Data gathered through a campaign organized by VCU Health System shows brand allegiance is giving way to competitive forces. Here are a few findings from the research.
It’s five to 10 times more costly to acquire new patients than to retain existing ones.
Unfortunately for health care systems, patient loyalty to providers — the bedrock of profitability — is giving way to competitive forces, including the desire for Amazon-style, on-demand transactions.
Virginia Commonwealth University Health System has started a campaign, supported by patient survey data, to help health care companies retain and attract patients through enhanced customer service.
Some of its findings:
Consumers unsatisfied with their health care experience:
- 81 percent.
Loyalty is declining by generation. Who is no longer loyal to a brand:
- 20 percent of baby boomers (ages 51-69).
- 44 percent of Generation X (ages 35-50).
- 43 percent of millennials (ages 8-34).
Here are six important factors for patients:
- Personalized care.
Potential game changers:
- 61 percent would switch providers for ability to get an appointment quickly.
- 52 percent would switch providers to get an appointment at a convenient location.
- 51 percent would switch providers for great customer service.
- 50 percent would pay more for services such as weekend and/or after-hour appointments.
Source: Webinar, “Embracing the Experience: How VCU Health Drives More Volume by Transitioning from Traditional Marketing to Personalized Experiences”; hosted by Becker's Hospital Review; sponsored by Envera Health and Evariant.