The Cost of Patient Engagement: What is Your ROI?
At PatientBond, we believe solid patient engagement is priceless for healthcare providers. It improves the health outcomes of patients, elevates the success of a provider’s marketing efforts and promotes financial growth for the practice.
Healthcare providers may balk at the perceived costs involved with setting up a platform for digital patient engagement, but the costs are actually quite reasonable and these efforts generate a high ROI. Here’s what providers should consider when making an investment into a digital patient engagement platform.
Type of Patient Engagement System
The biggest challenge to managing patient engagement is determining what patient engagement system to use. And every provider does it differently.
Some providers use multiple systems to manage their patient engagement like a content management system (CRM) to handle communications, an electronic medical record (EMR) system to handle patient medical records, practice management, a billing system, etc. While it may seem nice to have all of them separated, many providers find that a single system handling everything amounts to substantial cost savings and ease of implementation.
For instance, PatientBond integrates with those systems to handle many of these patient engagement applications (messaging, billing) in one platform. PatientBond can act as a standalone platform, but importantly, it can also act as a “bolt-on” or enhancement to existing technology investment. Plus, it uses psychographic segmentation to further encourage patients to act on the software you’ve invested time and energy on. The result is more engaged patients that act on their health, stay connected to their provider and pay their bills.
Patient Engagement Messaging
Speaking of psychographic segmentation, did you know that this segmentation model has been used by the retail industry for decades? It’s a big reason why PatientBond is a leader in patient engagement.
Using a quick classifier, PatientBond determines each healthcare consumer’s psychographic segment with 91.1% accuracy. This determines the type of messaging they receive, how it’s worded, the type of digital communication (e.g., email, text message, automated call, etc.) and when they receive it, so that it’s optimized to fit their healthcare consumer profile. When providers use “one size fits all” messaging, it activates some patients to engage with them (primarily proactive healthcare consumers), but not most. There are plenty of patients that would meet with their providers or act on a digital communication if the engagement was targeted to them, too.
The result is more responses in these engagement efforts like signing up for colon cancer screenings, reducing hospital readmissions, boosting clinical recruitment, increasing positive Google reviews and improving medication adherence.
Patient Engagement Measurement
When measuring results from patient engagement efforts, digital measures like open rates and click-through rates shouldn’t be the ultimate indicator of success. Outcomes from those measures should be.
For instance, with one PatientBond customer (a national health insurer), while the open rates were the same, the communication that used psychographic messaging vs. generic messaging resulted in 4-8X the response. No matter what, messaging should result in patients taking action on their health, like a 57.8% response rate to a health risk assessment or 83% of employees making solid progress on health goals. Patient payments and collections are another critical aspect of a practice’s financial health, and PatientBond has driven significant increases in patient payments (including balances past-due of 120+ days) for customers utilizing its platform.
What Makes PatientBond Different
PatientBond offers more than just tools to engage with patients. Psychographic engagement brings much more to the table than what other software can enable. This is because psychographics harness healthcare consumers’ motivations to activate behaviors.
Any patient engagement platform can automate messaging, billing and other features, but they can’t do more to get patients to actually follow through on managing their health. Automation reduces labor, but smart automation using psychographics improves ROI.Try our ROI calculators to learn how much ROI your organization can realize with PatientBond to activate patient behavior through psychographics and digital engagement.