The True Value of Patient Experience
Is your healthcare organization focusing enough on patient experience? Turns out that hospitals with better patient-reported experience perform better financially.
By improving the patient experience, a healthcare organization can improve its financial performance by building reputation and brand, strengthening patient loyalty, and increasing utilization of service from increased referrals.
Deloitte Center for Health Solutions researched the relationship between patient satisfaction and financial performance by analyzing the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) scores and their association with hospital performance measures like net and operating margins and return on assets (ROA).
The research discovered two major findings:
- Hospitals with high patient-reported experience scores have higher profitability.
- The association of patient experience with financial performance is large, even after controlling for other hospital characteristics that can drive hospital performance.
So think about the question again; is your healthcare organization focusing enough on patient experience?