Today I spoke with David Burton, Chief Revenue Officer at Indiana University Health. We discussed the NRC survey on patient loyalty that reports why patients would consider switching providers.
David shared why value and volume are two of his favorite “V” words and how both count in the revenue cycle. We also talked about how close the Chief Revenue Officer title is to care affordability and consumer experience.
If you are a company looking for a CRO, David’s advice is that you should “be clear on why you are creating the role.” It could be revenue enhancement, market share growth, or many other things. He suggests making sure you know how you want to differentiate.
Catch the rest of our conversation in our latest episode from “Against the Odds: The Path to Patient Loyalty.”
- David’s background [0:36]
- Patient financial journey [2:37]
- NRC survey on patient loyalty [4:31]
- Access is very personalizable [6:13]
- Value and volumes count for the revenue cycle [7:40]
- Digital innovation improves sales channels [10:52]
- The Chief Revenue Officer title related to care affordability [12:47]
- Key considerations for Chief Revenue Officers [15:22]
- Advice for aspiring revenue cycle professionals [17:26]
- Involve the team in building the vision [22:40]
“An NRC survey found 80% of patients would consider switching providers just based on convenience factors alone. It’s not just the clinical outcome that matters to our patients.”
“An advisory board study indicated that 65% of patients would consider switching providers for a better healthcare payment experience.”
“Value and volumes are two of my favorite “V” words. Enhancing our value proposition is critical. A 10% loss in patient volume would be equivalent to doubling my write-off rate.”
“Health systems are learning it’s not enough to be “in-network.” That’s not going to guarantee sales. We need to take direct control over our sales strategy and value proposition.”
“Digital technology is helpful in terms of patient engagement. Patient feedback helps to refine our service, to make sure we are adequately delivering on our value proposition.”
“As Chief Revenue Officer, I am leaning into care affordability and consumer experience. The patient is at the strategic center of all elements that are influential on revenue.”
“If a patient avoids treatment for fear of high cost, that’s my fault. It’s also my responsibility and opportunity. I need to stay appropriately calibrated with a personal approach.”
“65% of people have less than $2500 in savings. Let’s minimize the patient’s financial responsibility, be flexible and supportive in terms of making reasonable payment arrangements.”