From disease awareness to post-treatment discharge, patients pay close attention to how their interactions with the healthcare system are making their care journey either seamless or disjointed. As such, patient experience is increasingly becoming a key factor that determines how patients understand their diagnosis, comply with treatment regimens and remain loyal to (or leave) their provider network.
Furthermore, patients are getting vocal about their decisions by posting positive or negative reviews about their providers, and 32% of people who visit a hospital website say reviews are the most important factor in deciding where to seek medical care. A negative experience has measurable financial consequences. For instance, 1 in 5 patients voluntarily leave their provider due to a poor experience.
Given that the average lifetime value of a patient in the US is $1.4M, any unnecessary patient loss will affect long-term revenue. In fact, it is estimated that a 10% increase in consumer loyalty could generate more than $22M in revenue for an average hospital.
Poor patient experience not only hurts the bottom line, it also significantly affects patients’ outcomes: 38% of patients with less than a high school education can recall decisions and recommendations one week after their visit (65% of college degree holders). As a consequence, each year, an estimated 125,000 patient deaths, and 1025% of hospital and nursing home admissions are due to poor treatment adherence. This is caused, in a large part, by disjointed patient communication and experience. On the flipside, improved patient and family engagement led to medication errors decreasing by 62%, falls decreasing by 40%, and length of stay decreasing by 50% when implemented at Georgia Health Sciences Medical Center.
A winning patient experience strategy relies on a data-driven understanding of the patient journey, which addresses the following key questions: Who are our patients and what makes them unique? How do we best acquire new patients and keep existing patients? Where are our most at-risk populations and how do we change their behavior? How do we best communicate with our patients and keep them engaged and satisfied along their healthcare journey?
Answering these and other questions requires a well-thought out healthcare data strategy that is composed of three key steps:
- Collect, measure, and consolidate data inputs concerning patient experience along the healthcare interaction journey
- Analyze data using advanced consumer analytics
- Identify patient experience pain points, recommend personalized engagement and measure impact
For more detail on how to take the first steps in building out a patient journey road map, download our whitepaper: Healthcare Consumer Analytics: Improving Patient Access and Experience, while Growing Market Share.