TRENDING…inside concierge medical practice
ATLANTA, GA — As many people are aware, this type of boutique medicine or direct relationship medical practice delivery model concept is still relatively new. The greatest amount of data compiled to date on the loyalty or renewal rates of concierge medicine patients year after year tells us that these practices have an annual renewal rate of about 90.%. Additionally, these types of practices are mainly considered Hybrid business models, which means these doctors and their offices accept insurance and charge an annual retainer fee to their patients for enhanced access. This number is based on data from approximately 100,000 patients nationally.
Retention figures inside concierge medical care practices have proven consistent since the year 2000 but Concierge Medicine Today sources have informed us that these retention numbers are slowly declining due to one major factor — some doctors are over-promising and under-delivering. This inturn, leaves the patient unsatisfied. On the positive side, these patients leaving their concierge care physician are overwhelmingly still choosing concierge-style medical care — albeit just from a another physician in their geographic area.
Long term data on these particular kinds of patients is currently still being compiled but our data supporting the cost effectiveness and affordability of these healthcare models is intriguing. According to various physician journals, a patient will remain a patient of a traditional primary care doctor in a typical family practice or general medicine practice, barring an altering event (like a geographic move, death, loss of job, or other unforeseen circumstance) for 5-7 years.
Based upon the data listed above, it appears that retainer medicine or boutique physicians that have a long, relational-history with their patients are reporting higher retention levels that exceed traditional primary care and family practice expectations. This data combined with the fact that this model of medicine provides for closer communication and relationship with people — we expect that the majority of patients will continue to remain with a retainer-based practitioner even longer than seven (7) years.
The information provided here gives more evidence that these types of medical practices are not just for the deep-pocketed executive. In fact, we have recently learned that over 50% of these types of healthcare consumers make a combined household income of less than $100,000 per year.
All of this data should be very encouraging to the public, as well as the practicing physician anywhere in America. This concept, initially thought of by many as healthcare for the rich — is now accessible and very affordable for couples, seniors on Medicare, young families and individuals.