UPDATED: July 19, 2017 | Attn: Reporters/Journalists, The Following Quote is Press Ready For Your Stories Pull Quote Use
“Overall, Concierge Medicine is thriving in metropolitan markets,” said Michael Tetreault, Editor-in-Chief of Concierge Medicine Today. “Concierge Medicine continues to grow at a moderate and acceptable pace each year with physician earnings increasing gradually. We concur with other outside surveys and many industry consultant observations that moderate and gradual growth will continue each year in Concierge Medicine … as industry consultants continue to field more and more physician inquiries from entrepreneurial-minded doctors (from across the U.S.) about their business model options.”
In July of 2017, Concierge Medicine Today also released the following about the Concierge Medicine marketplace:
- Most Physicians Over the Past Several Years Reported They Receive Calls From Their Patients During Normal Business Hours, (M-F) 8am-5pm. Less than 7% Reported They Received Calls From Patients After Hours Between (M-F) 5pm-7am; Fewer Still On Weekends and Late At Night.
- Physicians Over the Past Several Years Reported They Receive Calls From Their Subscribing Patients Concerning: Prescription Renewals; Cold/Flu Symptoms; Back Pain; Lab Review and Coordination of Care; Symptom Updates; New Concerns; and Headaches.
- Concierge Medicine Patients Skew Upper Middle Class, with Typical Household Earnings between $125,000 and $250,000 a year. They Also Tend to be Baby Boomers, Generally in Their 50s to 80s, According to Doctors Interviewed.
- Subscription Fees at Most Concierge practices Range from $101-$225 Per Month. Patients Prefer to Pay Annually vs. Monthly.
- Previous Patient Panel Size Prior To Opening A Concierge Medicine Practice: 63% of Current Concierge Physicians Reported Previous Panel Sizes of 2,000 – 4,000 Patients.
- Many Concierge Doctors also bill insurance or Medicare for medical visits. The monthly “fee” is ONLY for “non-covered” services. This results in two subscriptions paid by patients — the Concierge Medicine fee, and the insurance premium. Importantly, some Concierge practices do not bill insurance for medical visits, as the monthly fees cover both access and primary care visits.
- Starting in 2007, some medical malpractice carriers started offering malpractice discounts to Concierge Physicians. The Cooperative of American Physicians (CAP) for example, reviewed their records of Concierge Doctors over the past 10 years and in late 2013, told Concierge Medicine Today that they found Concierge Physicians had fewer claims than regular physicians. At the time, CAP was providing some Concierge Physicians with up to a 45% discount off of their usual and customary premium. 
- Concierge Medicine Physicians have a strong focus on benevolence in the communities. Physicians who responded to this question (70%) indicated that they provide scholarships to between 8 and 10% of their patient base each year.
- 40% of Concierge Medicine Physicians Reported that they typically saw between six and ten patients per day in 2016.
- 76% of Concierge Medicine Physician Respondents Indicated Patient Panels Between 250 to 550.
- Most Physicians Over the Past Three Years Reported Using Several Methods of Secure Technology To Communicate, Educate and Inform Patients Which Included: Secure Video Conferencing; Secure Text/MMS/Images; Consultation Between Specialists And Primary Caregivers; Telepharmacy; Remote Monitoring Tools; Telerehabilitation; and more.
- 64% of Concierge Medicine Respondents That The Wait-Time Is Less Than 5 minutes in 2016. 20% Reported A Wait Time Between 5-10 Minutes.
- 67% of Concierge Medicine Physician Respondents Reported That They Were Over the Age of 50 in 2016.
- 76% of Concierge Medicine Physicians Reported That They Spent Between 30 to 60 minutes with each patient during visits in 2016. Another 14% reported they spent 60 to 90 minutes with each patient per visit.
- Nearly 54% of current Concierge Medicine Physician respondents are operating inside Internal Medicine and Family Medical practices. The top 4 most popular specialties in Concierge Medicine are: Primary Care; Family Medicine; Osteopathic and Pediatrics.
- In 2015 and 2016, more Osteopathic Concierge Medicine practices, move into the space.
- A surprising finding was the number of specialty practices opened from February of 2010 to December 2016. It increased 6% in the past two years. Those specialties include, but are not limited to: Pediatric, Dentistry, Spine Surgery, Dermatology, OBGYN, Functional Medicine, Cardiology and Nephrology, to name a few.
- Doctors reported Patients using Concierge Medicine are more compliant with prescriptions and recommendations due to the doctor’s routine personal follow-up with the patients and explaining the importance of compliance and other treatment options.
- Female Concierge Physician Offices were found to fill up 30% faster than their male colleagues in the same business model. Reasons for this included that the mother in the household was typically the Healthcare CEO of the home.
Patient Satisfaction in the field also remains high. Attitudes toward Concierge Medicine have undergone significant and positive changes since the signature of the Affordable Care Act in 2010.
Source: Concierge Medicine Today; July 2017
Categories: Insights & Analysis