For years, hospitals have been considered a necessity. Patients don’t choose the hospital based on patient satisfaction — they choose it based on the nearest location in the event of an emergency. This type of thinking has led many hospitals to push patient satisfaction to the back burner while they move forward with new health care initiatives.
In a study conducted by the Journal of Cutaneous and Aesthetic Surgery, patients are referred to as consumers based on the criteria on which they determine where to receive their hospital care. Factors such as wait time and hospital staff interactions were weighted in tandem with actual treatment received. In our current health care structure, most patients have three to four hospitals within a 30-minute drive of their home. So, when it comes to elective procedures or treatment that allows scheduling, patients will pick the hospital based on their overall patient satisfaction — not based solely on the services provided.
How improving patient satisfaction will drive your revenue growth
Patient satisfaction is directly tied to hospital success. In that same study by the Journal of Cutaneous and Aesthetic Surgery, several success factors were determined by patient satisfaction, such as:
- Repeat business —Satisfied patients will likely return for elective procedures throughout their lifetime, as well as refer friends and family to your hospital.
- Loyalty to hospital/physician — Satisfied patients are less upset by fluctuations in health care pricing. “In a study conducted in Voluntary Hospitals of America, nearly 70% of patients were willing to pay more money if they had to consult a quality physician of their choice.”
- Increased profitability — It is estimated that losing one patient due to poor patient experience can result in over $200,000 in loss to the practice during the lifetime of the patient.
- Reduced risk of malpractice lawsuits — Satisfied patients are less likely to pursue malpractice lawsuits, thereby offering greater protection to your doctors and your financial stability.
Our team at Alliance Physical Therapy Practices has more than 50 years advising hospitals on how to improve overall patient satisfaction ratings and provide a comprehensive patient journey. We also provide outsourced therapy services to help smaller hospitals close the gap between patient treatment and the healing process. Contact us today to learn more about how we can help you improve your patient satisfaction rating with our partnered services.