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Concierge Medicine Market Research and Feasibility Study: 8 Great Resources.

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By Michael Tetreault, Editor-In-Chief

Editor-In-Chief, Michael Tetreault

Editor-In-Chief, Michael Tetreault, Bestselling Author, Brand Advocate, Educator and Media Spokesperson

Last Updated: May 29, 2015 – To start a successful Concierge Medicine practice, we have talked to numerous industry leaders over the years, pioneering physicians and experts alike in healthcare that advise physicians that ‘you need to learn about your prospective customers/patients, your local, regional and statewide competitors and the Concierge Medicine industry on a national scale.’

Following those words of wisdom, the best way to gain this information is through your own Concierge Medicine market research and by conducting your very own “feasibility analysis.” But where do you start? How much does one of these cost? Should I use a template I find online? (Btw, the answer is no), should I talk to my spouse first? What about talking to my tax advisor or attorney? So many questions …

There are 8 great resources you should consider learning and reading more about that are available to you, for free!

  1. U.S. Small Business Administration (SBA)
  2. Business.USA.gov
  3. Trade publications (I.e. Concierge Medicine Today, Amac; DPC Journal)
  4. Employment Stats via U.S. Bureau of Labor Statistics
  5. Entrepreneurial, distance-learning and startup incubator institutions (I.e. The Docpreneur Institute)
  6. Overview of BLS Statistics on Pay and Benefits via U.S. Bureau of Labor Statistics
  7. Physician Associations & Industry Conference — Local/Regional and National Physician trade associations (I.e. Click Here for a Complete List)
  8. Last but not least, your colleagues!

Well, for those of you not familiar with the term, “Market Research” is simply the process of analyzing localized data to help you understand which types of services, business models and products are in demand, and how to be competitive in your local market. This doesn’t mean gathering as much information as you can about doctors and pricing in Texas when you are located in Virginia. While much of that is already readily available, your market research is about staying local, approximately 60 miles or so around your practice. That should give you a good idea about what’s happening in and around your practice in this free market medicine space.

self-test_logoConducting Concierge Medicine market research will also provide valuable insight to help you:

  • Reduce business risks
  • Help build your Concierge Medicine business plan
  • Spot current problems in the Concierge Medicine industry
  • Identify sales opportunities and revenue streams
How To Conduct Your Own Local Concierge Medicine Market Research

Before you start your Concierge Medicine practice, you need to understand the basics of market research by digging through the following U.S. government resources. Yes, I said government resources. Believe it or not, a lot of savvy business advisors and consultants reference these resources and geographic data to help make assumptions and conclusions about various localized market trends.

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START UPS: The “Franchise” Concierge Medicine Marketplace and The Cost of Startup …

Thankfully for a lot of doctors, the U.S. government offers a wealth of data and info about businesses, industries and economic conditions that can aid in conducting your market research. But before you click the “Go Back” button, hear me out. If you talk with private equity investors, consulting firms and savvy physician business planners, these sources also provide a wealth of valuable information about possible customers and various competitors (both in the healthcare field and business space) in your area:

Everyone worth their salt in this marketplace (physicians and consultants alike) will tell you this process is tough but rewarding. Arduous but empowering and life-changing. They’ll also tell you there are no guarantees. But, if done properly, your local and regional market research can assist with your forecast and determine some various economic indicators extremely well to help set your mind and those around you, emotions at ease.

ATLANTA, GA -- JULY 31-AUG 1, 2015

ATLANTA, GA — JULY 31-AUG 1, 2015

Additional Concierge Medicine Market Research Resources

Various third party organizations gather and analyze research data about Concierge Medicine business trends. We’ve been a long-time assimilator, researcher, collector and educator of the various services and business models used in Concierge Medicine since its inception in the mid-1990’s.

Additionally, we’ve shined a critical eye to the various pros, cons and costs associated with startup, the services offered, the models, the insurance side, etc. Our data and research has been used and published over the years in: Consumer Reports; Smart Money Magazine; Outside Magazine; Town & Country Magazine; Medical Economics; Medscape; The Wall Street Journal, The New York Times and numerous other prominent national, regional and local publications … and that was just in the past couple of years!

We would encourage physicians considering a career path in Concierge Medicine to use Internet and database searches to find information related to the locations you plan to operate.

Public Resources Available

Physician Association Resources Available

Market Industry Analyses About Concierge Medicine and Private Medicine

NEW RELEASE -- now available! It took nearly 3 years to write ... The Doctor's Guide to Concierge Medicine (nearly 400 pages of industry insight plus, over two dozen physician contributions compiled in one book) -- On Sale $129.95 Until May 1 (Reg. $189.95)

NEW RELEASE — now available! It took nearly 3 years to write … The Doctor’s Guide to Concierge Medicine (nearly 400 pages of industry insight plus, over two dozen physician contributions compiled in one book) — On Sale $129.95 Until May 1 (Reg. $189.95)

Concierge Medicine market research can also be conducted here at Concierge Medicine Today (CMT) and our research and data collection arm, The Collective.

We routinely provide up to date information on the Concierge Medicine marketplace as well as provide information on various markets throughout the country.  If you’ve already conducted Concierge Medicine market research for your own practice and have additional resources that helped you, please feel free to share them in the comment section below.

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