Since 2002, our behavioral economics consulting firm has focused on helping clients develop innovative and pragmatic strategies to grow their businesses. With MII, you spend less time debating assumptions and opinions, and more time implementing your chosen strategy with confidence. Let us help you reduce the risk of change and unleash the economic value of innovation within your business.
MII is committed to helping clients achieve positive top-line results.
We achieve these goals by focusing on four areas.
Help executives anticipate changes in their markets that may alter the course of their industry
Design a model that integrates financial and business assumptions, customer behavior, client choices
Work with leadership to quantify implications of future strategic decisions and manage uncertainty
Address issues by using an integrated framework that employs principles and practices specific to healthcare
Our Advanced Analytics
Creates actionable insights from data • Shapes organizational decisions • Improves financial outcomes
An integrated framework
This framework employs principles and practices from behavioral economics, statistics, financial accounting and decision science
The scientific method
We apply methods that have demonstrated scientific foundations through research and controlled experiments
Simulation technology and decision platforms
Together, our powerful simulation technology and decision platforms are used to help leaders understand the volume and/or financial implications of current and future scenarios
Children’s Hospital Association Revenue Cycle Forum (April 2016)
Strategic Integrated Market Simulation: Behavioral economics applied to the next generation of hospital pricing
Strategic Integrated Market Simulation (SIM2) is an approach that is reshaping the way hospital executives are thinking about their hospital pricing strategy. Under the direct pressure of government regulations, the media, physicians, and consumers, hospitals are looking for ways to ensure that their pricing is aligned with the market needs, competitive dynamics, and yet still profitable to ensure a long-term future of supporting the healthcare needs of their community and patients. Market Innovations, Inc. (MII) has been working with nationally recognized hospitals to apply SIM2 to redefine how they think about pricing. SIM2 is an innovative and integrated approach to applying behavioral research methods as a means of getting more detailed market information. It doesn’t rely on historical or benchmarking data to setting prices, but rather it engages consumers and physicians in adaptive choice experiments to reveal how they will respond to alternative care product scenarios. Through sophisticated statistical techniques, SIM2 derives empirical measures of price elasticity – i.e. how will the volume change depending how much price changes. These models can be linked to reimbursement and financial algorithms to fully understand the economic impact as price changes flow through the system. This provides a powerful scenario tool for quantifying the financial impact of different pricing and competitive market situations and for developing future pricing strategies.
In this forum presentation, the following topics are presented:
- Overview of SIM2 – including core concepts, methodology, and techniques
- Process for executing SIM – client’s responsibilities in co-design of research
- Illustrative case studies
- Lessons learned and implications for hospital pricing
If you would like an electronic copy of the slide presentation, please send an email to firstname.lastname@example.org with the subject line: CHA Revenue Cycle Forum Presentation
MII Publishes Article
MII publishes “Behavioral Science: The Secret Weapon to Build Enduring Relationships” in Connote Magazine. This publication focuses on forward-thinking marketing practices essential to successful marketing leaders.
MII participates in a panel discussion at FEI (Financial Executives International). The Topic: “Making Marketing Make Sense.”