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Unlocking the ROI of an Integrated Patient Experience

Sustained clear communication of authentic patient satisfaction directly improves financial viability

Gone are the days when patient expe- 3. A carved out competitive and affordability while increasing
rience may have been an afterthought of advantage. employee engagement across the organi-
hospitals. Now, their long-term financial Due to the widespread and zation.
viability depends on prioritizing it first. ongoing impacts of the COVID-
Hospitals of all sizes and affiliations 19 pandemic, hospitals that How BDO Can Help You
have demonstrated a remarkable ability have struggled in recent years Capitalize on Those Benefits
to persevere through the COVID-19 pan- may find themselves with a very BDO can assist hospitals and providers
demic, which came at a time when the narrow opening to compete on in evaluating how to engage with various
healthcare industry was already undergo- an even playing field with previ- patient groups. We aid providers in using
ing profound change. As hospitals focus ously untouchable rivals. patient experience feedback as a valuable
on what’s next, the path to sustainable Investing in patient satisfaction tool to develop strategies that restore and
financial viability requires a commitment can yield a competitive advan- gain market share. BDO can additionally
to healthy patient outcomes and invest- BY DEB SHEEHAN AND tage, for example, when pro- assist with workflow optimization as
ment in the patient experience. CHRIS COOPER, RN, MHA, MIM moting a return to elective cases well as workforce training and education
that represent significant vol- to improve communication scores that
Three Key Benefits of Investing ume and associated revenue compose more than 60%of the HCAHPs
into the Patient Experience tion of the Hospital Consumer margin. patient satisfaction survey. Leveraging
1. Improved financial viability Assessment of Healthcare Providers and Doctors and hospital executives may results of internal, third-party and
through an integrated patient experi- Systems (HCAHPS) survey. Poor survey debate whether patient satisfaction is truly HCAHPS surveys, we pinpoint the
ence—and by communicating that scores result in hospitals forfeiting a por- an indicator of quality; however, improv- sources of patient dissatisfaction and cre-
experience clearly and regularly. tion of potentially eligible Centers for ing patient experience ratings is beneficial ate specific actionable recommendations
Improving financial viability requires a Medicare & Medicaid Services (CMS) for patients and clinicians for several rea- for hospital leaders. Based on successful
multi-pronged approach, focusing on reimbursements. CMS currently with- sons that impact the bottom line: outcomes, we work with hospitals to
arrangements with physician-referrers, holds 1% of Medicare payments, 30% of Hospitals that have better engagement promote their improved patient experi-
cost take-out and improved reimburse- which are tied to HCAHPS survey scores. with patients may encourage greater ence through a refreshed brand identity
ment. Hospital executives and boards have Since the Medicare population is project- adherence to clinical standards of care strategy to reintroduce services to the
limited time and investment funds result- ed to increase from 54 million beneficiar- and follow-up. community.
ing in a zero-sum game of competing ini- ies today to more than 80 million benefi- Providers who focus on patient satis- During a time in which our health care
tiatives. BDO brings clarity and cohesion ciaries by 2030 (amounting to more than faction and overall experience will likely system and its providers are facing signif-
to the quest for financial stability by 25% of health spending by 2028), CMS impact patient volume more than techni- icant strife because of COVID-19, patient
unlocking the financial and clinical will only become a more dominant payer cal acumen alone. experience has never been more critical
return-on-investment from every dollar for providers. This makes maximizing Significant portions of reimbursement to the long-term success and survival of
and hour spent on patient satisfaction. available reimbursement to the fullest an and revenue growth are attained via a hospital. At BDO, we understand that
Based on BDO’s analysis of reimburse- even more urgent business imperative for repeat patient visits. Patients seen in hos- ultimately, patients are customers who
ment drivers, 60% of the factors affecting hospitals and other providers. pital settings are typically chronically or can and will take their business any-
the amount and timeliness of reimburse- 2. Long-term brand equity through acutely ill and observant of the type of where that offers a better experience
ment can be improved by creating a pos- improved HCAHPS scores and Star care and attention they receive while in aligned to their expectations and defini-
itive patient experience. Patient experi- Ratings. the facility. When given a choice, tion of value. We work closely with each
ence, in turn, can be measurably and reli- In addition to influencing CMS reim- patients visit hospitals they trust to pro- hospital to discuss how we can support
ably improved by focusing on specific bursement share, patient experience vide the best experience and outcomes raising patient satisfaction scores and as
workflow optimization, training and impacts a hospital’s Star Rating and and they share this information with result, maximize market share and reim-
communication strategies. Therefore, a resulting brand reputation. CMS pub- other patients via word of mouth and bursements with a rigorous focus on
rigorous focus on a positive patient expe- lishes HCAHPS Star Ratings on its online reviews. what’s next for the business of health-
rience—which advances physician, insti- Hospital Compare website, updated Although the HCAHPS survey typical- care.
tutional, community and reimbursement quarterly. Star Ratings make it easier for ly measures data relating to the patients’
drivers—yields the highest ROI available patient consumers to identify excellence perspectives of their care experiences, it Deb Sheehan and Chris Cooper are
to many hospitals. More importantly, in healthcare quality. Research demon- can also shed light on how hospitals can Managing Directors at The BDO Center for
improved patient experience leads to strates a direct association between an improve processes relevant to care quali- Healthcare Excellence & Innovation.
better health outcomes for patients. organization’s brand reputation and its ty. The patient satisfaction survey pro-
Through both financial incentives and ability to capitalize on market share and vides feedback that guides hospitals in Contact:
public disclosure, the Hospital Value- reimbursement. policies and procedures and allows Alfredo Cepero, Managing Partner
Based Purchasing program is rewarding Additionally, today’s healthcare patients to have a voice in their own 305-420-8006/ acepero@bdo.com
(or penalizing) hospitals based on providers are currently challenged with healthcare. Informed by survey data,
patient experience scores. Every reim- responding to the COVID-19 impact on hospital leaders can invest in the training Angelo Pirozzi, Partner
bursement dollar is critical to financial consumer confidence at a time when and education of care teams, initiating 646-520-2870 / apirozzi@bdo.com
health, including Medicare reimburse- health consumers require more tailored procedures to make the patient experi-
ments tied to the patient satisfaction por- (and occasionally competing) approaches. ence better in terms of both effectiveness

10 August 2020 southfloridahospitalnews.com South Florida Hospital News