When people think about the future of healthcare, many of them probably think about aspects involving technology. Much attention is given to innovative products of medical manufacturing — for example, advanced imaging equipment, more effective drugs or robotic surgical suites. Although these advancements are helping to shape the future of medicine, another significant change involves how patients will receive care in the coming years. Growing numbers of physicians are adopting the concierge medicine business model. These physicians are revolutionizing healthcare not through the tools they use but via the manner in which they interact with their patients. How widespread will this trend be? Time will tell, but for now, the future of concierge medicine looks very promising.
Defining Concierge Medicine
What makes the concierge model so different from traditional care? It comes down to how the physician-patient relationship is defined. With the concierge model, patients directly pay their providers an out-of-pocket retainer for all services, rather than relying on insurance providers to reimburse caregivers for a significant portion of the cost for care. This in effect cuts out a middleman that is responsible for much of the red tape and frustration that hinders both providers and patients.
What Makes the Concierge Model So Appealing
With no requirement to pass treatment plans and documentation through an insurer and then wait for reimbursement, medical practices gain freedoms that they don’t have under the traditional business model. Because there’s no need to submit extensive documentation traditionally required even for basic checkups, caregivers and their staffs are relieved of one of the most burdensome elements of their jobs. Because providers also don’t need to see as many patients under this framework, they can spend more face-to-face time with patients under their care.
This reduced workload can be immensely beneficial for doctors, patients and staff. Because they don’t need to keep cycling people into and out of the office to remain profitable, physicians can concentrate on their true purpose — healing their patients. They also experience less burnout and have more time for themselves and their families. Patients benefit because they receive more personalized treatment and can develop a deeper rapport with their providers. With no insurers to restrict treatment options, patients also know that their doctors are free to explore and recommend options that could result in better outcomes.
The Rise of Concierge Medicine
While engineers create new medical devices and pharmaceutical companies formulate the medicine of the future, the service side of medical care increasingly points to concierge medicine. According to recent surveys, the number of physicians operating under this model is growing steadily, albeit from a relatively modest base number. As of 2019, there were roughly 12,000 doctors practicing under this framework in the U.S. — but trends indicate increases of between 3% and 6% each year. The potential is there, then, for natural, organic growth over time as more and more medical professionals become aware of how this model can help them deliver better care.
If you are interested in learning more about the future of concierge healthcare or how to transform your practice to this business model, Specialdocs Consultants can help. We’ve been on the leading edge of this change for years, helping practices successfully make the conversion. Our unique expertise means we can show you how to take advantage of everything that the concierge model has to offer. To learn more, get in touch with us today.
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