Hospitals continue to use a 1970's approach to business development

1. Driving Patient Equity
Management
paulroemer@gmail.com
A remarkable experience for every patient
every time (on any device)

2. Patient equity management involves treating patients and
prospective patients as though they were valued at tens of
thousands or hundreds of thousands of dollars over their
lifetime.
• If a dozen laptops disappeared in a week, the hospital would learn how to
stop the next dozen from leaving.
• If a dozen patients left, never to return and never to refer another patient
the hospital would never know.
What is Patient Equity Management (PEM)?
A remarkable experience for every patient
every time (on any device)

3. A hospital’s business development group may not even cover its
costs.
• More prospective patients and patients visit other websites than visit your
website
• People look for information from eight sources before selecting a hospital
• The decisions of half of the people are strongly influenced by social media
• Fifty percent of patients do not choose the closest hospital
Important facts to know if you run a hospital
A remarkable experience for every patient
every time (on any device)

4. Hospitals should be able to answer the following:
• What is the ROI of retaining a patient once
• What is the Lifetime Value of a Patient
• What does it cost to acquire a new patient
• What is the cost difference between acquiring a patient and retaining one
• What role does patient satisfaction play in:
– Retention
– Referrals
– ‘Win-backs’
Questions the Hospital Should be able to Answer about PEM
A remarkable experience for every patient
every time (on any device)

5. Two Ways to get Customers
First Way: firm does all the work to get the customer to
come to them.
Second Way: customers do all the work to determine from
whom they will buy.
A remarkable experience for every patient
every time (on any device)

6. Two Ways to get Customers
The Billboard Approach: Selling
Example, a car dealership that uses billboards and balloons to
entice customers driving by to buy from them.
The Research Approach: Buying
Example, a person researches cars on the web and then makes a
purchase from eBay.
A remarkable experience for every patient
every time (on any device)

7. The Trouble with Tribbles
Patients’ opinions, both good and bad, reproduce like Tribbles.
A remarkable experience for every patient
every time (on any device)

8. Patient Experience Talking Points
Satisfied patients and unsatisfied patients have one thing
in common, they all talk, and others repeat what was said.
A remarkable experience for every patient
every time (on any device)

9. Patients Talk: What Message are the delivering?
My LinkedIn Network
My Network
A remarkable experience for every patient
every time (on any device)

10. Original Hospital Patient Acquisition Model
The way hospitals used to acquire patients was “If you build it they
will come.”
That model has changed. Today’s model is “If you billboard it maybe
they will come.”
A remarkable experience for every patient
every time (on any device)

11. Today’s Patient Acquisition Model
Billboards
Radio
Telemarketing
Social media
Physicians
Online forums
Website
Buy/No buy decision
Support groups
An expensive way Hospitals acquire patients
High per-Patient
Acquisition Cost,
Low Return
A remarkable experience for every patient
every time (on any device)

12. Today’s Hospital Acquisition Model by Patients
WebMD
YouTube, Facebook, Twitter
Friends & Family
Hospital websites
Blogs
Finalists
Patient Selects a Hospital
research
A cost-effective way patients eliminate hospitals
A remarkable experience for every patient
every time (on any device)
More prospective patients are going to other web sites and blogs than are
going to the hospital’s website.

13. Patient Acquisition is an Uneven Battleground
Patients are not being acquired, they are doing the acquiring
A remarkable experience for every patient
every time (on any device)

14. New Revenue Generated from Unsatisfied Patients
A remarkable experience for every patient
every time (on any device)

15. New Revenue Generated from Satisfied Patients
“Win-backs”
Referred Patients
Patients
Retained Patients
A remarkable experience for every patient
every time (on any device)
Hospitals create Patient Equity Management by reversing the
business development funnel. Hospitals reverse the funnel by
improving patient satisfaction.

16. Hospitals without a PEM strategy will lose patients.
• Patients will not return to the hospital and the hospital will never know
• Patients will not refer the hospital
• Patients will be less likely to pay on time or in full
• A single poor patient experience will result in tens of thousands of dollars
of lost revenue
Why do Hospitals Need A Patient Equity Management Strategy?
A remarkable experience for every patient
every time (on any device)

17. • Create a Patient Touchpoint Inventory Map
• Interview patients and prospective patients to determine which touchpoints relate
most to their satisfaction
• Evaluate Patient Touchpoints Effectiveness
• Determine which touchpoints each patient values at each stage of their interaction
with the hospital.
• Design Total Patient Encounter Strategy (TQE)
• Develop a TQE plan to maximize touchpoint satisfaction and effectiveness
What are the Basic Steps of Building a Patient Equity Management Strategy?
A remarkable experience for every patient
every time (on any device)