The Importance of Patient Experience in Today’s Healthcare Market
In today’s competitive healthcare market, patient experience has become a crucial factor in the success of medical practices. At MedCoShare, we understand the significance of providing exceptional patient care, which is why we are excited to announce the opening of our new location in Pearland, Texas.
Our state-of-the-art medical coworking spaces are designed to empower private practice doctors as they take on independence in their delivery of care and enhance patient experience, ultimately boosting patient satisfaction and retention. If you’re looking for a medical office rental space, our fully furnished facilities offer the perfect solution to elevate your practice.
By leasing with us, you can ensure your practice stands out in the healthcare landscape. Plus, for a limited time, get 2 months off rent when you sign up for a one year medical office lease! Read on to discover why prioritizing patient experience is essential for your practice’s growth and how MedCoShare can help you achieve it.
What is Patient Experience?
Patient experience is the culmination of the many interactions that patients have with the healthcare system. It includes many aspects of healthcare delivery such as timely appointments, quality facilities, access to information, and quality communication with patients’ providers. For example, providing a fully furnished office space with a clean, comfortable environment and access to adequate parking can make or break a patient’s experience. Our new MedCoShare office for rent in Houston, Texas (Pearland), offers innovative medical coworking spaces designed to improve patient experience, along with all the benefits that come from it including:
- Increased revenue
- Better reputation
- Increased patient retention
1. Improving Revenue
Good patient experience can significantly improve revenue for a medical practice, helping offset the costs of a medical office lease. For instance, enhancing scheduling processes by sending reminders and confirmations can improve patient experience and reduce costly no-shows.
According to a Harvard Business Review study, a five-point increase in overall hospital rating based on patient experience leads to an average 1% increase in profit margin. Additionally, Deloitte’s analysis reveals that hospitals with “excellent” HCAHPS patient ratings had a net margin of 4.7%, compared to 1.8% for those with “low” ratings.
These improvements in revenue accumulate quickly, so choosing a facility that will support your private practice goals to prioritize patient experience is crucial. Medical coworking spaces, like those provided by MedCoShare, offer services to enhance patient experience, such as clean and modern offices, vetted support staff, and efficient scheduling systems.
These resources can help improve patient satisfaction and retention, ultimately boosting revenue. Find out more about how MedCoShare can improve your practice’s quality and patient experience, and check out our newest shared office space in Houston, Texas at www.medcoshare.com/texas/.
2. Improving Reputation
Medical coworking spaces offer significant benefits, particularly in enhancing a practice’s reputation. According to CGM, 9 out of 10 patients conduct online research before making healthcare decisions, and providers with reviews of 3 stars or above are more likely to attract potential patients. Utilizing a medical office rental space that provides services to boost your practice’s reputation can be incredibly advantageous: at MedCoShare, we offer a full range of marketing services from search engine optimization and content creation to website design and email newsletters.
The digital experience of patients is of utmost importance: a survey by Accenture notes that 50% of healthcare consumers mention just one bad digital experience can be enough to ruin their experience with a healthcare provider. Building a robust, good patient experience leads to a better reputation which not only increases patient engagement but also reduces the risk of malpractice lawsuits. The AHRQ reports that for each decline on a five-step scale from “very good” to “very poor,” the likelihood of a provider facing a malpractice suit rises by 21.7%.
Shared medical office spaces for rent, such as those offered by MedCoShare, enhance a practice’s reputation through several means: they provide great internal referral networks, allowing for better patient care coordination; they enable independent practices to offer more one-on-one care time with patients; their offices are clean and modern, creating a welcoming environment; they offer excellent marketing and communication services; and they allow practitioners to hire vetted support staff. These resources not only attract more patients but also safeguard against costly legal issues.
3. Improving Patient Retention
Independent practitioners can significantly improve patient retention by prioritizing patient experience as well. According to a LinkedIn post by Andre Wright, “Patients who have had positive experiences in your healthcare practice are less likely to switch to another provider.” This is crucial because retaining existing patients is more cost-effective than acquiring new ones, and when first opening a private practice, expenses for even just the medical office lease add up quickly.
It’s important to think long-term when first starting out and invest in a medical office rental space that supports your growing practice as you build patient networks. Additionally, a study from NIH shows that 56.7% of patients continue receiving healthcare from the same provider for over five years, meaning building solid relationships with patients can take private practitioners quite far.
By focusing on patient satisfaction and leveraging the benefits of shared office spaces, independent practitioners can ensure a steady and consistent revenue stream for the future. For more information on improving your practice’s quality and patient experience through shared medical suites for rent, visit MedCoShare.
In conclusion, a good patient experience can improve a medical practice in many ways. By creating a good patient experience, private practice doctors can expect to see increased revenue and profit-margins, improved reputation which can lure new patients into your practice, and improved patient retention which keeps said patients in your network. Looking for an innovative healthcare co-working community to join as you get started with opening a new practice; looking for affordable medical office leases or an office for rent in Houston? Find out how MedCoShare can help at https://medcoshare.com/texas/.
Sources:
- https://hbr.org/2019/05/when-patient-experience-and-employee-engagement-both-improve-hospitals-ratings-and-profits-climb
- https://www.ahrq.gov/cahps/about-cahps/patient-experience/index.html
- https://www.wgu.edu/blog/patient-experience-why-is-it-important2302.html
- https://www.cgm.com/usa_en/articles/articles/the-importance-of-reputation-management-in-healthcare.html#:~:text=Positive%20reviews%20can%20help%20you,coworkers%E2%80%94expanding%20your%20patient%20base.
- https://www.ahrq.gov/cahps/quality-improvement/improvement-guide/2-why-improve/index.html
- https://www.linkedin.com/pulse/10-key-reasons-you-must-focus-patient-experience-andre-wright-mba-s0wrc/
- https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1262705/
- https://pubmed.ncbi.nlm.nih.gov/27050925/
- https://www.accenture.com/us-en/insights/health/leaders-make-recent-digital-health-gains-last
- https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/hospitals-patient-experience.html
More From MedCoShare:
« Introducing Medical Office Space Near Broadway St: A Game-Changer for Houston Healthcare Professionals Escaping Physician Burnout: Transitioning from Healthcare Systems to Private Practice »Date: May 15, 2024
Tags: Pearland
Categorised in: Pearland location
