Created in the mid 90’s for the wealthy elite, concierge medicine today delivers care at a more reasonable price and can actually be more cost effective than some health insurance plans. With the number of concierge practices growing five times since 2005 according to a MedPAC study, concierge medicine is a progressive option that might fit well for your healthcare plan.
How it Works:
Instead of paying per visit or scheduling appointments when symptoms are at their worst as unfortunately so many do, patients who enroll with a concierge practice pay an annual fee giving them access to their physician around the clock.
Average estimates are in the $1500 range, however 63% of concierge medical programs throughout the U.S. cost individuals less than $135 per month according to Concierge Medicine Today. For children, programs can be as inexpensive as $10 per month.
What’s the draw to concierge?
It is all about the relationship. Presumably patients feel a much stronger connection to their care provider in a concierge model. Rather than limiting themselves to office visits covered by their insurance, or because they don’t feel sick enough to warrant a visit, concierge medicine allows them to call day or night to access their physician.
This comes at time when patients feel that if physicians spent more time with them, preventable medical errors could be reduced with 72% of the public thinking that way according to a survey in the New England Journal of Medicine.
Considerations before plunging in:
Concierge medicine is not necessarily a replacement for insurance. While some concierge clinics do not accept insurance, typically as a way of keeping overhead costs down, generally a high deductible plan used in conjunction works well.
Not all services will be covered by the annual fee so a low premium insurance plan can provide what the concierge practice cannot, while empowering patients to make a more comprehensive decision about their health and foster a strong relationship with the physician. For example, after joining a concierge practice, patients may purchase only catastrophic medical insurance while buying primary care services through the concierge provider.
For physicians thinking of making the switch, be prepared for a drop off of patients, especially Medicare beneficiaries, who cannot afford to make the transition or who may not see it as a benefit.
If you want open access to your physician; easily scheduling appointments and even calling for diagnosis, and you can afford it, you might want to consider a concierge based model of healthcare.
James Ellis, CEO, Health Care Realty Development Company, is a nationally recognized successful real estate investor and developer of medical office properties with a comprehensive knowledge of sophisticated real estate transactions, cost effective designs, and efficient property management.
Aaron Razavi is Associate Marketing Director at Health Care Realty Development.
Visit their blog at http://www.hcrealty.com/medicalrealestatedevelopment/