How Coaching Can Increase Your Bottom Line
2019 introduces a number of challenges for the Healthcare Industry that threaten the bottom line, including rising pharmacy costs, increasing cybersecurity, and private equity acquisitions to name a few. But the area that requires the most attention hasn’t changed over the years. That is the patient experience. No matter what external or internal changes that shift the focus in the new year, patient experience will always determine the success of a healthcare institution.
In 2014, approximately $1.1 billion was redistributed through Value-Based Purchasing for Medicare and Medicaid alone—up from $850 million in 2013. Thirty percent of VBP is based on patient satisfaction results.1
Revenue is directly related to patient satisfaction. With these trends continuing, it’s clear that, in order to stay relevant, healthcare institutions need to focus on improving patient care and experience.
There is no end to the ways in which an institution can improve patient experience: Creating a welcoming and comforting environment, maintaining open communication, and listening closely to your patients are all huge. However, behind all of those things are healthcare professionals. Doctors, nurses, and administration may possibly be the biggest factor inpatient experience.
Richard Branson, philanthropist and founder of Virgin Group has once said, “By putting the employee first, the customer effectively comes first by default, and in the end, the shareholder comes first by default as well.” He couldn’t be more right.
So, how exactly does an institution put their employee first, and therefore support their bottom line? One simple and effective response is Coaching.
Introducing your institution to coaching not only shows that you are willing to invest in your company but in your employees as well. In turn, their improved happiness will improve patient experience, and finally, increase revenue.
How exactly does coaching help? And how will your institution improve with the introduction of wellness coaching?
Improve Overall Quality of Life for Your Employees
The bottom line is, if your employees are not happy, your patients will not be happy. If a person walks into your clinic with a smile on their face and is greeted by a scowl, they most likely won’t be leaving with that same smile. In 2014, a study was published in the Mayo Clinic Proceedings that involved wellness coaching and its effects on employees.2
The experiment was led by Dr. Matthew M. Clark and involved a 12-week study of 100 Mayo employees who completed a 12-week, in-person wellness coaching program. The goal of the study was to determine the possible positive effects, if any, that wellness coaching could have on the employees. They looked at a number of factors they believed to contribute to the overall quality of life, including physical, social, emotional, cognitive and spiritual functioning, as well as depressive symptoms and perceived stress levels.
The results were incredible. The majority of participants demonstrated significant improvement after 12 weeks, and even still after a 24-week follow up. Stress levels went down, and the overall quality of life went up.
Arm Your Staff with Essential Tools
Unlike what most people are led to believe, stress isn’t caused by what’s outside of ourselves, but rather how we choose to work with what’s outside of ourselves. If a doctor is working with a difficult patient who is rude and yelling at them, it’s no doubt a stressful situation. What makes it even more stressful, and what takes the biggest toll on your staff, is what they are telling themselves that it means.
If someone is yelling at you, it’s easy to have thoughts and beliefs that pop up to assist in justifying that yelling. On some level, you may be feeling that this person is right to yell at you, that you are terrible at your job, that you don’t listen enough, that you don’t act in a caring way. Yes, we all have our areas of improvement, but just because a patient is yelling in your direction does not mean that you are bad.
We naturally strive to do the best that we can do. Coaching assists the individual employee to help balance this goal without taking things personally. They empower their employees with tools like positive self-talk, giving and receiving feedback effectively, and moving into acceptance so that one can move forward.
Coaching at a healthcare institution means coaching at an individual level as well as a group level and can set your staff up for success by building skills that empower them to approach patient interaction with higher levels of positivity and deal with change in a healthier, more effective way.
Develop a Customized Game Plan
Every institution is its own organism. Each hospital or clinic has different areas in which it is strong and different areas in which it is weak or lacking. One of the first things that a coach will do is take an unbiased assessment of your institution. Because they are on the outside and only have one goal, which is to help, they are able to see things much more clearly than those who are in the thick of it.
For over 20 years, David Couper Consulting has operated under the belief that your company is comprised of individuals with their own unique set of needs. Your company has its own unique blueprint for how you do business. Our goal is to take your existing blueprint and work with you and your employees to achieve your strategic goals.
To learn more about bringing coaching into your institution, contact us at email@example.com.
Coaching isn’t just a new age fad. David Couper Consulting embodies the truth that coaching is a proven game-changer, especially in the healthcare industry. We welcome the opportunity to show you how coaching can improve employee satisfaction, customer experience, and your overall bottom line.
Melissa Schoenecker is a freelance writer and co-creator of the universe based in Venice, California. She received a Bachelor of Science Degree from the University of Wisconsin - Madison, and a Master's Degree from the University of Santa Monica. She contributes to a number of blogs and online postings, but her best work can be found in her gratitude journal.