By CMT Contributor, Attorney, Jack Marquis | WNJ | 02.2.2012
- Where do you live? Physicians need to be sure they live in a community with a large enough population base to support the transition from a traditional to a concierge practice. For example, a city/region with only 100,000 in population would likely not be large enough to support a solid concierge practice.
- Can you opt out of Medicare? While there are many varieties of concierge practices, Marquis notes that they come down to two basic types: Those that accept Medicare and those that don’t. “If you can opt out of Medicare, financially, emotionally and otherwise, concierge medicine might be a good option to pursue,” he explains. “But for the doctor who says he doesn’t want to leave his Medicare patients, that’s a big fork in the road – and a major consideration.”
- Do you have enough patients? Physicians need to determine if they have enough patients willing to transition with them to create a sustainable business model. “This is the biggest angst that doctors go through before making a transition,” Marquis noted. “It becomes a matter of how risky is it for you when you don’t really know?”
- Are you willing to be aggressive with marketing? Marquis noted that the single biggest key to successful transitions he has seen over the last decade is having an ongoing marketing program – not just advertising. “It is critical to keep new patients coming into the practice. That means physicians need to utilize all marketing tools available to them, such as existing patients, web sites, the media, etc.”
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