As you might have heard, the past month brought some big news for us at Catalyst Healthcare Research (CHR). On August 1, we were acquired by Service Management Group (SMG). Since then, I’ve spent a lot of time answering two main questions, both of which afford me the opportunity to deliver good news:
What’s going to stay the same?
When things like this happen, clients understandably get a little wary of how they’ll be affected. Fortunately, our new partnership will have minimal impact on how we serve our clients. We’re still the same company, and our team remains intact, which means clients will continue to benefit from our in-depth healthcare experience, extensive HIPAA-compliant research expertise, and commitment to delivering actionable insights.
Of course, you don’t make a move like this in an effort to maintain business as usual. As with any decision we make, one of the major determining factors was the potential long-term benefit for our clients—which brings us to the second question.
What’s going to change?
A major trend right now is the increasing “retailization” of the healthcare industry, which means that organizations are beginning to see—and serve—patients more as true consumers. Convenience matters. Cost matters. Experience matters. The ramifications of this trend obviously reach our clients, who have to make sure they deliver patient experiences that inspire loyalty and uphold their reputations as leading healthcare providers. That’s where SMG comes in.
Partnering with more than 450 brands across a variety of service industries, SMG helps clients measure and improve customer and employee experiences in ways that drive loyalty and revenues. With more than 150 client insights professionals and 25 advanced-degree researchers on staff, SMG offers an invaluable wealth of knowledge our clients will be able to draw on as the healthcare industry mirrors the retail model more and more.
Just as importantly, SMG combines that insight expertise with an industry-leading data collection, warehousing, and reporting technology platform. That makes it easy for people to complete surveys, for internal researchers to analyze the data, and for clients to access and share the data with real-time dashboards, configurable reports, and even an industry-leading mobile reporting app. In short, our clients will be able to hear from more consumers and take action on their feedback more quickly than ever before.
A mutually beneficial partnership
Having entered the healthcare space in 2011 with a ratings and review site based on patient surveys, SMG already works with a number of clients that incorporate healthcare-related services into their retail operations. With ongoing and significant consolidation across the healthcare ecosystem, they knew it couldn’t be a better time to expand within the space. In fact, it’s estimated that by 2025, 1 in every 5 dollars in the U.S. will be spent on healthcare services. The SMG-CHR partnership offers significant benefits for both companies, and we can’t wait to see what it means for our current and future clients.
If you’d like to learn more about our new partner, I’d encourage you to start here.
Vice President, Customer Engagement