Why is the Patient Experience so Important? As healthcare reform debates rage, value-based performance has driven medical professionals to reach ambitious financial goals and improve patient experience and satisfaction. This is mainly because improved patient experience and satisfaction are more apt to bring in new patients, increasing revenue. Here’s how improving patient satisfaction can make a big difference in your bottom line.
Surveys show that doctors are underperforming their peers in one central area, one of the most common reasons medical practitioners are looking at improving patient experience and satisfaction. This area is money. It turns out that the most significant obstacle to doctors treating their patients effectively comes not from lack of resources but from their inability to offer better patient care. In a Value-Based Review, medical practitioners are taught to focus on four key areas that affect their patients. By focusing on these four areas and addressing the issues that impact each one, medical practitioners can improve patient experience and satisfaction.
One of the ways improving patient satisfaction can make a difference in profit is through increased revenue. The more satisfied patients that can leave the office, the greater the revenue potential will be. Another way that improving patient satisfaction can increase revenue is through the development of a stronger brand. When a doctor’s name and reputation are known, it helps create a sense of trust and loyalty with patients. Patients will likely utilize their doctor’s services instead of someone else’s if they have a positive experience with a particular medical practitioner.
The third area in which healthcare professionals are looking at improving patient satisfaction is hospital-acquired conditions. These conditions occur after a patient is admitted to the hospital rather than while in the hospital. Hospital-acquired conditions include everything from urinary tract infection to heart failure. These conditions often require extensive care to recover successfully and are very expensive to treat. When healthcare providers increase communication between nurse and patient family, they also increase revenue. In a recent study, a hospital with higher patient satisfaction saw a 50% increase in revenues.
Satisfied patients are also likely to use healthcare providers. This means that increased profits can also be realized by providing better service. However, some fail to take advantage of the value-based thinking that many healthcare consumers respond to. Many healthcare consumers place more importance on price than what is received in return. They believe that if they pay more, they will receive better service.
The fourth area in which high-quality healthcare facilities see a more significant increase in overall revenue is high-value patient-to-software transactions. Medical professionals are always looking for ways to improve the efficiency of their offices. The development of physician-patient communication has led to increased patient satisfaction. This results in a decreased rate of emergency room visits and prescriptions. An increase in the efficiency of physician-patient communication also leads to a high level of satisfaction.
Lastly, patient satisfaction levels are expected to improve thanks to better clinical outcomes. Many patients are satisfied with the care they receive; however, the level of care may not meet their expectations. Improvements in the clinical outcomes of patients and the treatment that healthcare professionals provide lead to improved patient satisfaction. More excellent financial stability improved physical health, and better clinical outcomes are linked to higher patient satisfaction.
Improving satisfaction is an essential strategy used by healthcare professionals across the country to improve revenues. Healthcare professionals are now experiencing a decreasing number of patients that are dissatisfied with their care. More money is generated when physicians can maximize the services that they deliver. Achieving more excellent financial stability and maintaining high-quality patient care requires healthcare professionals to improve their services consistently. The development of software helps practitioners achieve both of these goals.