Concierge medicine is a relatively new approach to primary care that has been gaining traction in recent years. It is an alternative to traditional primary care that aims to provide a more personalized and improved physician-patient relationship. To access this high level of care, patients pay a membership fee to a general practitioner, similar to the advance fee paid to a lawyer. This allows the doctor to spend more time during each visit and focus on the individual needs of their patients.
Concierge Medicine doctors are dedicated to developing personalized relationships with their patients and will provide the highest level of care and attention. In this comprehensive guide, we'll explore what concierge medicine is, the average salary for concierge medicine, the advantages and disadvantages of concierge medicine, software to support concierge offices, and whether or not this model is right for you.
What is Concierge Medicine?
Concierge medicine is a response to the status quo of long waits and doctors who feel strange. It is an alternative to traditional primary care that allows doctors to significantly limit the number of patients they accept into their office, which means greater availability and access for those who are part of the concierge medicine program.Without having to worry about coding and billing, you can hire fewer staff, which will increase your profits. Plus, you don't have to worry about dealing with insurance companies, which could also eliminate another salary you have to pay. In general, it involves less paperwork and you won't need to spend as much time updating your EHR. You have more reliable income because you receive consistent payments through membership fees.
In addition, you can spend your time focusing on medicine instead of paperwork, which means that you can practice medicine independently, according to your own personal vision. Without having to worry about billing, coding, and insurance, you'll have no restrictions when it comes to the types of services you can provide to your patients. You can tailor your office specifically to the needs of your patients and your community.
The Average Salary for Concierge Medicine
The best way to arrive at a price is to do a financial and operational analysis, as well as an evaluation of the market.See what other concierge offices charge each month. Compare the size of your patient panel and the demographics of the community to arrive at a price that you think will be best for you and your patients. You can always hire an outside consultant or agency to help you with these analyses.
Advantages and Disadvantages of Concierge Medicine
Concierge medications can be a great option for doctors who are prepared for a change of pace, because the patient panel is smaller and less dependent on insurance reimbursements.Healthcare providers use medical billing software to automate their manual billing tasks, such as checking patients' insurance, processing and filing claims, processing payments, and following up on denied claims. The software helps suppliers to increase their collections by avoiding repetitive and cumbersome administrative tasks. A concierge office wouldn't necessarily need the insurance aspects of this type of software, so it's worth considering when looking for software. Some solutions are especially suitable for concierge offices because they offer useful features, such as generating pre-collection letters, compiling a list of all patients in the payment plan, and preparing a report to calculate outstanding balances.
Patient portal software is a versatile solution that provides users with secure access to medical records and services. Increase patient engagement by facilitating tasks such as scheduling appointments, requesting prescription refills and paying bills online. Like Knope, many offices are attracted to concierge services because they believe that the healthcare industry has become too bureaucratic. Switching to concierge medicine is one way to overcome some of that bureaucracy, allowing concierge doctors to spend more time on personalized patient care and less time worrying about when or how they will be paid for their efforts. However, while concierge doctors offer primary care services that are useful, direct primary care is no substitute for health insurance, especially if you need to see a specialist or have a condition that requires treatment that your primary care doctor cannot provide you with. Switching to concierge medicine will inevitably result in you losing patients, as not all patients want to separate themselves from traditional healthcare. We believe that you can have a better healthcare experience if you choose concierge care, but you should understand the fees and limitations of the system.
It's very likely that you won't get rich by switching to a concierge medicine office model, but if you care about improving the health of your patient population, concierge medicine might be right for you.
