At Patientco, we partner with health systems to provide their patients with a financial experience that exceeds the status quo. We listen to feedback from both our clients and patients to help us continue innovating so that we can deliver the most frictionless payment experience possible, no matter what. We proactively seek feedback through a variety of avenues, such as surveys, focus groups, and advisory panels. One key metric that we use to measure patient satisfaction of their financial experience is through Net Promoter Scores (NPS).
Breaking Down Net Promoter Scores
We specifically use NPS to measure patient satisfaction and loyalty after they’ve made a financial transaction for their healthcare services. Patient NPS is an important metric — hospitals with better patient-reported experiences perform better financially, according to Deloitte.
To calculate patient NPS, we present patients with a scale and ask them to rate the likelihood of referring that particular health system to a friend or family member after their billing experience. To calculate our NPS, we subtract the percentage of detractors from promoters. Scores range from -100 to 100 and a score above 30 is considered “great.”
Patientco’s patient NPS is 52, which is considered “excellent.” For the healthcare industry in 2020, the average score is 27, which means our patient NPS is nearly 50% higher than the industry benchmark. In other words, our clients’ patients are, on average, more satisfied. They are also more likely to refer their network to their healthcare provider than patients at other health systems. Many healthcare organizations have actually seen their patient NPS decrease this year, but our patient NPS score has remained high. We believe our compassionate approach to financial care has made an impact. We’re proud to help keep patients satisfied and loyal to the health systems we work with.
The Secret to Our Success
There are no shortcuts to success, especially in healthcare. Patientco invests a lot of time and effort into keeping both patients and our health system clients satisfied. Achieving such high Net Promoter Scores is a testament to our thoughtful approach to product development. Before we release any new feature or product enhancement, Patientco listens.
To innovate in a way that solves the most pressing pain points for patients, we test new features and product designs with real patients in virtual focus groups and interviews. One reason for our strong patient NPS is our thorough and thoughtful product development strategy. Patientco’s collaboration with Just Health Collective is a great example of this, as our partnership ensures that all of Patientco’s innovation efforts are meaningful and remain patient-centered, inclusive and build trust with a health system’s entire patient population.
We also conduct interviews with clients and industry experts. Their insights help us understand the challenges that revenue cycle leaders face today. By doing so, we ensure our solution solves real problems for revenue cycle teams. In fact, our client NPS is 69, which is considered “excellent.” A high NPS validates that we’re helping our health system clients where they need it most.
Happy Patients, Happy Clients & A Strong NPS
Want to learn more about how Patientco is a proven partner that listens and solves your biggest challenges? Discover what our clients said about working with us in this survey, which was conducted by HFMA as part of their 11-step Peer Review evaluation process.
Stay tuned for more blog posts in our Patientco Listens series!
This blog post is part of our Patientco Listens series. Patientco Listens is a compilation of thought leadership pieces that show how our team is constantly listening to patients and healthcare providers to make the healthcare financial experience easier to navigate. Stay tuned to our blog for our next Patientco Listens post.