February 4, 2020 - by Parul Saini, Webmedy team
Researchers from Accenture say that top-notch patient satisfaction may be able to double hospital take-home margins. Also, they noted that hospitals in the US that offer a 'superior' patient satisfaction have net margins that were 50% greater, on average than others that deliver 'average' customer satisfaction. Leading hospitals are growing desirability not by cutting costs, but by improving patient satisfaction and quality care.
The interrelationship between patient care and higher margins was true for all sizes and types of hospitals like as for-profit, nonprofits, rural, urban, academics and non-academic hospitals. Researchers found that urban hospitals earn about eight times higher margins than that of rural hospitals, this implies that urban hospitals that offered superior patient quality gained almost double margins than those providing the average experience.
To satisfy today's patients, doctors must offer more than just clinical services. After all, patient satisfaction is a high-priority quality domain used to measure hospital performance, as patients are your customers, just like consumers of any other products they can and will take your business higher if they find out that you offer a better experience. Patient quality care is one of the fundamental dimensions of the healthcare industry.
In any industry, to be a great service, there needs to be full knowledge of the consumer's requirements and the product or service being offered. Although patients always assume physicians to be specialists in their domain, they now demand them to be understanding of their needs and be able to answer basic questions about the cost of the care being given. Also, hospitals' payments from Medicare and private insurers are frequently bound to quality fulfillment metrics that catch patient experience as well as clinical results. Promoting patient experience is one of the primary concepts underlying the Triple Aim strategy to optimizing health system performance, and it is considered as different from enhancing the technical quality and effectiveness of care. Excellent patient experience is an important result unto itself, as patients essentially value the interpersonal features of the clinician-patient relationship, such as connection, kindness, and an overall sense of being treated with pride and respect.
As so, many public and private payers have started to see the patient experience as a core component of quality. Under the Hospital Value-Based Purchasing Program (VBP), hospital Medicare DRG payments are determined based on achievement in three areas of care, among which patient experience presently estimates for 25 percent. As Centers for Medicare and Medicaid Services (CMS) officials recorded concerning this decision, 'Delivery of high-quality, patient-centered care needs us to mindfully weigh the patient's experience in the hospital inpatient background.'
A useful representation to determine the hospitalist's role in patient experience is that of a caring and concerned clinician. This caring and attention for patients are represented by alertness, decency and honor, efficient data transfer, and liked decision making. The result service chain for hospitals starts with the patient's thought of caring and concerned clinicians who illustrate these qualities of alertness, honor, and respect, efficient data transfer, and shared decision building. This heads to the point of patient satisfaction and faith that results in patients who will revert to the hospital, inquire related business, and suggest additional business. This stimulates economic success for hospitals.
The features of the caring and concerned clinician begin with alertness. This is the method of building a person-to-person connection with patients and includes auditing to them as unique individuals and not only in their role as patients. The regular checks that occur in physician/patient appointments, key issues, discontinuity of care, and the usually overwhelming complexity of a patient's sickness can be barriers to the perception of attentiveness that occur in patients feeling associated with the clinician. Some useful tools for attentiveness are showing curiosity about the patient as a person, using open-ended problems to collect clinical data, familiarizing patients to the process of care, and actively obtaining a patient's plan for their care and then shortening their concerns.
Employing consequences of patient satisfaction studies, like H-Caps and Press Ganey, presents hospital marketing directors to modify support, plans-anniversary, e-cards, meeting reminders, periodical newsletters-to current patients and build trust with patients.
Top-performing hospitals with more favorable patient outcomes are more slanted to have best practices in place, which drives to quality enhancement, lesser readmissions, and less utilization of unnecessary healthcare services. Few of the best-performing hospitals have regulated best practices in place concerning communicating patient financial debts. That's a win-win for well patient satisfaction and payment when all involved participants are on the same page, mainly when the time comes to dispense billing statements.
The patient satisfaction of the quality care study gives feedback that guides hospitals in methods and plans and permits patients to have a decision in their healthcare. Familiarized with survey data, hospitals can begin treatment to create the patient experience great in terms of performance and affordability. Important parts of payment and revenue growth are achieved via repeat patient appointments.
While given a selection, patients visit hospitals they assume to give the best practice and outcomes-and they give this knowledge with other patients through word of mouth and online reviews. Clinics that give close attentiveness to the patient experience concerning overall care usually improve their financial goals moving greater revenue growth because of a blend of best practices, modern technology, and forward-thinking patient interaction protocols. Studies, adherence to agreement laws and patient impact of brand fame all bond into how hospitals can create positive revenue streams while giving quality of care for their patients. No wonders, highest performing hospitals with more reliable patient-oriented fittest practices in place lead to having better outcomes, greater patient satisfaction levels, and extra steady revenue streams.