To offer better patient care and maximize revenues, some doctors have abandoned the conventional payment paradigm. Concierge medicine is one such approach in which customers pay a fee upfront to retain the services of a physician. They discovered that patients’ total medical expenditures were lower, resulting in more excellent value for them.
Changing to Concierge Services
Concierge medicine is definitely the future of medical care. The effects of concierge medicine on patients and doctors are listed below.
Concierge Service Paradigm
Although not all concierge services are the same, most of them have certain commonalities. A doctor in concierge medicine costs a yearly fee that may be paid in whole or in installments, but the agreement is for the entire year. The annual cost includes in-depth, comprehensive treatment and screenings not covered by conventional insurance or government programs.
Some concierge medicine doctors still take insurance and government programs. Aside from the yearly charge, patient visits are typically invoiced. They get shorter wait times, same-day appointments, after-hours phone calls, email, and online telemedicine conferencing sessions.
At least half of the daily patient visits were unnecessary. Many of these patients could be successfully handled over the phone or with remote monitoring equipment. They did not even need to come in. Your very own private doctor who practiced concierge medicine only went to patients who required visits and treated others via telemedicine or remote monitoring.
Impact of COVID-19
Doctors were looking for methods to remotely monitor chronic health problems even before the COVID-19 public health emergency. Telemedicine and remote monitoring have risen to the forefront of COVID-19. This kept individuals who were at high-risk safe at home and decreased the chance of coronavirus infection.
Patient education is without a doubt the most challenging obstacle for physicians interested in switching to direct concierge care. The majority of people are used to the traditional healthcare paradigm and are wary of the unexpected. When a doctor changes jobs, they may lose some of their current patients. Another thing to keep in mind is that seeing fewer patients does not always imply more personal time. Patients who pay the up-front cost may anticipate 24-hour access to their doctor, home visits, and, in many instances, the doctor’s mobile phone number.
Finally, like any other company owner, a concierge doctor must follow state business laws and keep track of the practice’s running costs to make a profit. This covers both the doctor’s and other medical personnel’s time management. A doctor must set the initial price high enough to cover those costs and make the transition viable but not too expensive, or patients may seek cheaper options elsewhere. Getting the appropriate pricing point may be difficult at first.
Concierge medical care is becoming increasingly popular among physicians and consumers to address growing healthcare expenses and the demand for higher-quality treatment. Consumers are becoming more aware of and accepting new ideas due to the COVID issue, which has pushed telehealth services into the limelight. The public, now more than ever, needs healthcare innovation.