Healthcare
Concierge Medicine Yesterday, Today, and Tomorrow
Concierge Physicians Have a Hard Time Growing and Running Their Practice
Also called "Retainer Medicine," "Concierge Medicine" is the title of a unique concept based on fulfilling patient convenience and expectations. Using luxury medical amenities offered through concierge medicine, patients receive exclusive services like 24/7 same-day physician availability in exchange for a fixed annual payment.
Amid the rising patient expectations and the failure of traditional healthcare, meeting them is the biggest driver of the Concierge medical Practice. One of the many popular reasons for concierge medicine by many patients is the ability to receive same-day service and direct access to their physician through email and phone.
Why Concierge Medicine?
Just like staying in a luxury hotel or taking a first-class flight on a trip, millennials and the younger generations feel Concierge medicine makes them feel like VIPs and adds value to their care.
Concierge medicine is not subjected to the most rules, regulations, administrative burdens, and limitations of the classical insurance-influenced medical care. Therefore, it leaves plenty of time for physicians to spend exclusively with their patients.
In Concierge medicine, even if the physician elects to combine it with their traditional practice, the fixed annual payment component of this hybrid approach allows the physician to reduce the volume of their patient load. That helps the physician avoid possible administrative burdens and burnout to some extent.
Concierge medical practices improve doctor-patient relationships, immediate and uninterrupted access to quality medical care, and little or no wait time to schedule a visit. It allows more time for patients to spend with physicians and less pressure on doctors.
Concierge medicine helps streamline end-to-end care workflow and timely access to various diagnostic services, their respective results, and interpretation.
In other words, effective care coordination and attention are one of the most significant benefits of concierge medicine for patients. Similarly, concierge medicine permits physicians to limit the number of patients they take into their practice. That translates into their increased availability to the patients.
Concierge Medicine Statistics
The concierge medicine market size in the United States is experiencing significant growth. As valued at $5.5 billion in 2021, the market is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.27% between 2022 and 2030.
The upward concierge medicine market trend reflects two significant factors in today's healthcare environment. First is the fact that just like the driver of the rising Medical Tourism market, overwhelming expectation and experience mismatch among patients also drives the concierge medical market.
Some healthcare leaders are raising the red flag of concern amidst this sweeping trend of physicians taking up concierge medical practice. Its associated acceptance of fewer patients will exacerbate the impending physician shortage.
Challenges of Concierge Medicine
A recent survey shows that 62% of concierge doctors need help growing their membership or running their business.
The bottlenecks of growing members in concierge medical practice are typically related to factors around the organization, trusting the physician, and the need for concierge doctors close to the patient.
Someone who chooses to take advantage of concierge medicine must also understand that they may only need the service a few months out of the year. Besides, the concierge physician must ensure and establish realistic expectations from the program.
Solution for Challenges Associated With Concierge Medicine
Understanding the obstacles of the concierge medical Practice and devising proper solutions to them rests on understanding the core reason behind the evolution of Retainer Based Medicine.
Offering unorthodox means of medical service is to balance the quality and value of the service objectively and subjectively for the physician and the patient.
Even though concierge medicine eliminates 3rd party payers and intermediaries (partially, if not entirely), the doctor-patient relationship is imminent. Nonetheless, the system still requires optimal and customized planning and execution of the workflow process.
Concierge medicine requires a collaborative milieu and end-to-end operational transparency, just like its traditional counterpart. Still, the concierge medical practice must entertain hybrid work and patient models. That includes real-time interaction capability.
Furthermore, the robust system must avoid pitfalls with concierge medicine and the risks of convincing patients to join the program.
Some practices may come across as illegal kickbacks to government agencies. That is of particular concern when splitting fees in mixed payment models.
It is also vital to delineate patients who wish to avoid joining the concierge program, so they feel supported.
Concierge medicine is the future. However, it will face various challenges before finding its spot within the healthcare system. In addition to robust logistics, concierge medicine needs more regarding the number and diversity of specialties and stakeholders to be one hundred percent efficient.
References
- U.S. Concierge Medicine Market Size Report, 2022–2030. "U.S. Concierge Medicine Market Size Report, 2022–2030." Accessed December 15, 2022. https://www.grandviewresearch.com/industry-analysis/us-concierge-medicine-market-report
- Konstantinovsky, Michelle. "Many Doctors Are Switching to Concierge Medicine, Exacerbating Physician Shortages." Scientific American. Accessed December 15, 2022. https://www.scientificamerican.com/article/many-doctors-are-switching-to-concierge-medicine-exacerbating-physician-shortages/
- Dike, Esq.; Doris, and Doris Dike Esq. "Legal Considerations before Starting a Concierge Practice." Medical Economics, July 26, 2022. https://www.medicaleconomics.com/view/legal-considerations-before-starting-a-concierge-practice
- TABRIZ, Dr. ADAM. "Concierge Medicine, the Epitome of Demand for Personalized Healthcare." Medium, October 27, 2021. https://medium.com/beingwell/concierge-medicine-the-epitome-of-demand-for-personalized-healthcare-b98cb3054be
TABRIZ, Dr. ADAM. "Physician, Medical Doctor Or Healthcare Providers: That Is The Question!" Medium, December 14, 2022. https://medium.com/illumination/physician-medical-doctor-or-healthcare-providers-that-is-the-question-be7705e49ec4
NewsBreak Original. "Are Physicians Intentionally Downplaying Their Intellectual Humility? | Dr. Adam Tabriz | NewsBreak Original.” Accessed December 15, 2022. https://original.newsbreak.com/@dr-adam-tabriz-1587406/2841428788508-are-physicians-intentionally-downplaying-their-intellectual-humility
Dr. Adam Tabriz. "Double Standards Of Claims Data In Healthcare," November 13, 2022. https://www.adamtabrizmd.com/post/double-standards-of-claims-data-in-healthcare
