Patient loyalty and satisfaction do more than enhance providers’ reputations and ratings: they can help encourage patients to stay with providers instead of seeking care elsewhere, a phenomenon known as patient leakage. Whether they choose a new provider on their own or are referred to one, losing patients can significantly impact providers’ revenue. Not only does the provider miss out on opportunities to provide care to that individual over their lifetime, but health systems also must attract new patients, which can be six to seven times more expensive than retaining existing ones. Implementing strategies for patient retention helps nurture loyalty, increasing the likelihood that patients will stay with a provider when they need care. When providers have a strong base of repeat patients, they can reduce spending on outreach activities like marketing and advertising and the need to divert resources to onboard new patients. Data can uncover valuable insights that help providers realize and act on opportunities for nurturing patient loyalty and trust. Predictive analytics can identify patients at risk of moving to a new provider, while customer relationship management (CRM) platforms for healthcare are extremely valuable for organizing, monitoring, and activating patient data. Together, these tools can help providers engage and connect with their current patients more effectively. 40 percent of providers report losing at least 10% of their revenue to patient leakage. Patient leakage occurs when patients leave your network to seek care elsewhere—sometimes for convenience, competitive pricing, or a perceived lack of follow-up. For hospitals, patient leakage is not just a lost opportunity—it’s a compounding problem that undermines profitability. Beyond direct revenue loss, leakage drives up the cost of acquiring new patients. Bringing in a new patient can cost 5 to 25 times more than retaining an existing one. Leakage can also compromise care quality and patient outcomes, leading to readmissions or dissatisfaction, further weakening retention. Many factors can contribute to patient attrition, including a lack of follow-up communication, patients having a bad experience, and competition from other providers. When providers don’t address these issues either because they don’t know about them or realize their importance, the result can be a ripple effect of negative financial outcomes. Fewer patients equal fewer positive reviews, which can damage a provider’s reputation, which can affect reimbursement rates and further impact patient volume. Preventing patient attrition prevents financial losses and can boost revenue by as much as 17%, further highlighting the critical importance of retaining patients. Some key drivers of patient loyalty include access, ease of doing business, digital engagement, and trust. However, it can be challenging for providers to know when and how to improve in those areas. Predictive analytics provides visibility into where providers are falling short in those areas and others. Using historical and real-time data related to patient behavior and claims, analytics platforms can identify patients more likely to change providers, skip follow-ups, or go out of network for their care. They can then zero in on potential causes and opportunities to step in to prevent those actions. Patient leakage often occurs when they are referred to or seek specialty care outside of the network—a trend that can be hard to identify and address without data-driven insights and predictive models. To reduce referral leakage, a health organization on the East Coast used one of Clarify’s predictive analytics tools to track referral patterns, uncovering situations and circumstances where leakage was likely to occur. Using their findings, the organization implemented targeted strategies to prevent referral leakage, significantly reducing patient attrition and realizing $37 million in downstream revenue as a result. Many businesses use customer relationship management (CRM) solutions to improve the customer experience with features that support personalization and communication. Healthcare-specific CRMs adapt this model with a centralized platform for managing patient relationships. Providers can customize outreach based on patient demographics and medical histories, such as reminding individuals at a higher risk of cancer or other conditions to schedule preventative screenings or reminding patients over 50 to get a shingles vaccine. CRMs can also record and manage whether patients want to receive communications and alerts via phone, email, or text. They can also monitor patient satisfaction, giving providers insights into where they may need to improve processes, communication styles, or other aspects of the operational and clinical care they offer. These features offer more personalized healthcare, contributing to a positive experience that nurtures loyalty: 84% of patients say they are likely to stay with their provider if they are easy to work with, and they are six times more likely to stay if they trust them. All along the patient journey, there are opportunities to communicate with patients and reinforce provider value, from making an initial appointment to follow-up care. Mapping that journey with data helps providers see where and when patients are most likely to leave the practice or system, for example, when they are referred to a specialist or face long waits for appointments. Healthcare data analytics platforms can collect and Integrate data from multiple sources, including satisfaction surveys, and appointment data. This comprehensive view of the overall patient experience and the ability electronic health records (EHR), to drill down into specific aspects of the patient journey empowers providers to develop strategies and targeted interventions to minimize the risk that patients will leave. These could include: Once these strategies are implemented, providers can use analytics to continually monitor their success at retaining patients and identify where they can refine them to improve their results. Healthcare data analytics used in tandem with CRM tools give providers detailed insights into opportunities to improve care delivery and the ability to act. Data-driven strategies for more proactive communication, personalized care, and enhanced operational efficiency help providers foster more caring and trusting relationships with patients, leading to better outcomes, higher retention rates, and greater profitability over time. The financial impact of patient leakage
Predictive analytics: A game-changer for patient retention
Cultivate patient loyalty with CRM tools
Use data to map the patient journey
Turn data into a retention powerhouse
Provider: Health System Insights | December 20, 2024
How data-driven strategies can help improve patient retention
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Made for your most precise decision-making yet. Introducing the Clarify Atlas Platform®, our healthcare analytics platform and the foundation underpinning each of our building blocks. Atlas powers every decision with clarity brought from 20 billion data points and our best-in-class benchmarking technology.
Made for your most precise decision-making yet. Introducing the Clarify Atlas Platform®, our healthcare analytics platform and the foundation underpinning each of our building blocks. Atlas powers every decision with clarity brought from 20 billion data points and our best-in-class benchmarking technology.