ROI

  • Accenture Study: Superior Patient Experience Can Yield Up to 50% Higher Margins

    Any one that has ever been to a large hospital medical center - or worked at one - understands intuitively the very real and negative impact of poor wayfinding on Patient Experience. Patients and Visitors are already stressed, and the added frustration of getting lost only creates more of it.

    We have heard from our clients over and over how a large percentage of the comments in HCAHPS surveys are about problems patients and visitors had with parking, finding their way, not being able to find their car after their appointment is done - and on and on. We also know that over 40% of patients and visitors that enter a hospital get lost!So it is a real problem with big impact.

    Patient Experience itself is often perceived as a qualitative area that does not translate into direct cost vs. benefit analysis, however. But that is changing. Healthcare networks across the nation have started to realize in recent years that Patient Experience can and does have a very direct impact on the bottom line.

    This study by Accenture provides some great data points and analysis on that. The study concluded, for example, that "hospitals that offer a superior patient experience can expect to achieve 50% higher margins - better than they can achieve by cost cutting alone.

    There are many other streams of ROI that Digital Wayfinding can deliver, including reducing missed and late appointments and improved staff productivity. We will have more to say on that in our next blog. But it is powerful to see how big an impact something as 'fuzzy' as Patient Experience alone can have on the bottom line!

  • Digital Wayfinding for Patient Experience is an ROI Story

    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.

    b2ap3_thumbnail_David-Aaker.jpgBut 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, whichon 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.

    b2ap3_thumbnail_general-hospital.pngWhat 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!

    Contact Us for a Digital Wayfinding ROI Calculator

  • Our New Partnership with SmartSource: All About Driving ROI

    Connexient was proud and excited to announce yesterday Smart Source and Connexient Join Forces to Provide Elevated Patient Experience, an industry leader in helping hospitals to increase productivity and revenue. With this partnership, our MediNav™ Digital Wayfinding solution will be linked to Smart Source's proprietary HandHolder™ appointment reminder system.

    The combined MediNav™ /HandHolder™ pre-arrival/arrival solution will provide an enhanced and informative patient experience, meaning patients will have the information that they need to not only arrive on-time but also be prepared for their appointment. But there is another benefit that is just as important: improved on-time starts, reduced appointment no-shows and increased patient satisfaction scores for hospitals and physicians.Source: Smart Source LLC

    This infographic encapsulates exactly how Smart Source accomplishes that by reducing missed and late appointme
    nts - with proven success at major medical centers across the country.

    With our new integrated offering, we are confident that we can boost the already strong ROI equation even further, while taking Patient Experience to a whole new level. In our blog earlier this week, Digital Wayfinding for Patient Experience is an ROI Story, we talked about some of those other drivers of ROI that we are focused on, including improved HCAHPS scores and improved staff productivity.

    Our Job: Reduce Stress and Anxiety and Get Patients and Visitors to their Destinations

    As much as we are true believers, innovators and visionaries when it comes to the power of Indoor Navigation and location-based services, we also have always had a bedrock conviction that a mobile app is only part of the solution. We always keep at top of mind what our value to our clients and users is. Nobody goes to the hospital to have an indoor navigation experience. They go to the hospital to get to their appointment. That's our mission.

    That's why our All Screens approach to Digital Wayfinding is so critical. There are a huge range of demographics and 'user types' at Hospitals and Healthcare Networks. Some of them are "early adopters" that will love blue dot indoor navigation. Others will never touch it. And all will need maps, routes and other information available in multiple modalities:

    • on the Web for pre-planning;
    • on Kioasks and Digital Signs when they arrive;
    • via print options to take personalized route maps and directions with them.

    The right modality is whatever each particular user needs at the moment - on any screen, any time, and anywhere.


    Connexient + Smart Source: Integrating Appointment Scheduling with Digital Wayfinding

    One mantra we talk to our clients about is the critical step of integrating Digital Wayfinding with that crucial moment when a patient and visitor is thinking about coming to their appointment. That is when we can connect the moment of need and motivation for a user to the MediNav application that will actually solve the problem - whichever modality they choose.

    Our partnership with Smart Source will now take that integration even further, adding call-to-action and customized links right into the HandHolder™ pre-arrival/arrival solution. Connexient + Smartsource clients will now be able to take this already amazing effective and personalized tool to a new level of convenience and satisfaction for patients and visitors. With MediNav integration for example, users will now add the following capabilities.

    1. Parking Planner: personalized parking recommendation and guidance in Google Navigation to the right garage without error.
    2. Welcome Screen: a personalized prompt that automatically opens when the user enters the garage.
    3. My Car Saver: an automatic option to save the user's parking spot.
    4. Blue Dot Indoor Navigation: turn-by-turn right from their car, all the way to their final appointment destination indoors.
    5. Return to My Car: then hours later, guidance right back to their car.

    It is pretty easy to see how this will reduce no shows and late starts, as well as the stress and anxiety that so many patients and visitors experience when trying to get to their appointments. It is a great example of 2 + 2 adding up to a 10!

    Want to Learn How Connexient + Smartsource Can Help Your Healthcare Network?

    If you would like to learn more about Connexient + Smartsource partnership and our integrated solution, please contact us. We are both organizations keenly focused on client needs and above all patient needs, so we look forward to collaborating with current and future clients to push this new area of innovation in Patient Experience.

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Connexient LLC

210 West 29th Street, 9th Floor
New York, NY 10001
(212) 763-6604 | (888) 850-4920
[email protected]