Cleveland, Ohio (PRWEB) January 20, 2014
The Nov. 2013 issue of the Healthcare Financial Management Association’s Revenue Cycle Strategist featured an article authored by two members of CHAMPS Patient Experience/Santalucia Group team: Carol Santalucia, vice president of patient experience, and Sarah (Kresnye) Fay, director of operations. The article, entitled “The Financial Case for a Strong Service Recovery Program,” enumerates the advantages of service recovery for hospitals and health systems from a financial perspective.
“If a dissatisfied customer leaves an organization, all potential revenue over the course of that patient’s life is lost. If the customer shares the negative experience with others, the loss is multiplied,” the article explains. “When a breakdown in service goes unaddressed, customer dissatisfaction escalates, costing an organization up to $1 million for each dissatisfied patient.”
According to the article, while there are many advantages to hospital service recovery programs, avoiding these types of costs and increasing loyalty are among the most important from a revenue standpoint. The piece describes a few basic steps healthcare providers can take to ensure they are building a strong service recovery program and preventing losses due to dissatisfied patients.
With more than 40,000 members, HFMA is the nation’s leading membership organization for healthcare financial management executives and leaders. The organization specializes in a number of areas that are of interest to healthcare executives including the revenue cycle. The Revenue Cycle Strategist newsletter is published 10 times each year and includes articles that provide finance leaders across the country with needed advice on denials management, collections, coding and other revenue cycle issues.
To learn more about the recent publication or the advantages of service recovery in the healthcare setting and how it can impact the bottom line, contact Sarah Fay at 216.255.3638 or via email.
In partnership with Santalucia Group, CHAMPS Patient Experience offers a variety of services to enhance the patient experience. Led by Carol Santalucia, a recognized leader in patient experience with more than 30 years of expertise, CHAMPS offers outcomes-based services designed to create an optimal patient experience. We believe providing an optimal patient experience not only makes sense intuitively but also leads to improved healthcare outcomes, increased patient loyalty and an enhanced financial position for our clients. To learn more about us and our services, visit http://www.champspatientexperience.com.