The healthcare industry is transforming into consumer-based market much like any other business. Hospitals can improve their revenue not by cutting costs, but by focusing on superior patient experience. Research from Accenture has found that U.S hospitals who deliver “superior” customer experience achieve net margins that are 50 percent higher, on average than those of hospitals providing “average” customer experience. Consumers select a hospital based on where they can get the best possible care, the cost-efficiency of their selection is just an additional bonus.
The correlation between superior patient experience and increased margins applies to hospitals of all shapes and sizes. Accenture researchers found this correlation to be exhaustive for many different types such as for-profit, non-profit, urban, rural, academic and non-academic hospitals. The research supports than a patient-centric environment with quality customer service will yield substantial revenue; it is a mutually beneficial technique for all parties involved.
One notable finding was that the profit margins of urban hospitals is about 8 times higher than the profit margin of rural hospitals; this could mean that patients of urban hospitals may have a more comprehensive
experience than those of rural hospitals. The researchers also found that overall patient experience and profits margins have been continuously growing over time. “The extent that hospital margins increased with a 10 percent improvement in consumer experience scores grew 70 percent over six years, from 1.04 percent in 2008 to 1.72 percent in 2013,” Accenture stated.
And satisfaction is positively impacted by a personal and timely attention to patient needs, both in the hospital and after discharge. Personal attention, not simply a robocall, is best when a trained professional connects with the patient to check on their well-being.
That's at the core of PREMEDEX solutions. Contact PREMEDEX today to learn how we can help you drive improved satisfaction and overall performance.