Healthcare Design - May 2018 - 45

2/6

sidering the impact of recession years, companies that were considered
leaders in customer experience outperformed the broader market, generating a total return that was 35 points higher than the S&P 500 Index.
Healthcare is intrinsically an experiential business. People walk in expecting clinical excellence from their providers, but what they mostly remember after they walk out is the service provided. Hence, the quality of
the experience is a tangible differentiator for many consumers who can't
discern differences in clinical acumen.

A favorable experience will create an opportunity for a bidirectional relationship between
the organization and the patient and immediate family that could extend to relatives, friends,
and, in some cases, to future generations. In
other words, it pays to create a customer experience that will drive an enduring relationship.
MAKING MEMORIES

C U S T O M E R L I F E T I M E VA L U E

Customer Lifetime Value (CLV) is an important metric traditionally used
in consumer-facing industries, because it measures how much customers
spend over the span of their relationship with an organization. Acquiring
new customers is more expensive than retaining them. The quality of an
experience has a major impact on driving loyalty and revenues. In fact,
according to a study from customer experience management company
Medallia Inc., published by Harvard Business Review in 2014, customer experience is a major driver of future revenue and loyalty.
The unique nature of the healthcare business means that insurance networks, physician referrals, and specialists will drive much of the business,
regardless of experience. Still, even if that's how a patient found a provider
in the first place, that doesn't mean that they'll continue to seek care there
indefinitely or seek out additional service offerings that go above and beyond the most critical needs.

In the business of healthcare, the best marketing
is word-of-mouth stories and explicit referrals.
It's said that people tell, on average, seven family
members or friends about their best or worst experiences. In today's social media-driven world,
this number increases significantly. And, aside
from building an institution's prestige, investments in improved experiences actually reduce
the overall cost of serving customers. Correcting
service mistakes, winning back upset patients
and families, and responding to bad publicity are
expensive and time-consuming.
T H E M I L L E N N I A L FA C T O R

Millennials are the largest generation in U.S.

MAY 2018

45


http://modularservices.com http://modularservices.com

Table of Contents for the Digital Edition of Healthcare Design - May 2018

Healthcare Design - May 2018
Contents
Editorial
Show Talk
Photo Tour
Just What the Doctor Ordered
Hcd City Scene Photogallery
Research Brief
Bold Moves
Response Time
Strategy the Case for Experience
Product Spotlight Furniture and Casegoods
The Center
Product Innovation Awards
Face Time
Healthcare Design - May 2018 - Healthcare Design - May 2018
Healthcare Design - May 2018 - Cover2
Healthcare Design - May 2018 - 1
Healthcare Design - May 2018 - 2
Healthcare Design - May 2018 - Contents
Healthcare Design - May 2018 - 4
Healthcare Design - May 2018 - 5
Healthcare Design - May 2018 - 6
Healthcare Design - May 2018 - 7
Healthcare Design - May 2018 - 8
Healthcare Design - May 2018 - 9
Healthcare Design - May 2018 - 10
Healthcare Design - May 2018 - Editorial
Healthcare Design - May 2018 - Show Talk
Healthcare Design - May 2018 - 13
Healthcare Design - May 2018 - Photo Tour
Healthcare Design - May 2018 - 15
Healthcare Design - May 2018 - 16
Healthcare Design - May 2018 - 17
Healthcare Design - May 2018 - 18
Healthcare Design - May 2018 - Just What the Doctor Ordered
Healthcare Design - May 2018 - 20
Healthcare Design - May 2018 - 21
Healthcare Design - May 2018 - Hcd City Scene Photogallery
Healthcare Design - May 2018 - 23
Healthcare Design - May 2018 - 24
Healthcare Design - May 2018 - 25
Healthcare Design - May 2018 - Research Brief
Healthcare Design - May 2018 - 27
Healthcare Design - May 2018 - Bold Moves
Healthcare Design - May 2018 - 29
Healthcare Design - May 2018 - 30
Healthcare Design - May 2018 - 31
Healthcare Design - May 2018 - 32
Healthcare Design - May 2018 - 33
Healthcare Design - May 2018 - Response Time
Healthcare Design - May 2018 - 35
Healthcare Design - May 2018 - 36
Healthcare Design - May 2018 - 37
Healthcare Design - May 2018 - 38
Healthcare Design - May 2018 - 39
Healthcare Design - May 2018 - 40
Healthcare Design - May 2018 - 41
Healthcare Design - May 2018 - 42
Healthcare Design - May 2018 - Strategy the Case for Experience
Healthcare Design - May 2018 - 44
Healthcare Design - May 2018 - 45
Healthcare Design - May 2018 - 46
Healthcare Design - May 2018 - 47
Healthcare Design - May 2018 - 48
Healthcare Design - May 2018 - Product Spotlight Furniture and Casegoods
Healthcare Design - May 2018 - 50
Healthcare Design - May 2018 - 51
Healthcare Design - May 2018 - 52
Healthcare Design - May 2018 - The Center
Healthcare Design - May 2018 - 54
Healthcare Design - May 2018 - Product Innovation Awards
Healthcare Design - May 2018 - 56
Healthcare Design - May 2018 - 57
Healthcare Design - May 2018 - 58
Healthcare Design - May 2018 - 59
Healthcare Design - May 2018 - 60
Healthcare Design - May 2018 - 61
Healthcare Design - May 2018 - 62
Healthcare Design - May 2018 - 63
Healthcare Design - May 2018 - Face Time
Healthcare Design - May 2018 - Cover3
Healthcare Design - May 2018 - Cover4
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