“The single biggest problem in communication is the illusion that it has taken place.”
– George Bernard Shaw
The average individual lifetime expenditure for health care is approximately $316,600 according to a study by the U.S. National Library of Medicine and the National Institutes of Health. In the new culture of consumerism within the healthcare industry, one bad experience could cost your practice a significant portion of that revenue and not just for that patient, but also for their family members and possibly their friends. Can your practice afford to lose that kind of revenue because of poor patient engagement?
When you are shopping for a new product or service, your goal is to get the best value for your investment, right? Well, your patients have the same goal. As their out-of-pocket costs increase, they are beginning to spend more time shopping for providers. As with any other service, patients will be more likely to continue to return to your practice if they feel like they are receiving real value for their dollars. They are not likely to continue to spend money with your healthcare organization if they are not satisfied with the service, or feel like just another number.