A remarkable experience for every patient every time (on any device)

Driving Patient Equity Management

paulroemer@gmail.com

A remarkable experience for every patient every time (on any device)

Patient equity management involves treating patients and prospective patients as though they were valued at tens of thousands or hundreds of thousands of dollars over their lifetime.• If a dozen laptops disappeared in a week, the hospital would learn how to

stop the next dozen from leaving.

• If a dozen patients left, never to return and never to refer another patient the hospital would never know.

What is Patient Equity Management (PEM)?

A remarkable experience for every patient every time (on any device)

A hospital’s business development group may not even cover its costs.• More prospective patients and patients visit other websites than visit your

website

• People look for information from eight sources before selecting a hospital

• The decisions of half of the people are strongly influenced by social media

• Fifty percent of patients do not choose the closest hospital

Important facts to know if you run a hospital

A remarkable experience for every patient every time (on any device)

Hospitals should be able to answer the following:

• What is the ROI of retaining a patient once• What is the Lifetime Value of a Patient• What does it cost to acquire a new patient• What is the cost difference between acquiring a patient and retaining one• What role does patient satisfaction play in:

– Retention– Referrals– ‘Win-backs’

Questions the Hospital Should be able to Answer about PEM

A remarkable experience for every patient every time (on any device)

Two Ways to get Customers

First Way: firm does all the work to get the customer to come to them.

Second Way: customers do all the work to determine from whom they will buy.

A remarkable experience for every patient every time (on any device)

Two Ways to get Customers

The Billboard Approach: Selling

Example, a car dealership that uses billboards and balloons to entice customers driving by to buy from them.

The Research Approach: Buying

Example, a person researches cars on the web and then makes a purchase from eBay.

A remarkable experience for every patient every time (on any device)

The Trouble with Tribbles

Patients’ opinions, both good and bad, reproduce like Tribbles.

A remarkable experience for every patient every time (on any device)

Patient Experience Talking Points

Satisfied patients and unsatisfied patients have one thing in common, they all talk, and others repeat what was said.

A remarkable experience for every patient every time (on any device)

Patients Talk: What Message are the delivering?

My LinkedIn Network

My Network

A remarkable experience for every patient every time (on any device)

Original Hospital Patient Acquisition Model

The way hospitals used to acquire patients was “If you build it theywill come.”

That model has changed. Today’s model is “If you billboard it maybethey will come.”

A remarkable experience for every patient every time (on any device)

Today’s Patient Acquisition Model

Billboards

Radio

Telemarketing

Social media

Physicians

Online forums

Website

Buy/No buy decision

Support groups

An expensive way Hospitals acquire patients

High per-PatientAcquisition Cost,Low Return

A remarkable experience for every patient every time (on any device)

Today’s Hospital Acquisition Model by Patients

WebMD

YouTube, Facebook, Twitter

Friends & Family

Hospital websites

Blogs

Finalists

Patient Selects a Hospital

research

A cost-effective way patients eliminate hospitals

More prospective patients are going to other web sites and blogs than aregoing to the hospital’s website.

A remarkable experience for every patient every time (on any device)

Patient Acquisition is an Uneven Battleground

Patients are not being acquired, they are doing the acquiring

A remarkable experience for every patient every time (on any device)

New Revenue Generated from Unsatisfied Patients

A remarkable experience for every patient every time (on any device)

New Revenue Generated from Satisfied Patients

“Win-backs”

Referred Patients

Patients

Retained Patients

Hospitals create Patient Equity Management by reversing the business development funnel. Hospitals reverse the funnel by improving patient satisfaction.

A remarkable experience for every patient every time (on any device)

Hospitals without a PEM strategy will lose patients.

• Patients will not return to the hospital and the hospital will never know• Patients will not refer the hospital• Patients will be less likely to pay on time or in full• A single poor patient experience will result in tens of thousands of dollars

of lost revenue

Why do Hospitals Need A Patient Equity Management Strategy?

A remarkable experience for every patient every time (on any device)

• Create a Patient Touchpoint Inventory Map

• Interview patients and prospective patients to determine which touchpoints relate most to their satisfaction

• Evaluate Patient Touchpoints Effectiveness

• Determine which touchpoints each patient values at each stage of their interaction with the hospital.

• Design Total Patient Encounter Strategy (TQE)

• Develop a TQE plan to maximize touchpoint satisfaction and effectiveness

What are the Basic Steps of Building a Patient Equity Management Strategy?