As we’ve emphasized in previous posts, patient satisfaction is a critical metric to be measured – and it shouldn’t stop at the medical experience. It’s important to the overall relationship with your patients to capture their satisfaction with their financial journey, as well, to secure loyalty.
But here’s a new twist. It’s not only essential to understand satisfaction metrics as a percentage of all patients. Patients are unique. So, it’s key to understand how their financial satisfaction rates vary based on their unique needs, behaviors, preferences and medical experiences. Here’s an example:
In our survey of patients across the US, only 27% of patients who have had six or more visits within the last year reported that they were very satisfied, compared to 34% of patients who have had three to five visits in the last year. That may not seem like a significant percentage gap, but when you are dealing with thousands or hundreds of thousands of patients, understanding where satisfaction rates diverge – and where improvements can be made – can be a pivotal insight for the success of your revenue cycle. The insight here – patients who have more frequent medical interactions demand a different experience in their billing and payment journey.
Surveys help identity what is going right and what isn't so you can provide the best possible experience for your patients. By studying those results by channel of interaction, demographic metrics, medical experience, etc., you gain key insights into ways in which you can specifically improve and optimize the financial journey to meet the unique needs of patients across the spectrum.
Of course, measurement alone isn’t the answer. Insight must be actionable. Apex is proud of our overall patient satisfaction rate of 95%, but that doesn’t mean we’re satisfied. We do a thorough review to understand the patterns and specific feedback of the 5% that aren’t completely satisfied, and why. Our quest is to understand overall, and individual experience feedback, to continuously optimize the patient experience for all patients until we reach 100% satisfaction – no matter how you slice it.