Competition exists in every industry, and most of us know there are many reasons why this can be good for business. However, do the same reasons apply to a personalized care or concierge medical practice?
Some of our physicians welcome competition by referring local respected colleagues to Specialdocs, while others are more reluctant to recommend additional physicians in their community for a concierge model. If a new concierge practice does open in the same area as one of our current physician-clients, some of them are enthusiastic while others are concerned.
What has Specialdocs learned about competition in the field of concierge medicine? As more and more personalized care practices open across the country, Specialdocs has found the following to be true:
- Credibility: As more physicians practice in a concierge model, the personalized care physician becomes more credible in the marketplace…and in the eyes of the patient. Both during the physician transition period and after the practice has been established, patients are more apt to be familiar with the concept and understand the value of participating in this type of practice when there are other concierge practices in the area.
- Loyalty: Patients join a concierge practice because they are already loyal to the physician. Whether they had been a long standing patient in the traditional practice or they join after the practice is established, patients typically don’t leave one concierge practice to join another, even when there is a slight difference in annual fee pricing.
- Innovation and improvement: Competition in all industries pushes us to work harder, and it’s no different in health care. As new concierge practices open in proximity, our physician-clients look to be more creative and add more value to their practices…thus assuring the patient continues to renew year after year.
Specialdocs’ list of physician clients across the country continues to grow each month. We find that whether our newest physician-client is located in a smaller town or large metropolitan area the same holds true…competition in the personalized care and concierge health care space is proving consistently to be “healthy” for business and even healthier for the growing acceptance of the concierge model of care.