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SOURCE Press Ganey Associates, Inc.
Study Helps Medical Groups Protect Market Share Under The Affordable Care Act
SOUTH BEND, Ind., Dec. 10, 2013 /PRNewswire/ -- More than 15% of medical practice patients are in a high-risk category for leaving their current physician and practice, according to a new study conducted by Press Ganey. The white paper, "Protecting Market Share in the Era of Reform: Understanding Patient Loyalty in the Medical Practice Segment," was released today and 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.
In this study, Press Ganey analyzed one million patient records to identify key drivers for patients at the highest risk of switching providers. The analysis produced an algorithm that medical groups can apply to identify loyalty drivers in their own population and reduce the risk of patient defection. The identified 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.
These findings were based on Press Ganey's analysis, which sought to identify the risk factors that were most critical in regards to patient attrition. Survey results revealed that the following variables are likely to be key determinants of patient loyalty for medical practices:
"Through this analysis, we found that the most important predictor of patient loyalty is a patient's confidence in their provider. Practices that foster trust between providers and patients not only can attract new patients, but will also optimize the impact of CGCAHPS performance and value-based payments," said Dr. Thomas H. Lee, Chief Medical Officer, Press Ganey. "We are excited to share this performance insight with the medical practice community to help build patient loyalty through a better care experience."
A copy of "Protecting Market Share in the Era of Reform: Understanding Patient Loyalty in the Medical Practice Segment" is available for download.
About Press Ganey Associates, Inc.
Recognized as a leader in performance improvement for nearly 30 years, Press Ganey partners with more than 10,000 health care organizations worldwide to create and sustain high-performing organizations, and, ultimately, improve the overall health care experience. The company offers a comprehensive portfolio of solutions to help clients operate efficiently, improve quality, increase market share and optimize reimbursement. Press Ganey works with clients from across the continuum of care – hospitals, medical practices, home care agencies and other providers – including 50 percent of all U.S. hospitals. For more information, visit www.pressganey.com.
Aria Marketing for Press Ganey
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