Ep. 38 The Real Cost of Patient Dissatisfaction & What to Do About It

Medical Advantage Podcast

With all the financial demands and technology fatigue, it is so easy to lose sight of the human side of healthcare. But the healthcare world now gravitates toward a patient-centered model as patients behave more like consumers, the market becomes more competitive, and the industry shifts toward value-based care.
One compelling outcome of patient dissatisfaction is the financial impact. For starters, the Medical Economics Journal reports that negative word-of-mouth about a hospital or health system can lead to a loss of up to $400,000 over one patient’s lifetime. Poor performance in patient satisfaction can also predict the chances of a medical malpractice event – something all medical practices want to avoid.
In essence, the shift to a patient-centered approach is an appeal to empathy and fostering trust. “I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel,” is a Maya Angelou quote that guest Monty Pate considers to encapsulate the essence of patient sentiment.
We are pleased to welcome Monty Pate back to the podcast! Monty is an Executive Healthcare Consultant with Medical Advantage who recently led the discussion for our episode on Recruiting Physician Leadership for Health System Success. In this episode hosted by Rebekah Duke, Monty walks us through the ramifications of patient satisfaction, but also long-term and short-term solutions to underperformance this area.

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