Transitioning to value-based care policies has big implications for healthcare providers across the country, and the change requires administrators to make difficult decisions about the best way for their practice to work smarter.
Leveraging technology to make practice management more efficient, for example, through electronic patient health records and other initiatives, may yield tremendous results on the clinical side of the equation and can lead to better medical outcomes. Patient satisfaction, however, can prove to be just as important for your hospital or healthcare facility.
With more choice and transparency than ever before, individuals are empowered to take control of their personal health, and that may include switching doctors or providers. In an effort to encourage sustainability and stability, practices may find that increasing their engagement efforts can go a long way toward retaining patients and building a positive reputation in the community.
Patient Volume
As RevCycle Intelligence reported, state or federal legislation may change reimbursement policies or other expectations seemingly overnight, and one of the best ways for a provider to adapt to new laws or trends is to build a stable relationship with patients. With a consistent population of customers, external changes may be less impactful to your overall bottom line.
“1 in 4 Americans identified choice as a major concern in healthcare.”
Patient engagement is a way to improve your customers’ experience and positive attitude toward their doctor and level of care. According to Becker Hospital Review, 1 in 4 Americans identified choice as a major concern in healthcare, and without offering a personal and easy way to find treatment, your patients may be considering switching providers.
Retaining patients is important for having a reliable amount of business each quarter, and by promoting patient engagement initiatives, you may be able to boost your overall patient volume. RevCycle Intelligence stated that once you factor in outpatient revenue and other opportunities, finding ways to increase patient volume by even a small margin can have major ramifications. For larger hospitals, this may represent millions of dollars in revenue, while for smaller practices, attracting new patients may be a way to remain competitive and bring in new partnerships.
Digital Engagement
While many providers around the country may be keen on the benefits associated with patient engagement, a recent report from Accenture found that very few healthcare centers in the U.S. are taking modern steps in this pursuit. Accenture reported that very few providers are creating channels of communication through mobile apps.
Accenture identified personal health records, scheduling capabilities and prescription information as the three most essential services that could be provided on a mobile platform, but few practices are offering all three. Brian Kalis, managing director in Accenture’s Health practice, said of the findings: According to the Pew Research Center, 61 percent of American adults use a smartphone or tablet to access information about a medical condition, highlighting how ubiquitous and important the technology is for everyday life. Unfortunately, however, Accenture found that few healthcare providers offer their patients adequate mobile access to the things they demand most.
“Simply having a mobile app is not enough. Hospital apps are failing to engage patients by not aligning their functionality and user experience with what consumers expect and need. Consumers want ubiquitous access to products and services as part of their customer experience, and those who become disillusioned with a provider’s mobile services – or a lack thereof – could look elsewhere for services.”
Kalis continued, warning that by ignoring the access and ease that patients seek, providers could risk higher rates of turnover, which is detrimental to revenue cycle stability efforts. Similarly, offering digital communication through apps and other platforms is a way to stand out as a business and boast high-quality satisfaction rates.
