How To Stop Losing Patients


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How To Stop Losing Patients

  1. 1. Got patients? Pale Rhino Consulting
  2. 2. 1 It’s called VRM, Vendor Relationship Management
  3. 3. 2 “Retention is for wimps. We measure the percentage of patients who have our name tattooed on their body.” (Harley Davidson Annual Report) “80% of CEOs believe their brand provides a superior patient experience…8 % of their customers agree“ (Bain & Company)
  4. 4. 3 Seeing Patients–A Matter of Perspective Is your hospital looking from the inside-out or from the outside-in?
  5. 5. 4 Are your patients coming or going?
  6. 6. 5 Does Your Hospital Stand Out? “We sell healthcare” (HINT: So does everyone else) “We’re in pharmaceuticals” “We offer professional services” “We manufacture dry goods” “You are not just in the healthcare business. You are also in the decommodification business.”
  7. 7. 6It’s time to color outside the box COLOR
  8. 8. 7 It’s time to break a few coconuts
  9. 9. 8 Patient Experience: Logical Left Brain •Patient’s Value to Enterprise •Systems and Transactions •Functional Value Patient Equity: Emotional Right Brain •Enterprise’s Value to Patient •People and Interactions •Emotional Value
  10. 10. 9 Patient Experience Management is an “inside-out” view Standard Patient Experience Management involves heavy applications of technology:  Patient Experience Management applications  Enhanced IVR and ACD applications  Outsourcing call center operations  Off-shoring  Sales force automation
  11. 11. 10 Patient Experience Management is technology employed for user convenience…
  12. 12. 11 Patient Experience Management is a shotgun approach
  13. 13. 12 Patient Experience Management is Multiple channels…patients in a box. STORE (FACE TO FACE) WEB (COMPUTER TO COMPUTER) PHONE (PHONE TO PHONE)
  14. 14. 13 Is there a Better Way?
  15. 15. 14 Fixing Patient Experience Management Patient Management should focus on value creation, not cost reduction, on effectiveness, not efficiency. Patient Equity Management should have revenue targets. Value creation through Patient Equity Management initiatives comes from:  Growing the patient base  Maintaining the patient base – retention, cross-sell & up-sell  Servicing patient segments  Maximizing channel effectiveness
  16. 16. 15 Change of Focus The focus is changing from enterprise to single patient, from technology to process, to…  Patient Acquisition (number of new "quality" patients)  Patient Retention (percent of existing patient retained)  Patient Satisfaction (question results from survey and/or focus groups)  Patient Segmentation (percent of profit by patient demographics)  Patient Profitability (average profit per patient/per household)  Patient Servicing (average response time for patient complaint/inquiry resolution, first call resolution)  Patient Referrals (Net)
  17. 17. How are your patients connected to each other? To you?
  18. 18. 17 Patients have many access channel choices
  19. 19. 18 Patients Solicit Bids I want to notify the whole market that I want to buy a SONY plasma TV. In effect, I want to issue a personal RFP that goes out to every retailer of SONY plasma TVs.
  20. 20. 19 The patient is channel agnostic, and how the patient is cared for must be infrastructure agnostic. Patient Equity Management is the New Marketing
  21. 21. 20 To decommodify, become the patient… …Reengineer
  22. 22. 21 From what to what?
  23. 23. 22 Patient Management Evolution  Patient Experience Management evolves to Patient Equity Management  Patient Experience = Hospital Performance – Patient Expectations  The value add is transforming Patient Experience to Patient Equity Management – the total lifetime discounted value of all the hospital’s patients.
  24. 24. 23 Patient’s value to the hospital vs. the Hospital’s value to the patient—who is winning?
  25. 25. 24 How many of patient interactions are you actually managing?
  26. 26. 25 Managing patients is like herding cats…not much bang for your buck. (of course I’ve heard of cats)
  27. 27. 26 While you manage patients, they are managing you It’s not a fair fight…