Warren Buffet on Patient Healthcare Experience

Warren Buffett - Organizations must do this one thing

Written by Tamara Rosin (Twitter | Google+) | June 09, 2016

If an organization merely tries to satisfy its customers, it will fall prey to the clutches of mediocrity. Instead, all companies should strive to "delight" their customers, according to Berkshire Hathaway Chairman and CEO Warren Buffett, Fortune reported.

Mr. Buffett's advice is particularly relevant to the healthcare industry, as it has significantly increased focus on improving the patient experience, even tying hospital reimbursement to levels of patient satisfaction through the HCAHPS survey.

The investment mogul shared this piece of advice Tuesday while speaking on a panel at LaGuardia Community College in Long Island, N.Y. He was joined by Square founder Jack Dorsey, Goldman Sachs CEO and Chairman Lloyd Blankfein and former New York City Mayor Michael Bloomberg.

"Put it in lipstick on your mirror, or whatever," said Mr. Buffett, according to Fortune. "Any business with delighted customers has a sales force they won't have to pay; You don't see them, but they are talking to people all the time."

For example, Mr. Buffett said he probably doesn't remember the exact price of a car he bought a few years ago, but he likely remembers the experience he had with the car salesman. In healthcare, while the cost of services are a principal point of concern to patients, the type of experience one has in the hospital can be far more memorable than the money.

"Have them walk out of the door thinking, 'I have never had a better experience with a human being,' and they will come back…" said Mr. Buffett, according to the report.