Many professionals are subject to burnout due to the stress of their jobs. For doctors, however, the stakes are too high for them to give anything less than their best at all times. The emotional weight of the job is perhaps higher than it is in any other profession, with patients’ lives being in their hands on a regular basis. However, this is far from the only source of stress for physicians. They also must wrangle with the red tape and restrictions created by the insurance industry, as well as the pressure to take on as many patients as possible to stay afloat. As a result, many practices are converting to the concierge model of care, which has the potential to alleviate many of the problems caregivers face in the traditional system.
Unlike most practices, which depend on reimbursements from insurers for their revenue, concierge doctors operate on a subscription framework. Their patients pay a flat fee on a yearly or monthly basis to cover the care they receive, rather than submitting claims to an insurance provider for every service. When compared to the typical arrangement, it’s clear this setup can bring numerous advantages for physicians. Read on to learn more about the top five concierge medicine benefits a doctor’s practice could experience.
1. Prioritizing Patients
When they depend on insurance payouts, doctors and staff members must contend with a significant amount of paperwork, which cuts into the time they could be spending caring for patients face-to-face. Operating under the concierge framework eliminates much of the bureaucracy, making patient care the main focus once again.
2. Operational and Financial Security
Waiting for insurance companies to process claims means practices can’t be certain they will have the cash flow necessary to reinvest into their operations. This means they often find themselves at the mercy of insurers when they need to make long-term plans or decisions that will impact patients. Switching to concierge medicine removes these obstacles, providing greater freedom to make decisions because there is little concern over maintaining a steady revenue stream.
3. Increased Flexibility
Insurers are concerned with their bottom line first and foremost, which means they can put the brakes on a doctor’s recommended treatment or procedure. This stifles doctors into pursuing only the avenues of care that are approved by the patient’s insurance. Concierge physicians, on the other hand, have the flexibility and freedom to make the choices they feel are right for each patient. They can explore all possibilities without worrying about being vetoed by an insurance company.
4. More Face Time With Patients
No patient wants to feel as though he or she is little more than a name on a chart. Doctors often have little time, however, to do anything but step into the exam room, ask a few questions, consult the chart and then move on to see the next person. But with less time spent on bureaucratic concerns and fewer patients to see overall under the concierge model, doctors can slow things down to a considerable degree. They can devote more time and individual attention to each patient, getting to know them. This helps patients feel more comfortable and engaged in their care, which leads to higher levels of satisfaction and better outcomes.
5. Work-Life Balance
Doctors deserve the same opportunity to get away from their work and decompress as everyone else does. Under the typical business model, however, they often don’t have the ability to switch off as often as other professionals do. Adopting the concierge model, on the other hand, can drastically reduce their workload while still allowing them to be successful. Eliminating insurance paperwork and lowering the number of patients they need to see gives physicians the ability to devote more time to family, friends and leisure.
If these all sound like convincing arguments for you to convert your practice to the concierge model, calling Specialdocs Consultants should be your first step. We have helped countless doctors make the switch successfully and reap the benefits. To get started on your journey, reach out and talk to us today.