Improve Financial Performance and the Bottom Line
Does an improved patient experience, safety, and staff engagement directly, and positively, impact the bottom line? Yes.
- A study of five major HAIs revealed that they cost the healthcare system an estimated $9.78 billion per year.
- Estimates place the lifetime value of a patient at approximately $1.4 million; when they leave, that value goes with them. Worse, they’re likely to share their experiences with others.
- The risk of being involved in a lawsuit rises from 0 percent for systems with very good patient satisfaction ratings to 19 percent for those with poor ratings.
- Towers Watson research demonstrates a strong relationship between employee engagement and their likelihood to stay with a health care system: only 17 percent of highly engaged employees were interested in other employment, compared to 43 percent of the disengaged. The cost of replacing a single employee is estimated at 1.5 times their annual salary. Those are costs that can add up fast.
- Consider also that employee engagement directly impacts patient engagement, according to Gallup research.
Better communication can improve safety and quality, reduce length-of-stay for inpatients, and impact wait times. Improved patient perceptions of care will lead to improved CAHPS and patient experience scores—which directly impact your bottom line through higher reimbursement. Your bottom line growth will also be driven by market share gains, as positive patient experiences drive positive word-of-mouth and new patient encounters.
We have the results to prove it:
You can’t get better if you’re not asking the right questions regularly. TruthPoint’s digital rounding options let health systems capture the right information, from the right people, at the right time. With TruthPoint, you gain real-time insights from patients and staff across the continuum of care. Combining world class coaching guidance, hosted software, along with fully guided implementation and managed support services, TruthPoint transforms patient and staff voices into actionable information to achieve meaningful performance improvement.
One of our clients saw a dramatic increase in the volume of actionable feedback collected in just a few months.
What’s important to your patients? Don’t assume you know the answers. Asking is the first step—listening is the next. Beyond the best technology, TruthPoint Coach Advisors work with you to identify and leverage the strengths of your performance improvement structure to effectively leverage real-time feedback to improve. Here’s what one hospital learned about what was most important to patients when they pressed their call buttons:
Armed with knowledge, enables you to act with confidence. TruthPoint partners with you every step of the way and provide the tools you need to execute targeted improvements across your entire organization.
This large integrated Medical Center saw immediate and significant results once they better understood patient needs.
TruthPoint clients consistently see improvement in patient engagement and satisfaction, quality, safety, willingness to recommend, and market share. These are results that translate to the bottom line.