Concierge medicine is a growing style of practice in healthcare in which a patient pays an annual fee to their doctor. This could be $199, $500, $1500; or it could be more, could be less. Within this concept, there are many ways to deliver healthcare.
Some physicians charge an annual fee in addition to provided services. Others charge one price for all services per year. Some charge insurance, others do not. Some might include a wellness program. But the common theme to all concierge medical practices is better access to your physician.
The Concierge Medicine Research Collective released a summary of data it has collected over the past 3 years on physicians who practice concierge medicine. There were several interesting points so what I’ve done is outlined them below and included my thoughts about it in parentheses.
- The majority of concierge medicine physicians are internists followed by family medicine.
- A growing number of specialties are entering concierge medicine – Cardiology, Dentistry, Pediatrics. (i’m not surprised. this is a viable model for physicians to give patients the time they want while being able to sustain their previous income. it’s gaining popularity)
- The average salary of a concierge doctor is $100,000 to $300,000. (i’m surprised. i thought the range would at least include 500k)
- The average income of a concierge patient is $50,000 to $200,000. (this debunks the theory that concierge doctors only treat the rich)
- Most concierge doctors treat 6 – 8 patients per day. (i see about 20 per day. this is supposed to increase when my contract turns to production based)
- More than 70% of visits are 30 – 60 minutes long with the doctor. (nice, that is what i wish i could give my patients on a consistent basis)
For more information about the data, click here.
Have you thought about opening a concierge medical practice? Are you for it, or against it?
Ryan Lowry for Bloomberg Businessweek
(i love the layout of the office in the photo. i want a doctor like that!)