director, Intelligence and Insights

Related Case Studies

Benchmarking of competitors in terms of services provided, pricing, and revenue

Objective

An online teleconsultation player wanted to understand what services the competitors provided, how they were placed amongst the competitors in terms of those services, revenue, and pricing across different modes of consultation (chat, audio, and video)
Also, client wanted to understand the type of subscriptions provided by the competitors

Methodology

Created a competitive landscape through secondary research
Conducted primary interviews with doctors and experts and secondary research to compare different tele-consultation providers across different modes (chat, audio, and video) in terms of pricing, revenue, and subscription packages
Comparison of different players on # consultations across different modes (chat, audio, and video)
Price comparison of different players across different modes (chat, audio, and video)

Impact / Outcome

Client understood the presence of different players in the tele-consultation landscape using different modes for consultation (chat, audio, and video)
Also, client got in-depth understanding of the pricing, subscription packages of the different players in the landscape and how are they different from hospitals

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Consumer segregation and personas to map consumer behavior for healthcare services

Objective

Client wanted to identify the target audience for their new healthcare delivery model

Methodology

Assessed various household archetypes based on composition of members to create customer segmentations
Estimated the size of each household archetype in India to find the ideal customer segments based on value
Personas were created to map consumer behaviour of household archetypes with regards to healthcare services in primary care, secondary care, tertiary care, wellness, etc.

Impact / Outcome

The actionable consumer insights enabled client to decide on the target audience for their integrated healthcare delivery model

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Customer behavior assessment of tele-consultation users in metro and tier 1 cities

Objective

The client wanted to understand the current usage of teleconsultation by deep diving into the key purchase criteria, use cases, customer journey, pain points, and how the pain points are being addressed by teleconsultation providers

Methodology

Conducted in-depth interviews with 100+ customers of teleconsultation apps to derive useful insights and gather information regarding the key purchase criteria, use cases, customer journey, and pain points
Mapped customer journey from experiencing new symptoms to availing consultation to follow-up
Different use-cases for people to adopt teleconsultation

Impact / Outcome

Understand the customer preferences for using teleconsultation apps for doctor consultations
Also, the client understood the customer journey and various pain points of the customers and how the teleconsultation providers are addressing them

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EMR product road mapping across primary and specialty care ecosystem

Objective

The client wanted to understand the market for EMR products across primary and specialty care ecosystem
The client also wanted to understand the propensity to adopt EMR products amongst key specialty care segments

Methodology

Identified two important levers to assess each specialty segment through building a specialty prioritization framework
Classified each specialty under small, medium, and high according to propensity to adopt EMR
Further classified segments according to need for digitalized data and ability to use EMR products

Impact / Outcome

Successfully provided client with an exhaustive list of segments in the specialty care ecosystem that are currently using EMR products and identified key specialty segments that have the highest propensity to adopt EMR products

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Evaluate patient NPS for a large national diagnostic chain in India

Objective

A large diagnostic chain wanted to do a quick assessment of the patient’s NPS and understand how it varies across cities

Methodology

Conducted a survey of 1000+ patients across Metro / Tier 1 / Tier 2 / Tier 3 cities and held 100+ patient in-depth interviews to understand patient experience from registration to report collection, gain insights on referral metrics and identify promotors/detractors
Identified and evaluated the key criteria for referral and who the patients refer to – friends/family
Understood how the NPS varies across city type and type of center from where the sample is collected – owned collection center, franchisee collection center, hospital partner labs, etc.

Impact / Outcome

Successfully provided the client with overall NPS and shared insights on how it varied across regions and types of center
The client was able to understand the root causes of why the NPS was low in Tier 2 cities and franchisee labs and built a plan to improve it

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Healthcare consumer survey to assess unmet needs, pain points and spend

Objective

Client in the healthcare delivery space wanted to understand the consumer preferences for integrated healthcare and assess unmet needs.

Methodology

Conducted a detailed consumer survey across 21 cities with ~1,500 respondents across different income levels, family compositions, and insurance covers
The current assessed level of satisfaction for healthcare consumers, unmet needs, spending across channels, and likelihood to switch to an integrated healthcare network

Impact / Outcome

The client was able to determine unmet needs for their healthcare delivery model and understand prevailing consumer tastes and preferences, spending patterns, and experience with current healthcare services.

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Healthcare market assessment to assess the healthcare delivery market

Objective

Client wanted to assess the current healthcare delivery market in India and existing players in the integrated healthcare vertical while gauging its market attractiveness

Methodology

Analyzed the penetration of healthcare services in India across different parameters
Conducted deep market study across various sub-verticals in healthcare and found relevant up & coming players
Assessed the consumer spend across multiple healthcare components and mapped respective profit pools

Impact / Outcome

Enabled the client to identify their market of interest and define focal point for further study in the project

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Identify vendors for a large hospital chain for procurement of hospital supplies

Objective

A large multi-specialty hospital chain based out in South India wanted to identify and evaluate vendors for procurement of hospital supplies

Methodology

Understand the list of hospital supplies that are procured across departments and map it with available vendors in South India
Created a list of 20+ vendors who provides the required supplies and build RFP for the vendors
Conduct 30+ discussions with 20+ vendors to understand their proposal, product demonstration, lead time, purchase conditions, pricing, etc.
Shortlist 4 vendors for the hospital chain based on vendor supply potential, product quality audits, lead time, price, etc.

Impact / Outcome

Successfully provided client with four shortlisted vendors that they can further discuss with and finalize a vendor

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Study the Indian medical professional landscape

Objective

A client who provides medical consultation and practice management, wanted to understand the Indian medical professional landscape through which it can estimate an addressable segment of doctors that it can onboard

Methodology

Estimated the total medical workforce of India along with various segments to understand the market in depth
Estimated an overall addressable segment of specialists by implementing our market sizing methodology
Identified key addressable segments and projected demand and supply gap to estimate growth opportunities

Impact / Outcome

Successfully provided client with overall medical workforce along with depth in the segments constituting the market
Provided client future growth opportunities according to the need of the industry by analyzing the demand supply gap

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