Custom Market Analysis - Unique to Your Specific Community
Save Time: Our experienced team does the research, makes all the phone calls, and collects all the data.
Avoid Aggravation: Many facilities require multiple callbacks to gather detailed information.
Get Results: Our detailed report will help you develop a strategic plan for targeting and soliciting facilities.
What is the purpose of a custom market analysis and what does it do?
We like to refer to it as a "large intelligence project" because we data mine for details of facilities in your area of operation so you can then develop an effective strategic marketing and solicitation plan.
The easy part is mapping each facility in your area - hospitals, rehab, dialysis centers, nursing and skilled care facilities, assisted and independent living, and retirement communities.
Chances are good you already know of or are familiar with some of these facilities, but the hard part (and most time consuming) is calling each facility/lead to determine what they are currently doing for transportation (in house versus outsourcing), their size (overall number of beds vs. current number of residents), their population percentages (heavy private pay and insurance vs. government assistance), and who is the person(s) you will want to speak with to introduce your service.
In short, we want to uncover "targets of opportunity" that you can strategically convert them from a cold lead to warm and then to a hot lead that can translate into direct pay and private pay contracted work.
When we call each facility, we work to determine the following:
Size of the facility - number of beds and current residents.
What the facility is currently doing for transportation - do they provide transportation or outsource?
If the facility provides in-house transportation, what are the circumstance, frequency and capacity?
If they outsource transportation, how often and under what conditions?
What percentage of their resident population is on Medicaid, Medicare, SSI, VA, private insurance, private pay, other?
Who is the point of contact(s) to speak with and introduce our non-emergency transportation service?
As you can imagine, calling all of these facilities can be a daunting and time-consuming chore - requiring many callbacks in an effort to gather targeted information. If you think it is easier doing all the research and all making phone calls on your own, especially if you are new to the industry, just pick 10 facilities and call for yourself and you will soon discover the challenge and why it requires so many callbacks in hopes of piecing together accurate and targeted information.
Again, the whole purpose is to develop a strategic plan, so it is easier for you to reach out to, connect with, befriend, and solicit facilities, but as we always tell everyone, a custom market analysis is worthless if you do nothing with it.
Why do I need a custom market analysis?
There are many reasons for commissioning a custom market analysis. First and foremost, your market analysis is a valuable tool for gaining a competitive edge. You'll be able to identify facilities and customers in need and make informed operational, managerial, and logistical decisions. You'll have a detailed assessment of facilities throughout your community so you can develop a plan for soliciting and engaging staff and residents. Further key advantages include:
Market Understanding: Your market analysis will help you gain a deeper understanding of the needs and opportunities throughout your community. It provides insights into a facility's current operation with respect to resident transportation and their possible use of local competition.
Identifying Opportunities: Your market analysis can help identify untapped market segments - facilities and customers in need. For example, many NEMT providers do not provide stretcher transportation despite operating in a state that allows NEMT providers to perform non-emergency stretcher transportation. In satisfying this key stretcher market segment, you further strengthen your relationship with the facility which can lead to expanded trip volume for wheelchair and assisted ambulatory service.
Strategic Decision Making: Discoveries in your market analysis can help with making more informed decisions on asset acquisition such as vehicles and stretchers. Discoveries can help refine your marketing strategies, develop unique pricing for contracts or promotions, and possibly determine further plans for expansion.
Business Plan Creation: Insight gained from your market analysis can guide your strategic decision making and assist with creating a targeted business plan - a required resource if you're seeking a loan, grant, or any type of financing or capital investment.
Competitive Advantage: Identifying key hospitals and facilities put you in the position to pursue direct pay contracts and service agreements - a distinct competitive advantage over your competition who are most likely simply subcontracting for Medicaid brokers.
Resource Optimization: Understanding facility and customer demand enables you to allocate your resources more effectively. You can optimize your marketing efforts to focus on the most promising market segments to reduce wasted resources.
"Wow, you guys really went above and beyond the call of duty! I honestly wasn't expecting this. I just assumed you were going to send me a list with some bullet points, maybe some variable statistics or something. I guess I really didn't know what to expect, but it wasn't this. I see why the project took as long as it did. This required a lot of work. Thank you again. I am very appreciative."
Robert, Texas (NEMT Business Owner)
"As always, thank you so much, Million Dollar Team. All of you have been so helpful and responsive. Your quick emails are so reassuring for a newbie like me. Thank you so much for your work on the market analysis. It is so impressive and easy to see how much time you invested. There is no way I could have done this on my own. If anything, it just reinforces how much opportunity I have all around me. I have my work cut out for me, so now I have to get cracking!"
Megan, Florida (NEMT Business Owner)
How large of an area do you cover when developing a customer market analysis?
Great question. That all depends on your location. If you're located in a more urban area, the radius will most likely be smaller. If you are located in a more rural area, then you can anticipate that we will expand the search area.
How many "targets" (facilities) will be included in my custom market analysis?
Similar to the radius, it really depends on your location and population density. Every project is unique and custom, so we can't predict the number of "targets" until we start the research process. We could discover 150 "targets" within a 15-mile radius of a robust urban area, or in a more rural area, we may need to expand our search to 50-miles and only uncover 90 "targets." It all depends on the dynamics associated with your specific community.
How long does it take to complete and deliver a custom market analysis?
As of right now, based on the number of existing projects in our queue and the time required to call each facility to gather information, we're running close to 18-20 weeks for development. Once done, we'll forward to you a complete itemized spreadsheet with each "target" arranged alphabetically.
Again, we're going to literally call each and every facility which typically requires many callbacks in an effort to gain targeted insight, so our work is very time intensive, but our findings will be well worth your investment. You're going to have a much more targeted and highly focused assessment of opportunities and possibilities throughout your community.
What address should I use for my custom market analysis project?
Another great question. If you're starting out of your own home office, you'll most likely want to use your physical address. If you do have a separate office where you operate your business, you definitely want to use that address. That will allow us to research and plot the distance/mileage from your office to all respective facilities.
The other thing to consider is a popular hospital or medical campus. Some client-providers prefer to use a centralized medical location as the focal point of their project because they're routinely bringing patients in/out of that location on a daily basis, so they prefer to map all possible "targets" from the popular medical location.
Can I create my own market analysis - do all the research and make all the phone calls on my own?
Yes! Yes, you can do it on your own, but do you really want to? Or would you prefer to save a ton of time, effort, heartache, and aggravation by simply outsourcing this tedious and time-consuming endeavor? These projects are no easy chore. The research is the easy part, it's the many phone calls and untold number of callbacks that are tedious and time consuming.
Fortunately for you, our team is well experienced in the industry, they know what questions to ask, and after developing an untold number of custom market projects, they know how to politely extract pertinent information without being obnoxious, intrusive, or annoying. Our team definitely ensures they're not annoying or a bother to staff members because, in time, you're going to be soliciting these same facilities. Therefore, our team ensures they leave a great first impression for you.
This opportunity is ideal if you don't have prior experience and/or you're busy and need to invest valuable time and effort into other areas of your business.Should you have any questions on the status of market analysis at any time, just shoot us an email and we'll be more than happy to give you an update - letting you know exactly where we're at in the stage of development. Again, just to reiterate, as of this writing, we are running closer to 18-20 weeks for development of each project, so please keep that in mind for planning and timing purposes.
What if I'm new and I just want to get a better sense of local market opportunities?
OUTSTANDING! That's all the more reason you need a custom market analysis. If you're just thinking about starting a non-emergency medical transportation business, maybe not completely sure, and simply want to gather more insight into the size and scope of your local market, then definitely take advantage of this opportunity. We'll uncover, plot, and detail as much as possible for each and every "target" throughout your local community. Depending on our findings, you'll definitely be able to determine if moving forward in starting a NEMT business in your area is a viable opportunity.
Further important details regarding this custom opportunity are as follows:
Your market analysis will be delivered in the form of an excel spreadsheet ONLY.
As of right now, time of development for a complete project is running at about 18-20 weeks.
After investing in this opportunity, please email us a single physical address. Do NOT send multiple addresses, an incomplete address, a general area, region, or counties. Each project requires a single physical address.
Development of a custom market analysis does NOT include personal coaching. If you are interested in working directly with Joel, you need to invest in his exclusive one-on-one coaching opportunity.
We can't guarantee complete accuracy of each "target." In many instances, we have to "play phone tag" with staff and invest in many callbacks in hopes of gathering targeted and relevant information. We definitely put forth great effort, but there are times when particular staff members will not return our calls.
Because of project volume, we reserve the right to discontinue this offering with little to no advance notice. However, we will honor and fulfill any and all paid reservations.
Because each market analysis is a unique and custom project requiring a great deal of time and effort, under no circumstances will we offer a full or partial refund.
How does a custom market analysis help you get higher rates of reimbursement from our broker?
Great question. The answer is it won't! There is NO RELATIONSHIP between your custom market analysis and anything to do with Medicaid brokers.
As Joel always says, "Broker work is lazy work - low hanging fruit with low margins." You just sit back and wait for brokers to assign you trips. If/when the current broker finds someone cheaper to perform the same trips, your trip volume goes down. You are completely dependent and subservient to a broker's discretion.
The purpose of a custom market analysis is to empower YOU. It is a tool that you use to develop a strategic marketing and soliciting plan with the goal of meeting, greeting and building direct relationships key staff, facilities, and associated residents and patients.
The lead research we uncover in preparing your custom project will better help you formulate a plan for soliciting and marketing to each facility. You don't approach a 100% private pay facility the same as way in which you approach a facility that is all Medicare/Medicaid. Likewise, you would have a different discussion with a facility with a mixed percentage.
In building direct relationships with these facilities and gaining direct pay and private pay business, the ultimate goal is to secure formal agreements. That is what is going to give you higher ROI trips and dramatically help you increase your resale value.
"Thank you so much, Dan. This is awesome! In just doing a quick once over and the project all I can say is "Wow!" You guys are great. I see why Joel is always bragging about you guys in his videos. This is really impressive. I plan to do a deep dive and start going through all of this when I get back to my office. I will definitely let you know if I have any questions."
Victor, Pennsylvania (NEMT Business Owner)
"Dan, Dawn and Charlie - you guys are awesome! Thank you for our market analysis. This project is incredible. You guys really bailed us out and saved my butt. When you look at this it's obvious how much more time I would have wasted - more so than I already did! LOL! Please give our best to Joel - looking forward to starting one-on-one with him."
Mark, Michigan (NEMT Business Owner)
Ready to uncover the opportunities in your community? We're about to make your life a whole lot easier! Click the link below to make your reservation and then email us the complete physical address you'd like to use as the focal point of your project: