Accenture Consulting has proven that superior patient experiences leads to an average 50% increase in net margins.
Surprisingly, the correlation works no matter what size, type or location of the hospital. Today’s patients “shop” for healthcare services – “Brand Reputation” plays a key role. Accenture’s analysis has shown that top HCAHPS performers had a 9.9% margin increase while all other hospitals experienced a 4.5% margin decrease in the same period. Revenue grew for the top performers faster as well. So, rather than first trying to cut costs, think about improving the quality of the patient experience. To read about Accenture’s 6 steps to better engage the health consumer, click here.
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