Are these three patient-loyalty myths holding your organization back?
Patient loyalty may be healthcare’s most valuable prize. Like every business, healthcare organizations see enormous benefits when they retain their customers.
First, consider the revenues at stake. One patient’s lifetime health spending is worth an average of about $1.4 million per individual, or $4.2 million per family. Clearly health systems should take every possible step to ensure that this spending stays within their organization.
Loyalty also boosts profits on the other side of the balance sheet. When customers keep coming back, they dramatically decrease the cost of servicing them. This cost-slashing makes for much healthier bottom lines. It’s why Bain estimates that a 5% increase in loyalty can boost overall profitability by 25%.
Why organizations miss the problem
Loyalty, then, is a prize indeed. It bolsters profits, streamlines efficiency, and even improves patient outcomes. But as valuable as loyalty is, for most healthcare organizations it’s elusive.
Patient loyalty is far from straightforward. It’s a complex construct, and it’s difficult to pinpoint how loyalty arises—or why it fails.
But that’s not for lack of trying. The conundrum of patient loyalty has preoccupied healthcare leadership for decades. So what is it that they’re missing? How can such a crucial arena of the enterprise remain so enigmatic?
Download the full white paper here to discover the three toxic myths about patient loyalty and what you can do to overcome them.