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.