5 ways investing in the patient experience can have financial impact

Dan Prince | Jun 24, 2019 Dan Prince 06/24/19

The healthcare industry is rapidly changing, and patients are the driving force. More and more consumers are applying retail behavior to healthcare and frequently shopping for a new physician. Establishing loyal patients who return to and recommend your organization is key to building a lasting competitive advantage.

Measuring and improving patient experiences can have a significant financial impact by:

  1. Increasing net margins
  2. Decreasing employee turnover
  3. Lowering malpractice costs
  4. Increasing revenue through bill payments
  5. Driving patient loyalty through improved communication

With 91% of patients rating the patient experience (PX) as extremely or very important and 75% stating they are likely to stay with a provider if they have a positive experience, the pressure is on for healthcare providers to offer the best level of care across all touchpoints. Organizations must focus on delivering consistent experiences in order to drive customer growth, increase positive word-of-mouth, and grow their referral base.

Healthcare providers also can’t afford to ignore the importance of the employee experience and its impact on PX—employee engagement, retention, and productivity are highly correlated with patient loyalty. In order to provide the highest level of care, organizations need to be aware of systemic issues such as clinician turnover and physician burnout, and implement an engagement program to drive employee satisfaction.

Today’s patients have high expectations and a lot of options—which is why measuring and improving their overall experience to gain their loyalty is worth the investment. To learn more, download 5 reasons to invest in the patient experience

Dan Prince | VP, Customer Engagement–Health
Customer Experience Update