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Competitor Selection

Selecting the right competitors is crucial for accurate market benchmarking and strategic positioning. This step helps you understand where your practice stands in the competitive landscape and identifies opportunities for rate optimization. Competitor Selection Interface

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Competitor Selection Interface

The competitor selection process uses a streamlined interface with suggested competitors and confirmation workflow.
Competitors are usually auto-selected for you based on your practice profile. Simply review the pre-selected competitors and click “Confirm Initial Competitors” to proceed. If no competitors are auto-selected, manually select at least 10 competitors for meaningful analysis.

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Suggested Competitors Tab

The system automatically suggests relevant competitors based on:
  • Geographic proximity to your practice location
  • Specialty alignment with your taxonomy codes
  • Practice size similarity to your organization
  • Market presence in your service areas

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Selection Process

1

Review Pre-Selected Competitors

Check if competitors are already selected for you automatically
2

Manual Selection (if needed)

If no competitors are pre-selected, manually select at least 10 competitors from the suggested list
3

Confirm Your Selection

Click “Confirm Initial Competitors” to proceed with your selected competitors
4

Add Additional Competitors (Optional)

Use “Add Competitors” to include additional organizations not in the suggested list
Start with the suggested competitors as they are algorithmically matched to your practice profile. You can always add more competitors later.

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Why Competitor Selection Matters

Selecting competitors that are similar enough to your practice is crucial for meaningful rate comparisons and accurate market analysis:
  • Comparable Practice Characteristics - Only competitors with similar size, specialty focus, and geographic presence provide relevant rate benchmarks
  • Valid Rate Comparisons - Comparing rates with dissimilar organizations can lead to misleading conclusions about your market position
  • Accurate Market Intelligence - Similar competitors face the same payer dynamics, patient populations, and operational challenges as your practice
  • Realistic Benchmarking - Rate differences between truly comparable practices reflect genuine competitive advantages or gaps rather than structural differences
Selecting competitors that are too different from your practice (different specialties, vastly different sizes, or distant geographic markets) will result in rate comparisons that are not actionable or meaningful for your business decisions.

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Selection Criteria and Best Practices

If competitors are auto-selected for you, simply confirm the selection. If you need to manually select competitors, choose at least 10 competitors from the suggested list for meaningful benchmarking analysis.
Selection Guidelines:
  • Auto-Selected: Review and confirm the pre-selected competitors
  • Manual Selection: Choose at least 10 competitors for adequate market coverage

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Evaluation Factors

When reviewing suggested competitors, consider:
  • Proximity to your practice locations
  • Overlap in service areas
  • Competition for the same patient populations
  • Matching specialty focus
  • Similar procedure offerings
  • Comparable service complexity
  • Practice size and structure
  • Provider count
  • Market positioning

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Using the Interface

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Confirm Initial Competitors

Most users will find competitors already selected:
  1. Review Auto-Selected Competitors - Check the competitors that have been pre-selected for you
  2. Manual Selection if Needed - If no competitors are pre-selected, select at least 10 from the suggested list
  3. Click “Confirm Initial Competitors” - This saves your selections and proceeds to the next step
  4. System Processing - PriceMedic will begin collecting rate data for your selected competitors
Ensure you have at least 10 competitors selected before confirming. This minimum ensures robust benchmarking data for your market analysis.

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Add Competitors Option

If you need to include competitors not in the suggested list:
  1. Click “Add Competitors” - Access the manual competitor search
  2. Search by Organization - Find specific competitors by name or location
  3. Select Additional Competitors - Add them to your existing selection
  4. Confirm Additions - Save your expanded competitor set
The suggested competitors are algorithmically matched to your profile. Manual additions should be carefully considered to ensure they provide relevant benchmarking value.

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Next Steps After Competitor Selection

Once you’ve confirmed your initial competitors:
  1. Data Collection - PriceMedic begins gathering rate transparency data for selected competitors
  2. Profile Completion - Your provider profile setup is complete
  3. Initial Analysis - Generate your first competitive benchmark reports
  4. Ongoing Management - Review and update competitor selections as needed

Profile Setup Complete

Learn how to use your completed provider profile for market analysis

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Need Help?

Support Documentation

Access detailed documentation and FAQs

Contact Support

Get personalized assistance with competitor selection