Behind the market

But you can advance quickly!

Scoring Range: Below 20

The readiness assessment indicates you are at the 19th percentile — below average compared to your peers.

This is where focusing on the basics – like focus, authority, and measurement – could begin to turn patient experience efforts into a market advantage. Success means capturing market share and improving patient loyalty in measurable ways. This isn’t a “Me Too” market strategy; the first hospital or health system to institute the necessary programs wins.

And by wins, I mean these three value streams:

01

Capitalize on quality incentives within your managed care contracts

02

Capture all net patient revenue during each episode of care (no care delivered outside your system)

03

Seize the market share of your primary and secondary service area when medical services are needed

What are the revenue implications?

The net revenue patient lifetime value (PLV), per Crowe’s Revenue Cycle Analytics software, is about $500,000 per person.


Organizations like yours that seek to establish the infrastructure necessary to monetize patient experience find the most success by focusing on the following:

Inventory the tools and programs in place associated with patient engagement or patient satisfaction. Then, select a specific place to start this initiative. Options may include by specialty (e.g. cardiac rehab), by place of service (e.g. an AmSurg center), or by population grouping (e.g. Medicare Advantage)

Designate a specific leader (i.e. not a committee) with sufficient executive support to facilitate and evangelize the program, linking to technology, shared personnel, and agreed-upon goals (e.g. market share). Hint – if this leader reports to the CFO, it makes measurement and NPV calculations easier

Inventory the technology, such as clinical technology (e.g. EPIC) and marketing technology (e.g. Salesforce), as potential levers for improving and/or creating individualized communications for loyal-to-be patients. Start with consistent notifications and consider a loyalty program

Thank you for completing the readiness assessment.

If you would like to receive an individualized action plan based on your current answers with operational next steps, please click below and you’ll receive a document that contains work steps, timelines, and accountabilities.