In providing high-quality patient care and increasing income, some physicians have abandoned the traditional payment model. Customers pay a one-time fee to retain the services of a physician in concierge medicine. Patients’ overall medical expenditures were found to be lower, resulting in a better value for them. This enables doctors to provide more comprehensive, personalized care to their patients in a less hurried environment.
Changing to Concierge Medicine
The following are some of the consequences of concierge medicine for both patients and physicians. Keep reading to learn more.
Although not all concierge services are the same, the majority of them have specific characteristics. In concierge medicine, a doctor charges an annual cost that may be paid in whole or installments, but the contract is for the entire year. The yearly fee covers in-depth, thorough therapy and tests that standard insurance or government programs do not cover.
Some concierge medicine physicians still accept insurance and participate in government-sponsored initiatives. Patient visits are usually charged in addition to the annual fee. They may have longer appointment times, same-day visits, after-hours phone calls, email, and online telemedicine conference sessions.
Half or more of the daily patient visits are seen to be unnecessary. Many of these patients could be managed well over the phone or with remote monitoring devices, and some of them didn’t even need to come in. Concierge medicine doctors only meet patients who require visits and treat others through telemedicine or remote monitoring. Personal home care allows doctors to respond promptly to a client’s needs.
Impact of COVID-19
Even before the COVID-19 public health emergency, doctors searched for ways to monitor chronic health issues remotely. During COVID-19, telemedicine and remote monitoring have taken center stage. This kept high-risk people safe at home and reduced the danger of coronavirus infection.
Patient education is, without a doubt, the most challenging hurdle for doctors who wish to move to direct concierge care. The bulk of people are used to the conventional healthcare model and are cautious of anything new. Some of a doctor’s existing patients may leave when they switch practices. Another thing to keep in mind, seeing fewer patients does not necessarily equate to better quality one-on-one time. Patients who pay a one-time fee may expect 24-hour access to their physician, home visits, and, in many cases, the doctor’s cell phone number.
Like any other business owner, a concierge doctor must obey state business regulations and manage the practice’s operating expenses to earn a profit. This refers to the time management of physicians and other medical professionals. Patients may seek cheaper alternatives elsewhere if a doctor sets the initial price high enough to cover those expenses and make the transfer feasible but not excessively costly. It may be tough at first to get the price point just right.
Physicians and customers are increasingly turning to concierge medical care to address rising healthcare costs and the desire for higher-quality treatment. Because of the COVID scandal, which has pushed telehealth services into the spotlight, consumers are becoming more aware of and receptive to new ideas. Perhaps now more than ever, the public expects innovation in the healthcare industry.