STUDY HELPS MEDICAL GROUPS TO PROTECT MARKET SHARE UNDER AFFORDABLE CARE ACT
More than 15% of medical practice patients are in a high-risk category for leaving their current physician and practice, according to a study conducted by Press Ganey. The whitepaper, one of Press Ganey’s Performance Insights series, “Protecting Market Share in the Era of Reform: Understanding Patient Loyalty in the Medical Practice Segment” explores one of the key risks of increased access to health care, patient loyalty, brought on by the implementation of the Affordable Care Act (ACA).
With market consolidation, increased consumerism and the expansion of health insurance exchanges, the ability to understand patient attrition, drive retention, and protect market share is critical for the sustainability of medical practices.
Based on an analysis of one million patient records, Press Ganey identified key drivers for patients at the highest risk of switching providers. The cohort of 15.7% of patients who were at high-risk for switching providers are defined as patients who were both “not very likely” to recommend their physician and “not very likely” to recommend their medical practice to others.
The analysis revealed that the following variables are likely to be key determinants of patient loyalty for medical practices:
- Confidence in the care provider
- Coordination of care
- Concern care providers show for patients’ questions and worries
- Courtesy of care providers
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