Improving patient satisfaction can significantly help enhance profitability & revenue by - reducing malpractice claims, increasing referrals, increasing patient volumes and consequently lowering risk.
According to Industry Standards:
| Patient dissatisfaction can lead to patient’s willingness to recommend or return dropping anywhere between 30% - 50%. |
| Organizations with consistently high levels of patient satisfaction are among the most financially successful. |
Numerous studies prove that satisfied patients are loyal patients which in turn increases revenue-
- In a study 1% standard deviation in the quality score resulted in a 2% increase in operating margin
- Another study depicted that approx. 30% of variance in profitability can be attributed to patient perceptions of the quality of care & satisfaction
Patient experience can be enhanced by identifying problems which seriously impact the bottom line.
| Determining the four main Causes of patient dissatisfaction |
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Patient satisfaction measurement identifies opportunities to better meet the needs of patients.
How to enhance patient service to increase Revenue & Profitability at your practice?
- Develop the ability of the front-line staff to respond well to the patient’s top four to six problems.
- Fix processes and proactively ensure patient education to prevent the top four to six problems.
- After executing effective response processes (Step 1), aggressively elicit complaints.
- Strive to create a highly visible Patient Relations function at the practice.
Enhance the bottom line via improved loyalty, word-of-mouth marketing, & risk reduction.
Why patient satisfaction? Physicians should immediately put these measures into practice especially as:
- Patients today are well informed and with access to not only more options, but are also taking an active role in their health education, planning and decision making
- Additionally Hospitals and Home Health agencies already have a percentage of their CMS reimbursement dependent upon patient satisfaction benchmarks
However doctors in order to enhance patient satisfaction need to first ensure availability of time, but with the new regulations demanding increased patient care and implementation of new technologies - providers may find it difficult to find the time.
An experienced medical billing service can easily help assist providers in implementing new technologies & regulations, improve the patient satisfaction score plus efficiently handle the medical billing process.
Ensuring Patient satisfaction with MBC…
MBC’s medical billers and coders besides offering specialized medical billing services, with their in-depth industry knowledge also help in following these steps to achieve high levels of patient satisfaction -
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Significant benefits reaped by our clients in the past include:
| Patient Retention | Getting a new customer is on average 5 times more expensive than retaining current customers. |
| Word-of-Mouth Advertising | Reducing negative experiences by implementing patient satisfaction strategies to maintain and grow the client base. |
| Reduced Malpractice Costs | Poor communication is the prime reason for most patients filing a malpractice suit. In case of inevitable mistakes patients are more forgiving if their healthcare provider has atleast met their basic expectations. |
With MBC as your billing partner acquire
| Increased Patient loyalty | + | Improved Market Presence | + | Improved Performance | |
| = | Higher revenues! | ||||
