Concierge medicine has benefits for both physicians and patients: More time for office visits, better earnings and greater patient satisfaction, according to a report on RevCycleIntelligence.com.
The revenue generated per hour in a concierge program is usually twice the revenue rate per hour in a traditional practice, Wayne Lipton, managing partner at Concierge Choice Physicians, a consulting firm that helps practices set up concierge business models, told the publication.
But it's important that physicians set the right price. Too high and a practice will not attract enough patients; too low and it doesn't add value to the practice, Lipton said.
"This model allows me to have more time with patients and it allows me to dedicate more time and office staff time to the communication necessary to make care better. It makes me more rapidly available to my patients and their families," Jim Williams, M.D., a primary care practitioner who uses the concierge medicine model, told the publication.
With concierge medicine, a typical office visit lasts anywhere from 30 to 90 minutes, far longer than the traditional model. But with fewer patients, doctors aren't rushed, which allows them to better know their patients, Williams said.
Lipton says 98 percent of patients in one survey the firm conducted said they had better communication with their primary care doctors with a concierge practice, according to the article.
The influx of newly insured patients due to the Affordable Care Act and the associated limits on reimbursements--are two factors leading providers to switch from conventional insurance to concierge practices, FierceHealthCare previously reported.
To learn more:
- read the article