With respect to lifestyle services, concierge healthcare is an area of expertise coordinated by single-family offices that has become increasingly important to more of them over the years.
By Russ Alan Prince, Forbes, Contributor — I write about the creation and management of exceptional wealth. Note; Opinions expressed by Forbes Contributors are their own.
FEBRUARY 16, 2015 – In evaluating the field of concierge healthcare, there are a number of deliverables that are often cited to separate it from more “traditional” delivery of medicine. Some of these deliverables are particular to concierge healthcare and other ones are enhancements. Based on a survey of 83 single-family offices, the following are the seven most important deliverables:
24/7 immediate on-call physician. Getting access to a physician whenever medical services are required is very appealing. Quick access to a physician for timely diagnosis and immediate treatment saves lives and prevents acute problems from becoming critical. Nearly all the single-family offices reported that this is highly desirable.
Second opinions. Medicine is both a science and an art. Very often it is about having access to vetted and recognized field leader specialists for serious or complex diseases like cancer or Parkinsonism. The ability to get high-quality second opinions for verification or for a different perspective is important to more than nine out of ten single-family offices.
Complete case continuity. Having a qualified physician overseeing treatment across specialists can be both comforting and informative. It ties into the importance of a centralized consolidated medical record (see below). This service appeals to about 85 percent of the single-family offices.
Secure 24/7 access to medical records. Especially in cases of emergency, being able to immediately obtain medical information about a person can be crucial. Four out of five of the single-family offices saw this capability as being very appealing.
FORBES: ‘Concierge medicine is a healthcare delivery approach that will be embraced by a percentage of patients. In some respects, it will be a testing ground for new technologies.’
Longevity planning. It is possible to lengthen a person’s lifespan through the use of a formal longevity checklist protocol. For about three out of five of the single-family offices, developing a health-focused roadmap with the aim of living longer is very attractive.
Connected monitoring. With the embracement of smart phones and similar technologies, the ability to monitor a person’s health long-distance is becoming normative. Basically, very often the more data a physician has, the better the outcome. Around two out of five single-family offices find this service very appealing.
Tele-diagnosis & treatment. Related to connected care, and often cornerstone to 24/7 immediate on-call physicians, is the ability to use mobile technology to evaluate and treat people. About 40 percent of single-family offices find this service meaningful.
According to Daniel Carlin M.D., president of WorldClinic which works extensively with single-family offices, billionaires, and the ultra-wealthy, “This patient population is unique in that they want a holistic solution to their healthcare, one that combines active prevention, speedy diagnosis, and total accountability. Our current system is not up to that task and the continuously connected care model of concierge telemedicine is a natural fit to meet their needs.”