Making The Conversion: Tips For Concierge Physicians Of Tomorrow

There are several reasons you may be thinking about converting your practice to a concierge model of medicine. The benefits for you, your patients and your staff are numerous. Switching to a subscription-based payment structure instead of relying on reimbursement from insurers means you can spend more time with patients and less time wrestling with red tape. There are so many advantages to concierge medicine that you may be tempted to jump right in as soon as possible.

However, if you want to get the most out of this transition, you’ll need to take your time and think it through carefully. To help you along your journey, here are some tips for concierge physicians that can help facilitate a smooth and successful transition.

Start With a Business Plan

Before you begin, you’ll need to establish a strategy that can help you make informed decisions along the way. This business plan should include determining who your customer base will be, how large it will need to be, how much you will charge for your services, what your marketing will look like and other considerations. If there are any competitors in your area who also provide concierge medicine, pay attention to what they do and how they promote their practices.

Be Aware of Your Legal and Regulatory Risks

Operating under this framework means you’ll have to follow a different set of rules. For instance, if you’re still accepting payments from government or private insurance plans, any services you provide that are covered by these entities cannot be included in your membership dues. You also need to take a look at your existing malpractice insurance policies, compliance documents and other risk mitigation elements. These most likely will need to be adapted to fit the concierge payment structure.

Communicate the Changes

Although your existing patients can benefit a great deal from your new business model, the changeover to concierge medicine might be confusing for them. This is why it’s critical to take time to talk to them about the change and what it will mean for them. Having an effective marketing strategy is key not only for this purpose but also for adding new patients in the future. It’s also very important to make sure your staff is fully aware of what is happening so they can answer questions.

Seek Expert Help

There are a lot of moving parts that go into this transition, and it could help to have someone with expertise and experience guiding you through the process. Working with professional consultants who specialize in this model could provide you with a solid foundation. This can ensure that you remain focused on serving your community even as you navigate your transitional period.

Converting your practice to the concierge model can do a lot of good for you and those you serve — but only if you get off on the right foot. As you prepare to take the next step on your professional journey, remember these tips. With this advice, you should be able to avoid many of the pitfalls and obstacles that could trip you up along the way.

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