For healthcare providers, patient experience and satisfaction are becoming increasingly important as consumers shift their approach to seeking medical care. The recent adoption of value-based care models has led consumers to shop around in order to select those healthcare providers that offer the best experience and overall highest level of satisfaction. This change in consumer behavior has the potential to greatly impact the bottom lines of providers.
For example, if consumers leave their current care provider to seek treatment at practices with higher satisfaction ratings, those providers are not just losing revenue. With the lifetime earnings from a single household estimated at $405,000, they are losing a long-term, recurring revenue stream.