What can Physicians do to keep the Revenue up to at least close to Where it was in the Past!

May 28, 2015

The Growth of Concierge Medicine.

There is a lot of talk amongst physicians that we ensure about how best to make this happen.

The Doctors Insurance Agency works hard to keep the expenses controlled as best we can. We've been working with The Doctors Company the nation's largest physician owned medical malpractice insurance company for 25 years. During this time, we have developed discount programs crediting physicians who work with risk management teams and committees in the following ‘risk management’ associated groups: hospitals and specialty societies, County associations and independent physician practice peer-reviewed groups.
As a physician owned practice company is our experience that The Doctors Company is on the side of the physician to manage costs to the conventional practice of medicine.

React to change, start a medical business obviously, with the new medical economic landscape times are different. In the profitable practice an online magazine that supports physician practice management, Allen Horowitz writes about concierge medicine. Specifically in an article in June 2013 he writes that physicians should consider concierge medicine practice to offset the relentless financial squeeze on providers: Everyone is cutting physicians : from insurance companies , surgery centers other medical groups, the institutional practice of medicine, government payers… The personal doctor -patient relationship is very rare and endangered phenomena. A doctor with many many patients continue to earn what they earned in this profession years ago makes it very difficult to establish strong personal bond.
Manage the Concierge Patient’s Expectations

This can, from the standpoint of a medical malpractice insurance company provide concerns. There is a desire in this concierge trend for physicians to get back to that personal service and better care. And, the malpractice carriers are carefully watching to make sure that expectations of such a relationship are not unrealistic.
Growth Area. The American Academy of private physicians AAP people reports that in 2012 there were 4400 concierge doctors in the United States in the same article was reported that 10% of the physicians are planning to change their practices somewhat to this model of, the real attraction physicians practicing in this way is that the average number of patients and the doctors panel drops dramatically often ring 502,000 patients which allows the physicians to make more promises of careful personal care. Large businesses are also discovering that this model can work Procter & Gamble has over 600 physicians practicing in this concierge model the doctors on the Procter & Gamble panel are provided with support services which relieves them of the responsibilities and risk of managing their own practice they also have fewer patients and often are compensated higher at the end of the year.

Higher Quality, longer encounters with patients

However larger annual revenue is not the motivation as Bloomberg Business Week reports that the average salary for a concierge physician in 2013 is actually a few percentage points lower on average in almost every case concierge medical model is a neutral revenue decision however these choices are made by doctors want to practice lower risk, more satisfying work. Birmingham Michigan physician as an example and structured three tiers of payments with his patient base 500, 1,000 or 2500 per year . There is of course a menu of services is income has stayed about the same slight tick up however it is this lifestyle of lower risk better care that attract physicians like this Birmingham Michigan physician practice.

Ten Patients per day on average concierge physician sees 10 positions per day is not just the membership fees contribute to the revenue of concierge position you can have your number of patients times your annual fee plus you can also take insurance. There are other considerations physicians can practice effectively with the decreased staff, often a smaller office there are some association fees which reduce the amount of money that goes to your bottom line.

Some specialties are better suited for concierge. the following specialties are more commonly found in this practice: internal medicine, family practice, endocrinology and cardiology. it seems that the primary care relationship is much better for this type of model there is some evidence that this type of model results in improved patient care. Certainly, the medical field is discovering evidence of reduced hospital admissions and a decrease in overall health care costs in patients surveyed and studied between the ages of 35 and 64.

It would stand to reason that if you spend more time with your patients- considerable more time with fewer patients well, then care is going to improve. So far the most telling testimony in favor of this model is that 100% of many of the primary care doctors who go into concierge medicine report that their patients renew their annual fee patients renew up each year.

Negative aspects of concierge practice

As is the case with everything , there is a downside: there are physicians reporting that patients will take advantage of the access if you make yourself available 24/7. Patients may expect immediate access building up false expectations, or unsatisfied attention.
However, in addition to the danger of not being able to satisfy the expectations, there is some evidence that because you don’t have to see the patient right then, you can talk on the phone or communicate by email, there is an overall easing of anxiety within the patients.
if the patients have access available to them all the time the anxiety level goes away and the overall and relationship between patient and the physician becomes one more of- The counselor-- mutual respect and while you do need to make sure that your malpractice insurance is covering you for all of your practice not just the concierge. It may indicate that you need separate policies.

Medical Billing and billing Members:

It is also important to be careful of your billing. you do not want to charge for care submitted to the insurance company in addition to charging a concierge- there is a risk of doing that. concierge doctors must make sure that their membership fees are not for services and also charged with insurance company.

concierge practices need to be marketed like any new product. The doctor's insurance agency will continue to work with the Drs. Company and other surplus lines carriers to find the best fit for these growing and successful and risk-free or risk reduced practice models