At Connexient, we know that Patient Experience is the first “killer application” of indoor navigation and navigation-based services in large, complex facilities. The reason is simple: when patients and visitors get lost - which happens very frequently - this has a direct and negative impact on their experience at the hospital! All of our clients intuitively understand just how big and important this pain point is.
But putting an specific ROI number on this can sometimes be a little difficult. This recent blog post, The Patient Experience Study, by David Aaker, an organizational theorist, consultant, and Professor Emeritus at the University of California, Berkeley’s Haas School of Business, provides some great insights and data on just how big an ROI story Patient Experience actually is:
There is a remarkable ROI story behind improved patient experience but it doesn’t always carry the day because it is not well documented or communicated. Patient experience investment drives increased capacity, reduces operating costs, improves employee retention and builds an enhanced brand that creates loyalty and thereby increases revenues. One study showed an improvement in on-time appointments from 18% to 84% and led to measurable payoffs in terms of productivity and impatient referrals translating to $460,000 average additional patient revenue per physician per year.
So What is the ROI in Patient Experience for Digital Wayfinding?
We are starting to frame out some pilot studies with several of our clients to gather data and analytics on exactly this question! In the meantime, here are some of the focal points for how we think about it and will be framing our metrics for tracking and study.
1. Poor Wayfinding causes unnecessary stress and anxiety for Patients and Visitors.
- We normally hear that this is in the top 3 of comments and complaints in surveys on patient satisfaction that involves a site visit.
2. On average, 30 - 40% of patients and visitors entering a large hospital or medical center get lost.
- This number only refers to those that actually get lost, not the broader pool of those that experience stress from the difficulty of navigating to their destination.
3. 2% of Medicare reimbursements, which on average represent 43% of Healthcare Network Revenues, are at risk based on HCAHPS Patient Satisfaction ratings and Value-based Purchasing
- Therefore even small improvements to Patient Satisfaction ratings can have big impacts on revenue!
4. 40% of patients and visitors depend on hospital staff for Wayfinding assistance
- While there are certainly benefits to staff interactions, there is also no doubt that the impact on productivity of staff is significant.
5. $150 billion dollars annually are lost due to appointment no-shows, with additional impacts from late appointments.
- Reducing the number of late and missed appointments is goal that Connexient is keenly focused on by integrating appointment scheduling with our Digital Wayfinding - and key features such as our Parking Planner.
Each of these areas, while a little “fuzzy”, do have metrics that can be measured and analyzed to arrive at estimation on ROI for Digital Wayfinding for Patient Experience.
What Is Your ROI Story for Digital Wayfinding?
Each of our clients has their own understanding and experience that frame their thinking about the value of Digital Wayfinding for Patient Experience. Until our pilots and studies are completed, please Contact Us for an ROI Calculator that can help you to make your own estimates based on what you know about your organization, facilities and wayfinding challenges.
And of course, if you have thoughts and metrics to share, we want to hear them!