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Study shows practice relationship technology improves no-show rates, boosts revenue and streamlines patient communications.
It’s no secret that one of the primary reasons practices use patient relationship management (PRM) technology is to reduce no-shows. But the million dollar question is, does it work? According to a report just released by Solutionreach, PRM solutions do, in fact, reduce no-shows and cancellations, and can have a measurable impact on the practice’s bottom line.
Solutionreach, a company in the business of patient relationship management (PRM) solutions, surveyed more than 700 dental, vision and medical practice providers and staff in the U.S., asking how practices are using PRM solutions, as well as how the technology is impacting operations and the patient experience. About a quarter of those responding had no PRM technology.
1. No Show Rates
No-show rates range, on average, from 10% to 30%, according to Solutionreach. But 81% of organizations using PRM software had no-show rates of 10% or less. More than 40% had no-show rates of 5% or less, according to the report.
Data on more than 20 million reminder and confirmation messages showed that sending a message three weeks, three days and one to three hours before an appointment increased confirmations by 156%, according to Solutionreach.
2. Bottom Line
Since PRM solutions can decrease no-shows, it stands to reason that the software boosts revenue, according to Solutionreach. In a medical practice, for example, reducing a no-show rate from 20% to 10% would increase annual revenue by $164,000, according to the company.
While 17% of respondents with PRM technology did not have a recall program in place, more than half of the 83% of PRM software users with recall programs said the recall program generated $5,000 or more additional revenue monthly.
3. Time Saver
Additionally, 83% of those surveyed who use PRM technology reported it resulted in better patient communication and 62% said patients were more engaged.
In general, practices using PRM technology said their staffs spend less time on the phone. One-third said they spend an hour or less on the phone daily. More than three-quarters of respondents with the technology said they spend less than an hour a day on reminders. Finally, 68% said they spend less than an hour each day on recalls.
Solutionreach asked those surveyed about what they think are challenges to using PRM technology. The most common concern was the lack of a budget to pay for the technology, followed by a lack of time and lack of experience.