"We used a hypothetical private, 800-bed academic medical center operating in the United States with net revenues of about $1.5 billion. This hospital uses a mix of fee-for-service, managed private care, public insurance reimbursements and direct payments by patients. The model estimates that the total annual economic benefit it could achieve from the implementation of patient-centered care approach is $81.3 million."
Patient-centered care is not only great for your patients, but there are potentially millions at stake for enacting it—that should be more than enough reason to make you a champion for this cultural shift. But if you want more reasons why patient-centered care is the model of the future, you may want to listen in to a recent presentation I attended, Patient Centered Accountable Care, which outlines in greater detail the financial and clinical benefits of this approach.
What I found most appealing about this presentation on patient-centered care was that the facilities involved have embraced this philosophy completely, making it a part of their overall culture. This meant they sought the guidance and insight of their patients in as many areas as possible. In doing so, these hospitals have made huge strides not only in their patient satisfaction, but also in their cost reduction efforts and quality.