If you are a non-profit thinking of adding private geriatric care management, a competition survey is critical. You are surveying who your competition is in the geographic area you want to begin.You are discovering if you can achieve market share in the area you choose to serve.
You want to create a survey that tracks the individual GCM ‘s in your services area, and find outwhat are their fees per hour, do they now include homecare , what geriatric care management services does each competing GCMoffer.
For example do the local GCM businesses , offercare monitoring , do they offer home care or any of the standard GCM service /products? Next you want to survey what geographic areas do your potentialGCMcompetitors serve. You can use this to set your agencies’ hourly fees, chose competitive geriatric care management services/products and make all your fees competitive in the area you finally chose to serve. It will also tell you if the local market is too saturated for your non-profit to compete with the other care management agencies . This will also help you position yourself in your market and decide what new innovative GCM services you can offer that other geriatric care managers do not sell.
Once you have identified the competition, through a competition survey , you need to describe any traits you believe your new business shares with the current competition and most critically what differentiates your new business from the competition? Do you expect the new business to woo customers or referral sources away from the competition? What makes you different — Would you expect to offer lower prices, better or different service/ products? A competition survey is used to find out what your competitors are doing that is different, better or worse, and then use that information to your benefit. You want to find what will make your new business stand out and make the customer choose you.This is called positioning.
For example, do you offer a hospital transitions service, when none of your competition does. Medicare fines hospitals now if patients recycle within 30 days. You make yourself stand out to the customer but offering a specific services that allows older or disabled clients to remain home safely after their discharge and not recycle back through the ER.That is how you use your competition survey,
To compare your geriatric care management business to others in your area and to describe your competition you can also make a comparison chart ranking your new business against the competition. You can do a competitive analysis with the help of any of the Small Business Development Centers throughout the country. When updating your business plan, you may also redo this competition survey yearly.
The final step in a competition survey to find out whether you should start a GCM business is take all of the information you have compiled and summarize it, along with your comments regarding the information your competitors sent to you:
Name of Agency
How long in business?
Cost per Hour?
Do they charge for travel?
Do they provide home care or partner with private duty home care?
Do they Do care managed home care internally?
Advance notice needed to begin service?
Can they send information?
How did the staff person handle the call? (1 = excellent service, 5 = poor service)
How well did the staff person meet your needs about the information you requested?
Did the staff person present the company appropriately?
Date material received:
Comments on materials:
This should all be in an excel spread sheet and figure out why the customer should choose you compared to your competition.You can also get lots more information in Merrily Orsini’s Chapter,Marketing Geriatric Care Management in the Handbook of Geriatric Care Management 3rd edition