The Simple Law of Demand: What Baby Boomers Want From Heathcare

Posted on September 27, 2012. Filed under: Patient Experience, Post By Christy Whipple |

Christy Whipple

The Simple Law of Demand

  • The 72 million baby boomers, that are now becoming the most active consumers of health care, value “the experience” as much as they value any product or service itself.
  • Baby boomers are willing to pay the price for quality healthcare, but they want it delivered their way
  • 63% of patients believe quality is defined by how well they are treated in a hospital vs. the success of their treatment
  • Patients are about 10% more likely to switch hospitals after hearing negative comments about patient care than after hearing about a treatment mishap
  • Baby boomers in particular define quality as the process vs. the outcome-the experience is as vital as the result
  • Hospitals with the most loyal patients had 82% higher earnings per adjusted patient day than those with the least loyal patients
  • Studies show that it costs 7 times more to acquire new business than it does to create the same amount of revenue through simply improving loyalty

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