Patients More Loyal to Quality and Experience Than Providers

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:

• Affordability.

• Choice.

• Access.

• Responsiveness.

• Convenience.

• 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.