Patient satisfaction has become more important than ever before as insurance premiums and medical costs rise, and people are finding a more serious financial risk as far as their personal care is concerned. As a result, patients need to be more personally involved in their decisions on healthcare, making sure that they will be receiving the best value out of their money.
Patient experience on healthcare represents a crucial component of a hospital’s ability to retain and attract patients. Once patients form a positive relationship and start to trust their healthcare provider, they become much more engaged in their personal care as well as form a stronger sense of loyalty to the healthcare organization.
Effects of Positive Patient Experience
Working and understanding to improve patient experience is crucial. Improving patient experience can positively impact a healthcare organization in three main ways.
- Improves Patient Engagement
A better patient experience that involves considering patients as unique persons can increase the chances that they as well as their families will feel more engaged in their personal health outcomes. Establishing a trusted partnership between the providers and their patients is a must since patients are more likely to raise questions and follow the suggested treatment plans once they feel confident in the people in charge of their care.
- Boosts a Health Organization’s Revenue
Positive patient experience is currently being used by many insurance payers as another metric for assessment of the care quality that healthcare organizations are offering, and as a result, it changes the way the payers are structuring contractual agreements. New kinds of partnership between payers and care facilities, based on such factors, are now evident in the industry. Although reimbursement may play a role in enhancing the bottom line of an organization, the real value can be found in improving the experience of patients to boost consumer loyalty. The estimates place the patient’s lifetime value at $1.4M and once patients had a bad experience and have chosen somewhere else, the money and person that goes along with them will be influenced by the negative reviews over the internet.
- Improves the Reputation of Organization
These days, patients can go online easily to compare ratings and scores of healthcare organizations. Word-of-mouth reviews of the services will be more essential because of the increasing competition between healthcare providers and the increasing use of the online communications. It can have either a negative or positive impact on the retention of patients. To top it all, it’s the patient experience that drives more people to the providers they select. With today’s increasing amount of transparency, more and more patients could see what some think about you. It is like the popular TripAdvisor. You may go anywhere and could learn about the best healthcare system.
A patient experience that’s based on reputation impacts whether or not the patients return to a certain organization or would recommend it to people they know, which affects the bottom line. According to Advisory Board Company, it was reported that ten percent increase in customer loyalty might generate more than twenty-two million dollars in revenue for average hospital.