If you’re a physician, there’s a good chance you may have heard of concierge medicine. Perhaps you’ve read about it in an industry publication or seen literature at a conference. Maybe one of your colleagues has made the switch and converted his or her practice to this new framework.
No matter where you were first exposed to concierge medicine or even if you’ve never heard of it, the fact remains that a growing number of practices are converting to this business model for a variety of reasons. So, why are doctors going to concierge medicine? Read on to learn what’s driving this shift in the profession.
Why Make the Switch to Concierge Medicine?
Unlike the traditional structure in which doctors depend on reimbursements from insurance companies for their revenue, concierge practices are paid directly by their patients. Patients pay either a monthly or yearly fee for all services under a membership or subscription format. This entitles them to the same care and treatment that a primary care physician offers under typical circumstances, but it changes the experience for patients and physicians in several significant ways.
How does making the transition to the concierge model help physicians deliver better care and improve their businesses? There are several reasons a growing number of professionals are adopting this way of doing business. These include:
Providing Better Care
So much of a traditional doctor’s time is consumed by paperwork just to make sure insurance payments are made. With all the effort that goes into appeasing the insurers and keeping the revenue cycle on track, doctors and their staff are already falling behind before they see their patients. This means they might rush through appointments and fill every moment of their schedule to maximize their revenues.
On the other hand, becoming a concierge practice means cash flow becomes much more stable and dependable. Concierge doctors also rid themselves of the burden of processing paperwork. This allows them to take on fewer patients and spend more time with each.
Making the Job More Rewarding
It isn’t surprising to learn that physicians are more susceptible to burnout than other professionals. The stress of their work can be overwhelming at times, especially when they need to crowd their schedules with appointments just to keep their doors open. Putting in long days can be exhausting, and seeing patients for only a few moments at a time can cause the work to feel impersonal and unfulfilling.
However, concierge medicine offers a solution to this problem by allowing doctors to achieve a work-life balance more in line with what they want. Because they can slow down and concentrate on each patient as an individual, concierge doctors tend to feel like they’re making a real difference.
Building Stronger Relationships With Patients
Perhaps the biggest benefit of the concierge model for doctors and patients is that it allows for stronger rapport. Without the need to speed through appointments, physicians can get to know their patients as people. Concierge patients typically say they are more satisfied with the level of care they receive because of the personalized attention. Overall, concierge medicine can lead to greater patient engagement and higher retention rates.
Make the Switch Yourself!
It’s clear that converting to the concierge model can lead to good things for physicians and the people they treat. Specialdocs Consultants has helped countless practices make the transition and experience the advantages for themselves. Our experts can guide you and your staff through the entire process, providing support every step of the way.
To learn more about what we can do or to take the first step on your journey, reach out and speak with one of our representatives today.