Introduction
The U.S. healthcare delivery system has always been incredibly Byzantine and complex. What’s changed recently is the frenetic pace of change being injected into the system, magnifying the difficulty to get an accurate read on the market.
As a result, organizations of all types are leveraging market research to generate actionable insights and make more informed decisions. Everyone from providers, payers, and financial services firms to pharma, biotech, health tech and life sciences companies are looking for illumination to guide strategy and new initiatives, messaging, pricing, go-to-market, and other clinical and business decisions.
This guide explores the key factors to consider when hiring a healthcare market research company. From research methodologies and segmentation specialties to pricing and access to decision makers, we’ll highlight essential aspects to ensure a successful partnership.
Identifying Specific Needs and Objectives
Every entity in the healthcare ecosystem has unique requirements.
Private equity firms want market insights to inform investment decisions.
Hospitals and health systems focus on improving patient care.
Payers aim to optimize pricing and coverage.
Digital healthcare companies require consumer insights for product development.
Very few healthcare market research companies can span the entire ecosystem, so you’ll want to seek out those with specializations and experience that map to your needs.
For instance, our firm (Eliciting Insights) is particularly experienced with helping mid-market digital healthcare technology organizations and private equity firms to better understand buyer needs so that they can make more informed investment and M&A decisions, and more educated strategies around go-to-market.
Prioritizing the Qualities of a Healthcare Market Research Company
To ensure a successful engagement, organizations should prioritize which healthcare market research company qualities they value most.
Expertise in the Healthcare Industry
Whether you’re looking at large consulting firms, full-service market research companies or smaller boutique market research agencies, a reputable healthcare market research company should have extensive experience working with one more segments such as healthcare providers, payers, biotech, pharmaceutical companies, medical device manufacturers, and other industry stakeholders.
They should possess in-depth knowledge of the healthcare industry, including regulations, market trends, competitive landscape, key decision makers, and a thorough understanding of how they are interconnected.
Even if you are interested in conducting research on a specific category, role or department, the firm you select will need to understand how the findings impact other parts of the ecosystem. Ideally, the market research firm that you select will be populated with people who have previously had roles at payers, providers, or other healthcare companies.
Years of Experience and Research Industry Reputation
It takes a long time for even the best market research firms to understand how all the pieces of the healthcare delivery system fit together, how to recruit quality research panels, and how best to interpret qualitative and quantitative research results.
Look for a firm whose principals have a few gray hairs and a large network.
Areas of Specialization
Whether it’s value- based care, revenue cycle management, health technology, or digital health, you’ll want to work with market research experts with deep knowledge and experience in the specialized areas of healthcare that matter to you.
For instance, at Eliciting Insights we have significant experience with digital health solutions sold to providers and payers including revenue cycle management, claims administration, value based payment models and patient experience. We have extensive knowledge of the business and finance side of healthcare, and additionally have proprietary provider panel.
Primary Research Versus Secondary Research
Some research providers focus more on conducting primary research like focus groups, interviews and ethnography. Some focus more on secondary research like publishing comprehensive industry reports and providing access to databases. Some do a little bit of both.
Understand what types of market research will support your objectives and couple that with the areas of specialized expertise that each firm brings.
