Data Analytics Helps Healthcare CRE’s Broader Strategy, Not the Bullseye
The goal of using data analytics in healthcare, according to panelists at GlobeSt. Healthcare Real Estate, is to help understand where the competition is, where a client can grow, where to find new patients, and more.
SCOTTSDALE, AZ—During an exclusive fireside chat hosted by JLL at GlobeSt. Healthcare Real Estate, a national conference, experts explored how big data is used to help clients make informed real estate decisions. Topics discussed include what does “big data” mean, how it is gathered and interpreted, and what type of tangible results it has produced.
According to Abby Waner Bartolotta, VP of healthcare real estate at JLL, having a data tool only gets you so far. “You have to actually be able to sift through the information.”
When looking at data, we start by looking at general demographic data and once you get your hands around what the demographic and geographic situation is, she said, you look at the medical needs in that community. “The goal then is to identify high demand medical needs and then turn around and look at supply and provider density.”
According to Matthew Coursen, executive managing director and market leader of the Mid-Atlantic Healthcare Group at JLL, sifting through the data is a shared responsibility. “We have access to claims data and procedure volume data and come to the table with our clients with most of the data,” he said. But he notes that you have to be careful when handling PHI to be sure you protect the data. “We use data and analytical software to make decisions.”
He adds that the data isn’t a bullseye that says “go put this tenant there.” Instead, he said, “we say to our clients that we want to add to the process. It isn’t all about data. You have to factor many different pieces of information into these decisions.”
Coursen added that using the data simply adds to the conversation and strategy building. “Our goal is to help understand where the competition is, where they can grow, find new patients and shift existing patients to a new facility to unlock the efficiency of another facility.” Many things are at play there, he explained. “If you aren’t at least exploring data and analytics, you should think about it to help you think about how it can help you with the broader strategy.”
Check back with GlobeSt.com in the coming days for more from the national Healthcare Real Estate conference.