The Value of Positive Patient Experiences

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© 2019 PREMEDEX

The Value of Positive Patient Experiences

May 16, 2019

It’s often said that people are quick to complain, yet less eager to share a positive experience.  In fact, based on a recent study from American Express, people will share a story about poor service almost 50% more often than they will share story about good service.

 

 

And so, how does that translate to a patient experience?  Certainly, it stands to reason that people are likely more sensitive to “service” especially when it comes to their health and well-being.  In fact, based on a study from the Deloitte Center for Health Solutions, there is a direct link between good patient experiences and overall hospital performance.  This study suggests:

  • Hospitals with high patient-reported experience scores have higher profitability

  • The correlations between patient experience and financial performance is large, even beyond other characteristics that can drive hospital performance

  • Hospitals with better experience levels are more profitable compared to those with lower ratings

  • A highly engaged staff likely boosts patient experience, translating into better performance

  • Value-based purchasing incentives likely contribute a small amount to the association of patient experience with hospital financial performance

  • Hospitals with better patient experience appear to focus more on revenue than costs

 

Considering many factors across multiple hospitals, the value of a positive patient experience is HIGHLY important, both from operational performance, but more importantly, in driving patient satisfaction and loyalty.  From this study and independent observations, hospital administrators are faced with a broad range of factors, which we define as “controllable” and “uncontrollable”.

 

 

Thinking about your organization, are you focused on the “controllables” … which include a top priority on helping patients have a positive experience?  The value is great … the reward is even greater.

 

Learn how PREMEDEX helps its customers drive positive patient experiences.  Contact us today … click here.

 

 

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