The Bombay Stock Exchange Sensex opened 940 points down on Friday morning while the United Kingdom voted whether Britain would stay with the European Union, and fell further – more than 1,000 points – after 10 am. India’s Nifty was also down 300 points, while the rupee fell 74 paise against the dollar in early trade on Friday. As Britain voted for its exit from EU, or Brexit as it has come to be known, global markets plummeted.
Finance Minister Arun Jaitley, in a statement, said the government was prepared for the short and medium-term consequences of Brexit. "All countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, the referendum’s medium term impacts," he said. Reserve Bank of India Governor Raghuram Rajan also said the apex bank was watching markets closely, and will provide liquidity and intervene in currency markets if required, PTI reported.
The Reserve Bank of India intervened in the forex market on Friday with liquidity support, PTI reported. Finance Secretary Ashok Lavasa said the Centre and RBI are ready with measures to curb market volatility.
The Sensex recovered only slightly by evening, closing at 604 points down at 26,397.71, while Nifty crawled back up past the 8,000 mark. The rupee recovered slightly from the day's low of 68.22 and was trading at 67.84.
At the end of the day, gold prices climbed to beyond Rs 32,000 per 10 gram, up by Rs 1,944 in the futures trade. With this, the price of the yellow metal touched a two-year high. Market analysts said this was because gold prices are valued against the dollar. After rupee took a beating earlier in the day, the precious metal was considered a safer haven investment.
The UK’s currency, the pound sterling, dropped to as low as $1.3229, its lowest since 1985, and is on course for its biggest one-day loss in history. Though the pound closed on a high after voting on Thursday night, following trends that showed a Brexit, the FTSE 100 futures traded nearly 9% lower, suggesting a collapse in UK stock markets. Reports suggested the UK's economy might slip into a recession following the Brexit.
The Bank of England has said it is ready to provide £250 billion to Britain's economy, if necessary. Oil prices have plunged 4.8%, gold is up 4.9%. HSBC, which earlier this year opted to keep its headquarters in London, plunged as much as 12% in Asian trading, Livemint reported. Shares of companies with a large portion of its business in the UK or Europe will be under pressure on Friday.
The Nikkei index in Japan has dropped 8%, and Hong Kong's stock exchange sank 4.4$, while Wall Street is also expected to be hit by Brexit results. European markets have also taken a beating – German stocks plummeted 9.94%, Paris' 8%, and Vienna's 10% on opening race after Brexit. London's stock exchange dropped 7.4% on opening, reported AFP. The Australian dollar is down 3.4%, South Korea's won sank 2.4%, the Indonesia rupiah 1.7%, and Malaysia's ringgit 2.7%. The Canadian and Singapore dollars have also incurred losses.
Putting the patient first - insights for hospitals to meet customer service expectations
These emerging solutions are a fine balance between technology and the human touch.
As customers become more vocal and assertive of their needs, their expectations are changing across industries. Consequently, customer service has gone from being a hygiene factor to actively influencing the customer’s choice of product or service. This trend is also being seen in the healthcare segment. Today good healthcare service is no longer defined by just qualified doctors and the quality of medical treatment offered. The overall ambience, convenience, hospitality and the warmth and friendliness of staff is becoming a crucial way for hospitals to differentiate themselves.
A study by the Deloitte Centre for Health Solutions in fact indicates that good patient experience is also excellent from a profitability point of view. The study, conducted in the US, analyzed the impact of hospital ratings by patients on overall margins and return on assets. It revealed that hospitals with high patient-reported experience scores have higher profitability. For instance, hospitals with ‘excellent’ consumer assessment scores between 2008 and 2014 had a net margin of 4.7 percent, on average, as compared to just 1.8 percent for hospitals with ‘low’ scores.
This clearly indicates that good customer service in hospitals boosts loyalty and goodwill as well as financial performance.Many healthcare service providers are thus putting their efforts behind: understanding constantly evolving customer expectations, solving long-standing problems in hospital management (such as long check-out times) and proactively offering a better experience by leveraging technology and human interface.
The evolving patient
Healthcare service customers, who comprise both the patient and his or her family and friends, are more exposed today to high standards of service across industries. As a result, hospitals are putting patient care right on top of their priorities. An example of this in action can be seen in the Sir Ganga Ram Hospital. In July 2015, the hospital launched a ‘Smart OPD’ system — an integrated mobile health system under which the entire medical ecosystem of the hospital was brought together on a digital app. Patients could use the app to book/reschedule doctor’s appointments and doctors could use it to access a patient’s medical history, write prescriptions and schedule appointments. To further aid the process, IT assistants were provided to help those uncomfortable with technology.
The need for such initiatives and the evolving nature of patient care were among the central themes of the recently concluded Abbott Hospital Leadership Summit. The speakers included pundits from marketing and customer relations along with leaders in the healthcare space.
Among them was the illustrious speaker Larry Hochman, a globally recognised name in customer service. According to Mr. Hochman, who has worked with British Airways and Air Miles, patients are rapidly evolving from passive recipients of treatment to active consumers who are evaluating their overall experience with a hospital on social media and creating a ‘word-of-mouth’ economy. He talks about this in the video below.
As the video says, with social media and other public platforms being available today to share experiences, hospitals need to ensure that every customer walks away with a good experience.
The promise gap
In his address, Mr. Hochman also spoke at length about the ‘promise gap’ — the difference between what a company promises to deliver and what it actually delivers. In the video given below, he explains the concept in detail. As the gap grows wider, the potential for customer dissatisfaction increases.
So how do hospitals differentiate themselves with this evolved set of customers? How do they ensure that the promise gap remains small? “You can create a unique value only through relationships, because that is something that is not manufactured. It is about people, it’s a human thing,” says Mr. Hochman in the video below.
As Mr. Hochman and others in the discussion panel point out, the key to delivering a good customer experience is to instil a culture of empathy and hospitality across the organisation. Whether it is small things like smiling at patients, educating them at every step about their illness or listening to them to understand their fears, every action needs to be geared towards making the customer feel that they made the correct decision by getting treated at that hospital. This is also why, Dr. Nandkumar Jairam, Chairman and Group Medical Director, Columbia Asia, talked about the need for hospitals to train and hire people with soft skills and qualities such as empathy and the ability to listen.
Striking the balance
Bridging the promise gap also involves a balance between technology and the human touch. Dr. Robert Pearl, Executive Director and CEO of The Permanente Medical Group, who also spoke at the event, wrote about the example of Dr. Devi Shetty’s Narayana Health Hospitals. He writes that their team of surgeons typically performs about 900 procedures a month which is equivalent to what most U.S. university hospitals do in a year. The hospitals employ cutting edge technology and other simple innovations to improve efficiency and patient care.
The insights gained from Narayana’s model show that while technology increases efficiency of processes, what really makes a difference to customers are the human touch-points. As Mr. Hochman says, “Human touch points matter more because there are less and less of them today and are therefore crucial to the whole customer experience.”
By putting customers at the core of their thinking, many hospitals have been able to apply innovative solutions to solve age old problems. For example, Max Healthcare, introduced paramedics on motorcycles to circumvent heavy traffic and respond faster to critical emergencies. While ambulances reach 30 minutes after a call, the motorcycles reach in just 17 minutes. In the first three months, two lives were saved because of this customer-centric innovation.
Hospitals are also looking at data and consumer research to identify consumer pain points. Rajit Mehta, the MD and CEO of Max Healthcare Institute, who was a panelist at the summit, spoke of the importance of data to understand patient needs. His organisation used consumer research to identify three critical areas that needed work - discharge and admission processes for IPD patients and wait-time for OPD patients. To improve wait-time, they incentivised people to book appointments online. They also installed digital kiosks where customers could punch in their details to get an appointment quickly.
These were just some of the insights on healthcare management gleaned from the Hospital Leadership Summit hosted by Abbott. In over 150 countries, Abbott is working with hospitals and healthcare professionals to improve the quality of health services.
To read more content on best practices for hospital leaders, visit Abbott’s Bringing Health to Life portal here.
This article was produced on behalf of Abbott by the Scroll.in marketing team and not by the Scroll.in editorial staff.