How Physicians Become Millionaires By Practicing Concierge Medicine
In today’s healthcare environment, many physicians who want greater control over their practices and the ability to seriously benefit financially from their expertise are embracing concierge medicine.
For many primary care and emergency room physicians along with certain specialists, there is downward pressure on their incomes. Moreover, it is highly likely this situation will only intensify. While some of these physicians have opted to become employees of healthcare systems, others prefer having their own practices. For this second group, establishing or joining a concierge medical practice can possibly be their solution. It is also a way to potentially result in physicians significantly benefitting financially by enabling them to become millionaires and sometimes millionaires many times over.
Concierge Doctors Are Not Millionaires, January 2015.
In evaluating various concierge healthcare models, there are a number of key success factors that prove essential to not only having a thriving practice but also to becoming personally wealthy. Let’s briefly consider four of them.
A client-centered mind set. For most physicians, this is either how they already think and respond to their patients or is a small step away for where they have to be. It’s about having a service model that recognizes their patients have a wide array of healthcare choices and, therefore, necessitates employing strategies that build strong professional relationships. Included here is being highly proactive and attentive to the individual psychologies of their patients with respect to their health and their expectations concerning healthcare providers.
Efficient operations. As with any successful business, the systems and processes that make it run smoothly and efficaciously are important. By putting in such methodologies, the concierge medical practice is able to deliver extremely high-quality care and do so cost-effectively. The result is a larger bottom line.
Appropriate financing. The structure of the concierge medical practice will determine the level of financing required. It is not uncommon for some physicians to not have enough financing or access to financing while trying to do an exceptional job for their patients and run or oversee a practice. This scenario will likely drive the concierge medical practice into a death spiral.
Targeted business development. Patients for concierge medical practices are a subset of all patients. They are concerned about their health and the health of their loved ones, and – critically – they have the economic resources to afford this service. Depending on the structure of the concierge medical practice determines the business development approaches needed to ensure a vibrant clientele. This factor tends to be the most difficult for many physicians as it’s something they are not accustomed to and is often outside their comfort zone.
When physicians are highly motivated and are able to capably operate or be a part of a well-run concierge medical practice, they can prospectively become wealthy. While becoming wealthy is rarely the core motivator of most physicians, it certainly can be a nice by-product.