With market competition at an all-time high, providers are looking outward to new services and geographies. Our recent Patient Loyalty Opportunity Analysis indicates that your biggest growth opportunity may lie within retaining your existing patients.
To avoid overestimating the loyalty opportunity, we focused our five-year analysis on a subset of one of the most loyal patient groups: the Medicare cohort. We found that 80% of this population seek an average of 30% of their HOPD and inpatient care outside their “home system” —culminating in almost $11K lost per beneficiary across those five years. That translates to substantial opportunity for large and small health systems to grow share of wallet by hardwiring loyalty across the continuum.
While this analysis focused on the opportunity for a small portion of the total population and slice of the continuum, if you expand this analysis to account for your whole market, the loyalty opportunity only grows. Review the full study to see our methodology, the full results, and the financial implications of loyalty.