When a patient has a poor healthcare experience, there is more at stake than just an unhappy patient. The fallout could have serious repercussions to the bottom line.
A new white paper from the Beryl Institute, Return on Service: The Financial Impression of Uncomplaining Experience, examines the impact on the financial, marketing and clinical side of health care.
Certainly, the regulatory environment attempts to put a price on service with pay-for-performance initiatives and outcomes-based reimbursement.
Medicare’s Value-based Purchasing Program includes performance measurements for the patient experience by means of the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) survey. A new, surgery-focused patient survey includes eight anesthesia-related questions.
The white paper shares results of studies, like a 2008 J.D. Power study, that demonstrate the financial implications of patient satisfaction.
In today’s 24/7 connected world, businesses have learned first-hand the danger of an unhappy customer. The healthcare industry is not exempt from the “power found in word-of-mouth.”
The authors warn of not only the patient who complains, but also the silent, dissatisfied patients who simply do not return. Ignoring the patient experience drives patients away.
A cited Duke University study showed starling results of the clinical side effect of patient satisfaction. Using responses to HCAHPS questions, the findings showed HCAHPS scores on patient experience were not only reliable, but even more predictable indicators of readmissions than quality indicators.
The white paper offers additional studies and articles providing evidence-based support for the value of improving the patient experience. It is available for download here.