Healthcare reform has been a hot topic in recent years. There has been no shortage of debate about the best way to improve the quality of patient care as well as the access people have to it. Although much of the discussion has centered around legislation and overhauling the relationship among individuals and insurance providers, a growing number of healthcare providers and their patients are choosing an alternative model that bypasses many of the issues with the current system: Concierge medicine
In this way, the growth of concierge medicine has been a quiet revolution. Although it has not received the same level of attention as a single-payer system, the amount of direct primary care growth seen in the industry over the last several years shows that there is significant merit to be found in practices switching to this model.
What is Concierge Medicine?
Concierge medicine is a subscription-based model in which people pay doctors directly via an out-of-pocket retainer. The biggest difference from the traditional system is that medical practitioners can work around insurance providers. This means their offices don’t have to spend as much time on paperwork and generally don’t need to worry about restrictions on the treatment options they are able to recommend to patients.
Concierge Medicine Trends By the Numbers
Compared to the standard model of care, the concierge medicine market size remains relatively small. However, this type of service has been growing steadily over the last several years. According to a national trade publication covering this segment of the market, this form of private medical service is growing by approximately 3-6% each year. As of 2019, it was estimated that roughly 12,000 physicians in the United States were utilizing the concierge system.
Most clients of a concierge doctor can expect to pay anywhere from $50 a month up to $25,000 per year. However, the national average typically falls around $150 per month. Because concierge doctors utilize this retainer structure as opposed to relying on insurance, they usually have more time to spend face-to-face with the people they treat.
These physicians also tend to have a much smaller client base, roughly 80% fewer than those practicing traditional models of care. This could lead to better outcomes and a stronger bond between doctor and patient. Another sign of potential for this model is that those who have a direct primary care practice tend to be under the age of 45.
Making the Transition
There are numerous benefits for your patient base and practice when you transition to the concierge care framework. However, making this change can be a daunting task. This is where Specialdocs Consultants can help. We are proud to offer our expertise and guide you through every step of the process. Our team can assist you with everything from back-office procedural changes to communicating the new method of business to those you serve.
Check out our FAQs to learn more about concierge care. Then, get in touch with us to get started.