Regulatory changes and other shifting health practices are pushing hospitals, doctors and others to dive deeper into market research to keep pace. And entrepreneur Jason Moore hopes to cash in with a technology startup that has intelligence to sell to the medical community.
Initially, his company, HealthDataSource, will target rural hospitals and county health departments — a niche that Moore says remains underserved because its participants can't afford to hire major research firms to analyze particular markets.
Count U.S. Rep. Jim Cooper, D-Nashville, among Moore's biggest fans. Moore recently provided the congressman with a review of the health-care market in Cooper's Nashville-area congressional district. "This new company offers big-time data resources at fair prices, and that's hard to find in today's marketplace," said Cooper, who teaches health-care policy at Vanderbilt University's business school. He called Moore's research thorough and precise.
HealthDataSource charges $1,500 for a market profile report of 40 to 60 pages that includes local demographics.
For $4,950, it can bring a provider's information into the application and compare it with the overall market to determine its position and how local residents use its services.
HealthDataSource pulls in data from the public domain and proprietary information from clients to create income and demographic profiles that hospitals and other providers can review to set strategies.
The company has two clients, including a hospital in the Northeast that HealthDataSource helped in its bid to win approval for a freestanding cancer center. Using charts, graphs and mapping technology, HealthDataSource helped executives of the hospital show a clear case of why the center was needed and how it could turn a profit.
The company is the second startup for Moore, who in 2001 co-founded bigWebApps Inc., an Atlanta-based company that helps educational and governmental customers become more efficient via automation.
With HealthDataSource, Moore expects success as health providers face new mandates to use more technology and better coordinate care. "They're being required to understand what their market needs are," he said. "And that's one of the trends that we match."