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Independent physician referrals represent millions of dollars in revenue for hospitals

Press releases may be edited for formatting or style | March 15, 2017 Business Affairs Population Health
SEATTLE, March 15, 2017 /PRNewswire/ -- SCI Solutions, the health industry's leading patient access and care coordination technology firm, today released its analysis of data from more than 500 independent physicians gathered through Reaction's research ecosystem (formerly peer60). The research purpose was to better understand the patient referral patterns of independent community providers. Among the findings published in "Independent Physician Survey: The Referral Destination Hospital" are indications that more than half (58 percent) of physicians do not have a preferred hospital partner, meaning many hospitals are not realizing the full economic value of community partners and missing an opportunity to become a destination of choice hospital based on their offerings and services.

"For hospitals, health systems and independent physician practices alike, a critical aspect of the business is providing patient-centric experiences that encourage long-term relationships between independent physicians and hospital providers, which lead to significant increases in potential revenue," said Jamie Gier, chief marketing officer of SCI Solutions. "Offering convenience and patient-focused care coordination creates a competitive advantage for hospitals."

The survey reveals two major themes: convenience and communication – and in the service-driven world of healthcare, hospitals need to offer both in order to foster the trust necessary to be a referral destination of choice. Hospitals that eliminate hassles with booking appointments and provide on-time follow ups are more likely to bring in and keep providers within their referral network.
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Alternatively, with the increasing consumerization of healthcare, patients have more choices than ever before and want to go where they know they'll get the best care. According to a recent report from Accenture, seven percent of patients have switched healthcare providers due to a poor customer experience, which results in a loss of more than $100 million in annual revenue per hospital. Independent physicians know this too, as roughly half of those surveyed place a high value on patient preference when choosing a hospital partner. Conveniences like self-scheduling, the ability to easily confirm insurance network participation and help with obtaining insurance authorizations are high on the list of preferred services.

Hospitals that strive to provide the best service are considered "top hospitals" that tend to attract more referring partners, as the following survey highlights show:

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