Is my Practice is Suitable for Concierge Medicine? 8 Things to Consider. March 15, 2018 Tag 1326 In a national movement, thousands of private practice physicians have successfully introduced concierge medicine in to their practices. Have you wondered if your practice is suitable for concierge medicine? Do you have doubts as to whether a concierge medicine program would succeed for you, or has anyone ever told you your practice "isn't qualified"? It's important to first explore the potential opportunity to come to an informed conclusion. Here are eight considerations which will help you do so. 1. Self-Evaluation It's important to understand if you, your demeanor and experience are suitable for providing concierge-level care and service. How long have you been practicing in your community? How long have you practiced at your current location? What is your normal bedside manner like; warm, caring and compassionate or hurried, abrupt and seemingly disinterested? Successful concierge physicians are typically warm, caring and compassionate individuals who have developed very loyal patients over time, based on the quality of care they provide. It is the trust the patients have in their physician which entices patients to pay an annual fee for a concierge program. This isn't to say that physicians whose bedside manner is different than described above are not good physicians. In fact, they may be excellent clinicians but may not have the right personality to succeed at concierge medicine. The bottom line is; the quality of care you provide and the degree of loyalty your patients have for you weigh heavily. 2. Motivation What are your reasons for considering a concierge program? Burn-out? Quality time with patients? Frustration with the system? Improved outcomes? Fair compensation? If several of the above apply to you then you're like most private practice physicians today. They too are seeking a way to overcome their many practice challenges while being fairly compensated. 3. Panel How many active patients do you have? By active, we mean those you have seen in the past 24 months (not patient records/charts). What type of community are you practicing in; affluent, upper middle class, middle class, below middle class? What percentage of Medicare patients do you have? If you care for Medicaid patients, what percentage of your panel do they represent? Do you have Whole Foods, Costco and import new car dealerships nearby? Enrolling patients in a concierge practice is, in part, a numbers game. The more patients you have of the right demographics typically leads to higher enrollments. The higher the level of affluence in your practice typically means higher enrollments. Having Whole Foods, Costco and import auto dealerships in your area is normally a good indicator for a concierge practice. The percentage of Medicare patients you have in your active panel will impact your program's success. The higher the percentage usually equates to a higher likelihood of success. Conversely, the higher the percentage of Medicaid patients in your panel means the less likely you are to succeed with a concierge program. To give you a baseline, a practice with a Medicaid population of 10% or higher would be a high risk for concierge medicine. As the nationwide acceptance of concierge medicine by physicians and patients continues to grow; we're seeing an increase in the number of working class patients enroll. Thus, this type of program is no longer just for the affluent. 4. Suite Is the décor of your practice inviting and clean or is it old, tired looking and in need of a facelift? Are workplaces organized? Is your suite in a well kempt building with ample parking? Are you conveniently located for most of your patients? Although not always a deterrent to enrolling in a physician's concierge practice, many patients will have a hard time justifying an annual membership fee if they are turned off by the appearance of your practice. If your practice does need to be spruced up you don't need to break the bank to do so. We often see practices make simple and cost effective cosmetic changes such as a fresh coat of paint, new carpet, reupholstered furniture and tidying up which can make a huge difference. 5. Staff Your staff, like you, are most likely overworked, tired and feeling underappreciated. Perhaps, despite all of this, they remain cheery and provide excellent customer service. Or perhaps, they are the opposite. They are testy, frustrated and quite frankly miserable. It's called "concierge medicine" for a reason. The whole concept is to provide your patients with a positive experience which they don't often receive at traditional medical practices. That includes an enhanced level of care, attention and service. A great staff which is invested in the mission of the practice is priceless. Conversely, a staff that is surly and works there simply to collect their paycheck will torpedo your odds of success. 6. Market Like most things in the work world, supply and demand will play a role in determining if your practice is suitable for concierge medicine. What's your market like? Are patients having a difficult time finding physicians in your specialty who are accepting new patients? Or, are there plenty of physicians to choose from? How is easy is it for Medicare patients to find a new physician? Has a health system cornered most of the market, leaving few independent physicians in its wake? Are you in a group practice where other physicians will remain in a traditional practice model and have the capacity to accept new patients (including those who wouldn't enroll in your program)? Scarcity in your market creates a greater opportunity for you. On the other hand, the greater the availability of physicians in your market the more choice your patients have. However, if your patients have a high level of loyalty for you, the market conditions can be overcome. 7. Awareness Is concierge medicine prevalent in your area? Is the level of awareness for concierge medicine non-existent or low? Have patients requested concierge medicine specifically or more of your time and attention than you are able to currently provide? A heightened level of concierge medicine in your area will work in your favor ("a rising tide lifts all ships"). So will requests for more of your time and attention. Patients will be more receptive and be accepting of a concierge program as there will be less education required. 8. Beware Your patients love you, right? After all, many have said so. They've been coming to you for years, you've saved countless lives and you're a pillar in your bedroom community. So you know they'd be willing to pay an annual membership fee, right? Not necessarily so. Many patients will balk at the idea, whether the membership fee is affordable or not. Also, do they really love you as much as you think they do and are they as loyal as you believe them to be? Many may be. Others may not be. When it comes to a concierge program, there will always be surprises as to who enrolls and who doesn't. Always! The above considerations will help guide you to an informed decision regarding whether your practice is suitable or not. When evaluating, it's important for you to be brutally honest and to seek others' opinions on these topics. Only then will you have a more accurate perspective on the opportunity. Learn more about how Paragon Private Health can help solo physicians implement concierge medicine.