Message from Quint
Demonstrate Return on Investment.
Several years ago I was asked by a reporter from Modern Healthcare magazine why I thought that more organizations were paying attention to patient satisfaction and employee satisfaction. My answer was that we have been able to show the financial return for raising satisfaction.
In the early days, we shared how higher patient satisfaction reduces malpractice claims and insurance costs...how higher employee satisfaction reduces employee turnover, agency costs and overtime. Since then, we've identified a number of tools that demonstrate clear return on investment.
Since financial pressure is the number one challenge on every CEO's list, it's good to know that there are key actions organizations can take to create better financial health, while also improving service to patients and increasing safety, quality, employee retention, physician loyalty, and growth.
Effective leaders also know that every leader must have the ability to demonstrate return on investment. When it comes to quality, for example, a 2001 VHA study has proven the connection between lower turnover, lower length of stay, and better patient outcomes that reduce mortality.
We know that organizations that call patients to remind them of their appointments have an average 4% no-show rate versus 15%. When leaders use 30- and 90-day new employee meetings, they reduce first year turn over 66%, which also lowers orientation costs.
In emergency departments, we know that hourly rounding reduces the number of patients who leave against medical advice, resulting in better care and fewer lawsuits. Physicians with higher patient satisfaction retain more patients. The list goes on and on.
In this issue of Hardwired Results, you will read about specific methods to attain better financial results. Remember, strong financials turn the flywheel. By using tools that positively impact patients, physicians, and employees, we also build financial health, which in turn, enables us to better meet our mission to provide excellent patient care. And that gives us great purpose.
Yours in service,
Quint Studer
CEO, StuderGroup
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