business plan for concierge medical practice

Five Steps to Building Your Concierge Medicine Practice

Over the last few decades, the US healthcare industry has seen an increasing number of providers leaving their independent practices for opportunities with hospital- or health system–employed medical groups. Providers are enticed by guaranteed salaries and reduced practice management responsibilities, especially considering the growing challenges of operating a successful private practice.

Providers who choose to remain independent frequently tout the benefits of controlling their work schedule, generating income based on their desired work effort, and ultimately owning their business. Unfortunately, many independent providers feel the patient volume levels needed to operate a profitable practice come with negative consequences, such as physician burnout, limited time afforded to each patient, and a practice approach that focuses on symptoms, rather than preventive and wellness care.

In response to these challenges, concierge medicine is becoming a more attractive option for providers who wish to remain independent, devote more time to patient care, and maintain a profitable practice. Under a concierge business model, providers significantly reduce their panel size and increase the level of preventive and wellness health services offered to patients. In exchange for an enhanced relationship and additional health services, providers collect a regular membership fee from patients, separate from the patients’ personal health insurance coverage.

Transition Challenges

For many providers interested in converting their practices to a concierge business model, the time, effort, and change management required are daunting. Apprehension to deviate from the status quo to adapt a new practice style can stem from the following:

Departure from Current Medical Practice: Compared to a traditional practice model, concierge medicine requires an approach rooted in proactive, preventive wellness care.
Changes to Support Staff Structure: Depending on the services offered in a concierge medicine program, providers may need to alter the mix of support staff or reduce staff count.
Worries about Patient Attrition: Legacy patients who are financially unable to join a concierge practice may feel excluded and voice their opposition to a new practice approach.
Concerns about Meeting Higher Patient Communication Expectations: Providers may be worried about whether expanded communication availability will be manageable from a work-life balance perspective.
Potential to Work More Hours: Depending on the provider services offered in a concierge model, providers may need to be available for patient care more often than in their current practice.
Adapting to a Changing Revenue Structure: The largest revenue source in a traditional practice is third-party payers, but in a concierge practice, patients are the largest revenue source.
Regulatory and Compliance Challenges: The application of out-of-pocket membership fees exposes the practice to legal and regulatory compliance risk.
Time and Effort Needed to Manage the Conversion: Providers may struggle to find the time needed to properly plan and execute a concierge practice transition while continuing to operate their current practice.

Five Steps for Transformation

The practice conversion deterrents listed above can be overcome through good planning and change management. Below are five steps physicians should take to increase the likelihood of a successful transition to a concierge medicine practice.

1. Conduct a Market Assessment

Before converting from a traditional practice, providers should conduct a market assessment to determine if their geographic and demographic markets have the potential to sustain a concierge medicine practice. Income, age, sex, and other socioeconomic factors of the population in the provider’s service area should be evaluated to understand the market. These activities will help determine the demand for concierge services in the provider’s target service area.

Providers should also identify the competitive landscape in the provider’s desired geographic service area. Addressing the following questions will help providers understand their competition:

Are there any existing concierge medicine practices operating in the area?
What customer segments do they target?
What services and products do they offer?
How many patients do they serve?
How satisfied are their patients?

A well-researched appreciation for the current competitive landscape, combined with market demand, will help interested providers determine if a new concierge practice is feasible in their service area.

2. Develop a Comprehensive Business Plan with Financial Projections

At the onset of a concierge practice transition, providers need to formulate a clear business strategy that will inform and guide all subsequent operational planning and practice conversion activities. A comprehensive business plan is essential to identify the mission, vision, guiding principles, and competitive strategy of the concierge practice as well as the pricing strategy for the targeted patient volume. These foundational elements inform key future-state practice characteristics and activities that are clearly defined in the business plan, including, but not limited to the following:

Targeted customer base
Target number of paneled patients
Membership services
Membership fees
New member marketing strategy
Acceptance of third-party payer reimbursement
Operational policies and procedures
Cash flow and income statement projections

3. Manage All Legal and Regulatory Risks

Concierge medicine practice models expose providers to different legal and regulatory risks than a traditional practice model. Most notably, providers must ensure regulatory compliance with regard to the membership services that are included in the program fee charged to patients. If providers continue to accept government and private insurance plans, they must continue to bill for all payer-covered services incurred by patients and can’t include those covered services in the concierge membership services scope (i.e., double dipping).

HIPAA compliance documents, provider medical malpractice policies, commercial liability policies, and other legal and regulatory risk mitigation products, policies, and procedures need to be reviewed and adapted for a concierge medicine operating environment. To accomplish this, providers should identify which documents need to be amended and track the status of these documents until they are all compliant within the new set of concierge medicine regulations.

4. Align Practice Operations and the Business Strategy

Achieving higher levels of patient service as is essential in a concierge practice model requires certain operational changes that may not be obvious. A concierge provider may need to change how practice schedules are templated, how patient communications are handled, what staff are employed by the practice, what in-office amenities are provided, and what vendors are used to support membership services (e.g., pharmacogenomic testing). Providers should perform a gap analysis between their current practice and the service requirements needed to successfully operate a future-state concierge practice to identify any required operational changes.

5. Market to New Patients Strategically, Effectively, and Efficiently

Achieving and maintaining target patient panel volumes is critical to the financial success of a concierge medicine practice, but attracting new patients requires vastly different marketing strategies than a traditional practice employs. While legacy patient transitions and word-of-mouth referrals are common membership sources for new concierge practices, providers need to develop a thoughtful marketing strategy that takes into consideration digital forays (e.g., website, search engine optimization, search engine marketing, social media), traditional avenues (e.g., direct mail, radio spots, print advertisements), and other promotion activities (e.g., in-person health education events).

Practice Transition Support

Due to the extensive business planning, project management, and transition support activities required for a successful concierge practice transition, providers frequently seek external professional services for their practice conversion. Currently, the professional services industry for concierge practice transitions is generally divided between two approaches: concierge medicine management companies (CMMCs) and project-based consultants.

CMMCs specialize in converting traditional provider practices to concierge medicine business models. These companies partner with provider practices to conduct the concierge business planning process and supporting the chance management process. Post–practice transition, CMMCs continue to provide support to converted concierge practices typically for a period of 5 years, depending on the CMMC. In some cases, support contracts can go for as long as 10 years.

Long-term CMMC support services typically include patient retainer fee collections, access to a patient wellness program, regulatory and legal assistance, and new patient marketing. In exchange, an agreed-upon percentage of gross concierge patient retainer fees is paid to the CMMC, typically ranging from 20% to 40%. For a practice with a panel of 250 concierge patients, the annual CMMC fee can easily exceed $100,000.

Project-Based Concierge Medicine Transition Consultants

Project-based consultants specialize in providing independent advisory and project management support to providers either looking to launch a concierge medicine practice from scratch or transition a traditional practice to a concierge business model.

Project-based consultants, like ECG, provide the same general scope of business planning and practice conversion implementation services as CMMCs; however, the typical engagement for a project-based concierge practice transition ends after the new concierge practice is successfully converted and operational.

In exchange for their pre-implementation business planning support and implementation assistance, project-based transition consultants are typically reimbursed for their services on a time-and-expense or fixed-fee basis. In contrast to the CMMC approach, there is no obligatory long-term operating cost based on patient-fee collections associated with project-based engagements.

ECG’s Concierge Medicine Approach

Independent providers not only are highly trained healthcare professionals but also are established business entrepreneurs with proven experience managing profitable practices. The best value that ECG, or any other transition support vendor, can offer during a provider’s journey from a traditional practice to a concierge business model is during the initial business planning, transition support, and go-live phases.

A good concierge medicine practice transition approach is built on a project-based support model focused on developing highly customized concierge medicine practice solutions for both small independent practices and large health systems.

Learn more about the value proposition of concierge medicine.

Published January 6, 2020

Thinking about starting a concierge practice?

Alternative models of healthcare delivery, including direct primary care ( DPC ) and concierge practices, are becoming more popular with independent physicians and their patients. The ability to provide personalized care and caring for a smaller patient panel are two of the benefits for healthcare teams who want a reduced administrative burden and improved relationships with their patients. If you’re thinking about starting a concierge practice, you’ll need to plan appropriately and keep some considerations in mind.

Many people confuse the DPC model with the concierge model and even use the terms interchangeably. Dr. Rob Lamberts, an Elation physician, explains the differences :

DPC providers:

Rely on a monthly fee of around $100 a month or less per patient
Do not accept insurance reimbursements
Have larger patient panels than a concierge practice
Tend to focus on saving money rather than offering premium services.

Concierge providers:

Charge patients a higher monthly fee
Often accept insurance
Have smaller patient panels, typically between 200 and 300 patients
Tend to focus on premium services, including extended office visits and executive lab panels.

Elation Health can help optimize your practice for success with a membership management solution .

If you are thinking about starting a concierge practice, there are some legal and practical considerations to keep in mind.

In a concierge practice, you will need a patient agreement. Consulting an attorney when developing this agreement is important, particularly to ensure it does not violate any state laws. You do not want your patient agreement to seem like an insurance agreement. There are specific laws in most states that list requirements and prohibitions. Have your attorney review your state’s insurance licensure laws so that you both understand how the verbiage in your patient agreement needs to read to be compliant.

Other considerations for your patient agreement include detailing the amount the patient agrees to pay and the schedule of any additional fees that may be required for services not included in the monthly or yearly fee. Be prepared for any challenges your patients may face as they:

May not be able to afford the services under the patient agreement
May still try to pay with insurance rather than adhering to the patient agreement
Need to thoroughly review and understand the agreement to avoid breaching their contract.

If you are starting a concierge practice by transitioning current patients from a traditional model practice, you will also need to consider how and when those patients may follow you to the new concierge model. Understand that some patients may choose not to follow you but will decide to select another traditional practice for their healthcare needs.

You will need to provide adequate notice to your current patients regarding your plans to transition to a concierge practice. The patients who choose not to opt into the concierge model will also need adequate time to find and secure a new provider. Legally, you should review your state’s patient abandonment laws to make sure you remain compliant when transitioning to the new model of care.

Concierge medicine became increasingly popular during the COVID-19 pandemic and will continue to be a major factor in healthcare delivery in the post-COVID world. When you are thinking about starting a concierge practice, take the time to plan appropriately and prepare your patients for your new healthcare delivery model to help ensure your success.

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What You Need to Know About Starting a Concierge Medical Practice

Many a medical practitioner has dreamed about the possibility of treating patients without worrying about managing the role of insurance companies. After all, the process of getting reimbursed for medical services you provide is complex and time-consuming and can influence the way you provide care.

That’s why some practitioners are now transitioning to starting a concierge medical practice, sometimes referred to as “boutique medicine” or a “retainer practice.”

In these types of practices, patients pay cash for their care on a monthly basis. Doctors can then afford to take on fewer patients because of the time and money saved thanks to the upfront payments and diminished paperwork. This allows concierge medical practices to spend more time and attention on each patient they have so that patients can enjoy perks like more personal communication with physicians, shorter wait times, and same-day visits.

Doctors in these types of practices also have more control over the way they treat patients and deal with fewer administrative headaches. If all this sounds appealing to you, or you’re already considering opening a concierge-style medical practice, here are a few things to keep in mind.

Develop a Retention Strategy for Current Patients

When it comes to healthcare payments, many patients are comfortable with the status quo. They may not be entirely willing to transition to a boutique model, especially if they don’t understand how that model works.

For example, many people assume that concierge care is only for the wealthy and that the expense will be much higher than they currently pay for care. In reality, the costs may be similar or even less than what they currently pay with a high deductible insurance plan.

To avoid those misconceptions, you’ll need to invest some energy into educating your patients well in advance. Explain what the changes to your practice will mean for their care, and let them know about the upcoming changes long before they’re officially announced to the public. Explain what they’ll get for the new prices, and how it compares to what they got in the past.

You also don’t need to transition all of your patients to the new model at once. Healthcare business consultant Nathaniel Arana has the following advice :

“The best strategy is to review the lower reimbursing 1/3 or 1/4 of your contracts. Likely, these contracts may be costing you money or barely breaking even. Complete an analysis of your hourly overhead (fixed and variable) to see what you are really earning under your contractual rates. If these contracts aren’t making a profit, consider converting these patients to concierge patients.”

Another avenue for increasing retention is to give patients the option to try out the service on a trial basis before fully committing.

Prepare Your Marketing Plan

Along with the steps you take to retain your client base, you’ll need a plan to attract new patients.

This article for Physicians Practice explains how emergency medicine and ambulatory internal medicine physicians Jordan Lipton and Linda Perry built their medical concierge practice from scratch. The nature of their former jobs meant they didn’t have any loyal clients to follow them to their new practice.

To get their new practice up and running, they continued to work ER shifts as they grew their concierge business. They also spread the word about their practice through volunteer work, sponsored public radio posts, charity involvement, participation in print media interviews, and even some investment in local print ads.

If you don’t have a strong client base to rely on, starting a concierge practice can feel somewhat like running a startup. You need a solid business plan and a good handle on exactly how many patients you need to secure in order to stay profitable, as well as how much it will cost to attract and serve those patients. This may mean enlisting the help of professionals, such as consultants and accountants.

Lipton and Perry had to work hard for many years before they started making more money than they would have at their hospital jobs. But after 11 years of hard work, they now have a thriving practice.

Improve The Entire Customers Experience

If you’re going to make the transition to concierge medicine, you’ll need to give your patients a different experience than they’ll get at other doctor’s offices—including the one they’ve gotten from your office in the past.

Patients will expect to get outstanding service and treatment for paying upfront. That treatment should extend beyond their medical benefits to their entire experience with your practice.

One of the most important things you can do to enhance that experience is to improve your customer service. Your staff must be well-trained, friendly, and consistently available for your patients.

Ideally, your patients should be able to reach a live person easily by phone during regular office hours. But it’s also important that your staff understand that they should be reaching out to patients proactively.

David Winter, a concierge medicine physician who published a book, Service Extraordinaire: Unlocking the Value of Concierge Medicine , had some good advice in the following excerpt from his HealthLeaders article :

“Every afternoon when I am working in my administrative role, my nurse goes through our patients to see who is behind on colonoscopies, mammograms, and vaccinations. My nurse calls patients to get them into the office, so our quality scores are very high.”

In addition to reaching out about preventative care, you should also develop office procedures for following up after visits and requesting patient feedback. When your staff stays proactively in touch with patients, it makes them feel heard, appreciated and cared for.

Consider changing the look and feel of your office to make it more comfortable and welcoming for your patients. For example, Arana suggests getting rid of the divider glass that most doctor’s offices use at the front desk. Even small adjustments can make a big difference for your patients, like upgrading lobby seating or adding a small refrigerator stocked with healthy, light refreshments for your patients to enjoy before their appointments.

For more on how to create a welcoming reception area, check out our posts 4 Easy Ways to Make Office Visitors More Comfortable and 5 Ways to Style a Beautiful Reception Area .

Finally, consider one simple way to improve your patients’ experience in your office: use a digital visitor sign-in log. Paper logs can compromise your visitors’ privacy and are a drag on administrative efficiency. Modern, tablet-based sign-in logs, however, impress your visitors and come with a host of other benefits, such as dynamic reports and added security.

Want to learn more? Click here and request a demo of The Receptionist, the industry leader in visitor management .

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Step-By-Step Outline for Concierge Medical Practice Startup

Here’s a free helpful checklist from the consultants at mercury advisory group to get you started on the right path to business strategy planning for your concierge medical practice transition..

For every concierge practice, and every physician, there’s a lot to think about when deciding how to transition an established practice to concierge medicine. This helpful, free checklist can help organize your thoughts and get you started. If you need further assistance, please call us.

We pride ourselves on being accessible and keeping things simple. Many physicians are often surprised when they receive a quote for assistance to coach them through the transition. We offer a flat fee initial consultation that covers a full day of private coaching, Q&A, and even the cost to travel to your office and watch you in action. We make an initial assessment of your operational and staff readiness for a successful transition. We talk to your staff, watch how they treat people, review your managed care participation agreements, and some facts and figures about your practice.

Few physicians know what’s involved to transition their practice. Many are pleasantly surprised at how much flexibility and choice they have in designing the business model that’s just right for them. To get you prepared to meet with us, we’ve shared this checklist so you can begin to formulate deeper, probing questions for us, and to start thinking about answers to the questions we will ask you about your business objectives, practice style, current situation, and specific things you want to include in your new re-branded medical practice…and the things you don’t want.

For example, some physicians will want to jettison all the patients that don’t convert, while others quake at the thought of doing so. No problem. Either way, we have a solution that will work. Some physicians work for another practice or a hospital and won’t have any patients or a practice to transition when they leave their current employment. Not a problem, there’ s a different approach we use for a new start-up practice that can accommodate that. Some physicians want to transition to concierge medicine, but the non-compete restriction in their employment contract requires them to move 5 or more miles away for 5 years or more to set up their new practice. Not a problem, we have a few options we can try that just might surprise you.

While the list below is intended to be high level, we’ll help you get down to details for the many sub-processes that will be developed and documented for management efficiency, cost containment and organizational development. So start studying and make an appointment for your private coaching consultation.

1. DEVELOP OVERALL MISSION STATEMENT

1.1. Define current business

1.2. Articulate the problem(s) solved by the business

1.3. Formulate mission

1.4. Formulate the vision

2. EVALUATE STRATEGIC OPTIONS TO ACHIEVE THE OBJECTIVES

2.1. Identify the strategic options and business models available in the market

2.2. Assess and analyze impact of each option

2.3. Develop business sustainability strategy

2.3.1. Conduct SWOT Analysis

2.3.2. Conduct PEST Analysis

2.3.3. Conduct Porter’s Five Forces Assessment

2.4. Develop a business sustainability strategy for first 3 years

2.4.1. Mitigate Threats and Weaknesses

2.5. Develop local value chain support and shared services strategy

2.6. Select 3-5 year business strategy

2.7. Select 7-10 year business strategy

2.8. Select exit strategy

3. COORDINATE AND ALIGN FUNCTIONAL AND PROCESS STRATEGIES

3.1. Develop risk mitigation and management strategy

3.2. Develop lean/continuous improvement strategy

4. DEVELOP BUDGET

4.1. Identify source of working capital

4.2. Review lender options

4.3. Apply for funding to carry out transition

4.4. Establish operational checking acct

4.5. Establish money market account

4.6. Deposit loaned funds into bank accounts

5. DEVELOP MARKET ENTRY STRATEGY

5.1. Internal practice assessment and feasibility study

5.2. Draft amenities product description

5.3. Conduct initial patient survey

5.4. Adjust product offer if necessary

5.5. Develop promotional strategy

5.6. Create promotional collateral

5.7. Create website

5.8. Create membership sales tools

5.9. Create membership contract

6. DEVELOP OPERATIONS PLAN

6.1 Days and hours of operation

6.2. After hours and vacation / time off coverage plan for physician

6.3. Develop staffing plan

6.3.1 Develop job descriptions

6.3.2.Develop compensation offer

6.3.3.Develop employee benefit strategy

7. HIM TECHNOLOGY REQUIRED

7.1 Communications technology

7.2. Electronic Medical Records

7.2.1 System implementation work plan

7.3. Practice Management System

7.3.1. System implementation work plan

7.4. M-Health technologies

8. DEVELOP REVENUE MANAGEMENT STRATEGY

8.1. Determine cash management strategy

8.2. Amenities membership package

8.2.1. Develop membership costs

8.2.2. Develop members sales cost

8.2.3. Develop membership pricing

8.3. Traditional health services menu

8.3.1. Technologies required

8.3.2. Activities-based costs

8.3.3. Health services pricing

8.4. Third-party reimbursement strategy

8.4.1. Targeted health plans

8.4.2. Contracting strategy

8.4.3. Business rules

8.4.4. Profitability performance metrics

8.4.5. Payer report card development

8.5. Billing and Collections Policies and Procedures

8.6. Denied claims appeals procedure

8.7. Bad debt write off policy and procedure

9. CREATE ORGANIZATIONAL DESIGN (STRUCTURE, GOVERNANCE, REPORTING, ETC.)

9.1. Evaluate breadth and depth of organizational structure

9.2. Perform job-specific roles mapping and value-added analyses

9.3. Develop role activity diagrams to assess workflows

9.4. Perform organization redesign staff training

9.5. Design the relationships between organizational units

9.6. Develop role analysis and activity diagrams for key processes

9.7. Assess organizational implication of feasible alternatives

10. DEVELOP AND SET ORGANIZATIONAL GOALS

11. FORMULATE BUSINESS UNIT STRATEGIES

12. MIGRATE TO NEW ORGANIZATION

Ready to get Started?

Handbook of Concierge Medical Practice Design

Get started today for only $3500!

Our flat fee, no-haggle initial consultation price includes a full-day brainstorming and strategy consultation at your location, travel costs for your consultant to travel to your destination*, a 60+ page personally designed workbook, and your own signed copy of the Handbook of Concierge Medical Practice Design (2014, Informa/CRC Productivity Press) by Dr Maria K Todd. Most of our clients don’t spend much more on their start-up consultation and they are up and running within 6 weeks.

* Continental USA only. Alaska, Guam, Puerto Rico, Hawaii, and USVI subject to additional travel surcharge.

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How to Start a Concierge Medical Practice

Running an independent medical practice is increasingly difficult these days, especially in primary care. Over the past 20 years, thousands of independent primary care providers have merged or accepted offers of employment with larger healthcare systems. Some have left the field entirely by retiring ahead of schedule or changing careers.

Others have charted a different path — one that allows them to continue doing what they love, and in many cases to keep most or all of their current patients. They’ve kept their practices open while transforming their business model to concierge medicine , also known as direct primary care.

Concierge medicine practices rely on patient-paid retainer fees rather than third-party insurance payments. With low provider-to-patient ratios and fewer time and resource pressures, they generally offer more personalized care that can include more bespoke medical services, such as anti-aging and regenerative medicine .

Starting a concierge practice isn’t quite as simple as it sounds, and it’s not a sure thing from a business perspective. If you’re planning to venture down this path, do your due diligence ahead of time and watch for these common pitfalls.

How to Start a Concierge Medical Practice — Tips for a Smoother Transition to the Concierge Model

You won’t learn everything you need to know to start a concierge medicine business from a single article. You’ll need to take a concierge medical practice tutorial and talk to other providers who’ve made the transition too.

But it doesn’t hurt to start thinking about how the rubber will meet the road. Here are six things you’ll want to do as you begin turning your concierge dreams into reality.

1. Conduct a Thorough Market Analysis Before You Begin

Every market is different. Before you invest significant resources in your concierge transition, make sure it’s feasible.

Identify other concierge providers in your geographic area and specialty. Assess demand for their services — do they have new patient waiting lists, for example? Look for signs that they’re struggling, which could suggest market saturation.

2. Take the Pulse of Your Patient Population and Implement Key Learnings

Survey your current patients to assess their overall satisfaction with your current practice model, covered services, care delivery, and so on. Use their responses to improve care and expand services (or restrict them, if that’s what your patients ask for) during the transition. You’ll inevitably lose some patients along the way due to discomfort with the new model or inability to pay; keeping everyone else onside is critical to your long-term prospects.

3. Develop a Long-Range Business Plan

If you’ve never developed a formal business plan before, enroll in a general practice management course to get comfortable with the process. Your plan should cover:

The new practice’s cost structure, including (potentially) a sliding scale based on patients’ ability to pay
Action steps to minimize patient abandonment, such as education around the transition
Projected panel size and patient volumes you need to hit to be profitable
Staffing plans, including staff providers other than you (if any), medical assistants, and office support staff
Plans to address new legal and compliance risks associated with direct primary care, up to and including retaining a compliance consultant

4. Market to New Patients Based on Your Practice Areas and Target Demographics

Begin planning early to replace the patients you’ll lose during the transition. Devise a marketing plan that aligns with your current or expected practice areas and menu of services, as well as the demographics (income, family status, and so on) of the patients you expect to serve. Consider hiring an outside consultant or firm with experience in direct primary care marketing. And budget accordingly.

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START UP: Writing a Concierge Medicine Practice Business Plan

concierge medicine business plan, image of a plan written on a journal

Have you ever thought about starting a direct-pay medical practice or other variation of a private medical practice? Well, whether you are concerned about the Affordable Care Act, looming Medicare cuts or a board certified physician curious about what the next few years in your practice will look like, there are a few things to consider before investing the time, money and energy to bring your direct-pay or concierge medical practice to market.

While the conversion to a direct pay and concierge medicine practice may be timely, a common question we receive at Concierge Medicine Today (CMT) is how to attain capital for starting a direct-pay or concierge medical practice. The answer lies in your planning and relationships with the appropriate types of people that can help you.

Related Resource>> SELF-TEST: Are You Ready To Be A Concierge Doctor? The 5 Questions You Should Ask Yourself Before You Begin

“In today’s economy, many have drained their savings accounts, and maxed out their personal credit lines,” say one concierge healthcare consultant. “Because of this they [doctors] need to reach out to others to get this money. The solution lies in coming up with a well thought out and professional, private-pay business plan for your practice that can be submitted to healthcare consultants, your attorney and a trusted accountant. Unfortunately, many people [doctors] have never learned how to write a proper business plan and immediately look to the Internet to search for a concierge medical practice business plan sample or template they can purchase. In my opinion, this is the wrong solution.”

TIP #1: Don’t Buy a Concierge Medicine Business Plan “Sample”

When purchasing a business plan sample from the Internet, people often force their concept into the boilerplate template rather than creating a plan that highlights it. A friend of CMT had recently made this type of purchase. He filled in the blanks and talked about it with us. Our first question was how he had determined that within his first five years he would have 15% growth annually. His unsure answer, “it was in the business plan sample.”

CMT has put together several resources and outlined below a few steps that should set you on a path to finding new patients for your new private-pay medical practice and hopefully to higher annual sales as well.

TIP #2: Interview Several Healthcare Consultants

There are certain areas that healthcare consultants and industry experts focus on to help physicians change their business model from an insurance and managed care practice to a direct-pay, cash-only or retainer-based business model. For example, when assessing your practice for potential economic viability and success in the marketplace, your current patient-base makeup, local demographics, patient surveys and your bedside manner all factor into the review process. . Most available ‘canned’ business plan templates don’t cover these types of intangibles critical to your to success.

Recently, CMT attended a seminar in Florida that was designed to help physicians learn more about direct-pay medical business models. When the speakers explained to the attendees that this type of practice business model is highly relational, one physician raised his hand unapologetically and said, ”so you’re telling me I have to be nice to my patients.” Shockingly, there was nothing funny about it.

TIP #3: Set Realistic Expectations for Your Time

When you sit down to start writing your plan, you must remember that this is a business model based on service and fulfillment. If you are clear with your patients about what it is that you are going to deliver to them in the form of medical services, it will be much easier to introduce the program concept to your patients at the right time, with the right message.

A long-time reader of CMT based in Atlanta, GA (ranked number 5 as the most popular places for concierge medicine practices in the U.S.) told us that the reason she was leaving her concierge physician was because for nine months she was seen by her doctor only one time. Otherwise, every other visit she was treated by the nurse practitioner.

Those that use the excuse that they cannot write a business plan are the same people who have never thought out all of the aspects of starting a direct-pay, concierge or retainer-based practice. In other cases they may have thought out the service or business aspects, but have not taken the time to identify and understand information voids that exist in their planning process.

Questions your private-pay business plan should answer:

What local alliances or relationships can you leverage with other businesses to help yours?
In terms of fees, what can the local market/demographic support?
How will the skills of your staff, their knowledge of the industry and track record of implementation support this shift?
What existing problem or problems exist that your practice is trying to solve simultaneous to the shift in practice and business model?
What solutions does your practice have in place to resolve the problem(s)?
How much will it cost to solve these problems now?
How will solving these problem(s) make your practice financials look in one, three and five years, when considered in the context of your shift toward a private-pay practice model?
How much cash do you need to find a path to profitability?

TIP #4: Choose Your Model. Then Define it and Make it Unique to You, Your Area and Your Patients.

This becomes another stumbling block doctors will run into. Doctors call CMT monthly and want to learn more about the various nuances of this industry. They quickly learn that there are several attractive business models that could be implemented and be suitable to a specific demographic and geography. But you must write a business plan with a practice model in mind that is suitable for your local area and demographic makeup.

The business plan you write for your future practice must make sense to those whom you will serve. Unfortunately, many consultants prefer one medical practice model over another, so it’s important to choose a consultant to with experience across various business models and knowledge of proven models that have been successful in similar locales. Be careful, there are a lot of companies out there that know nothing about this industry.

TIP #5: Cash, Insurance, Medicare. What plans, if any, Will You Participate In?

Several years ago, CMT wrote a story that’s been published many times over and has become one of the most copied and popular reads online about the difference between direct primary care and concierge medicine. Direct primary care (DPC or sometimes called direct care) is a term often linked to its companion in health care, ‘concierge medicine.’ Although the two terms are similar and belong to the same family, concierge medicine is a term that fully embraces or ‘includes’ many different health care delivery models, direct primary care being one of them.

Similarities

Direct care practices, similar in philosophy to their concierge medicine lineage, bypass insurance and go for a more ‘direct’ financial relationship with patients and also provide comprehensive care and preventive services for an affordable fee. However, direct care is only one branch in the family tree of concierge medicine.

Direct care, like concierge health care practices, removes many of the financial barriers to ‘accessing’ care whenever care is needed. There are no insurance co-pays, deductibles or co-insurance fees. Direct care practices also do not typically accept insurance payments, thus avoiding the overhead and complexity of maintaining relationships with insurers, which can consume as much as 40 cents of each medical dollar spent, according to CMT analysts.

Differences

Direct care is a ‘mass-market variant of concierge medicine, distinguished by its low prices.’ Simply stated, the biggest difference between ‘direct primary care’ and retainer based practices is that direct care takes a low, flat rate fee whereas concierge medicine models (although plans may vary by practice) typically charge an annual retainer fee and promise more ‘access’ to the doctor.

Both health care delivery business models are providing affordable, cost-effective health care to thousands of patients across the U.S.

“This primary care business model [direct primary care] gives these type of providers the time to deliver more personalized care to their patients and pursue a comprehensive medical home approach,” said Norm Wu, CEO of Qliance Medical Management based in Seattle, Washington. “One in which the provider’s incentives are fully aligned with the patient’s incentives.”

One additional word of advice: once you have written your private-pay medical practice or concierge medicine business plan, do as many smart physicians have done, have it reviewed and read by a trusted friend in business or a relative. After they have read it, have them give you a verbal explanation as to how they think your new practice model will work, based on your plan. If they do not understand the plan or cannot explain the practice model concept from what you have provided, there is a very good chance that a patient in the coming months ahead will not understand the practice concept(s) either.

This article originally appeared in Concierge Medicine Today or The Direct Primary Care Journal , leading independent publications in their respective fields. Posts by the author and these publications do not represent an endorsement of FON or its services.

FON is a leading integrative health and medicine business development and strategy consulting firm. FON specializes in custom solutions for growing patient volume , developing programs , and increasing product sales . Our practical business models are driven by innovative marketing, clear messaging, and customer engagement via branded storytelling.

Contact us today to schedule a complimentary 30-minute consultation to discuss your business development or personal brand needs.

business plan for concierge medical practice

Michael Tetreault serves as editor-in-chief of the award-winning publication, Concierge Medicine Today (CMT) and The Direct Primary Care Journal (DPCJ). Michael has many years of experience as a marketing, public relations, sales and brand manager. He is considered an expert in the field of concierge medicine and direct primary care. Michael has authored such titles as: Branding Concierge Medicine ; The Marketing MD ; The Doctor’s Guide To Concierge Medicine with co-author and publisher, Catherine Sykes; The Five Entrepreneurial Laws of Marketing and more. Michael’s latest book, Branding Concierge Medicine , became a best-selling title in its category on Amazon.com and now ranks in the top 2% of all Amazon.com e-books sold.

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How Concierge Medicine Business Model Works and Make Money

Concierge medicine is generally a membership model of physician care that gives physicians the platform to dramatically increase their time, bolster their connectivity, and grow the nature of their relationship with patients. In this business model, patients tend to pay an annual membership fee for services that are not covered by third parties (insurances or government plans).

For an annual membership fee, physicians make available numerous enhancements to their services, like same-day/next-day appointments, expanded appointment windows, annual examinations that extend far beyond covered services, and other amenities that enhance the relationship between the provider and the patient.

This model does not in any way replace insurance plans but instead serves as an addition. Physicians can always leverage this model in part via a hybrid model or entirely, known as the full model. Initially, this style of medicine was limited to adult primary care physicians, but in recent years it has successfully expanded into various specialties as well.

It is imperative to state that the number of hours a week a physician who leverages this model spends practicing medicine varies. If a physician chooses the full-model approach by converting the entire practice to the concierge, then they will probably see 200-700 patients; therefore, the workload should lighten—there is less pressure to see as many patients as possible.

If a physician decides to adopt a hybrid model, then they will continue their traditional practice, attending to all patients, but will block several hours a week to care for concierge patients. Note that the number of hours devoted for concierge patients will depend on membership, which tends to range from 50-100 patients.

Most often, the time apportioned to concierge patients allows the physician to work at a more relaxed pace, spending more time with each patient.

Note that the salary of a concierge physician will increase anywhere from 10% to 100%, depending on whether they are a full or hybrid concierge physician and the number of patients in their program. Physicians speculate that they can triple or quadruple the amount of revenue they earn per patient when they convert to the concierge.

How Does the Concierge Medicine Business Model Work?

First, you have to understand that not all concierge practices are the same, but they share a good number of similarities. In concierge medicine, just like it was noted above, a doctor charges an annual fee that can be paid in full or split up, but the contract is for the whole year.

This annual fee sees to in-depth comprehensive care with screenings that go past what traditional insurance or government programs would cater for. Also, note that a good number of concierge medicine physicians still continue to accept insurance plans and government programs, and patient visits are charged in the traditional manner, aside from the annual fee.

From many physicians’ perspectives, concierge medicine offers greater autonomy, a viable platform to return to a more manageable patient load, and the opportunity to grow their incomes that have declined owing to increasingly lowered reimbursements for their services.

However, from many patients’/consumers’ perspectives, concierge medicine offers more instant, available, and beneficial access to their primary care physicians and, irrespective of their physician’s annual retainer fee, does away with third-party insurance coverage costs and troubles.

Note that the main criticisms of the concierge medicine model still float from some health care policymakers and experts, who insist that concierge medicine is solely for the upper class and its widespread implementation will heighten the shortage of primary care physicians.

Another primary issue especially with doctors eager to make the switch to concierge direct care is patient education. Have it in mind that patients are used to the standard model of healthcare and tend to shy away from the unfamiliar.

How Does Concierge Medicine Business Make Money?

A concierge practice is built on service. It is the job of the physician to do anything within their power to help their patients. However, note that the key difference remains the fact that compensation doesn’t flow through medical insurance; which can be very complex, murky, with so many loopholes and regulations that make it difficult for transparency.

However, just like with business models, there are 3 primary ways concierge medicine businesses make money. Although variations of these models exist, most models tend to fall into one of the following categories.

The Fee for Care (‘FFC’)

This revenue model is simply an annual retainer model, where the patients are charged a monthly, quarterly, or annual retainer fee by the physician. Note that the retainer fee covers most services made available by the physician in his/her office. But services like vaccinations, lab work, x-rays, and other services are not included and charged separately on a cash basis.

However, in recent times, there has been a shift away from fee-for-care payment models and towards value-based payments that reward medical providers based on efficiency and patient outcomes, rather than the volume of services provided.

The Fee for Extra Care (‘FFEC’)

This revenue model is quite similar to the FFC model, however, the extra services are charged to Medicare or the patient’s insurance plan.

Some of the services included in these two retainer models include same-day access to your doctor; instant cell phone and text messaging to the doctor; unlimited office visits with no co-pay; little or no waiting time in the office; priority placed on preventive care; calm atmosphere; cell phone, text message, and online consultations; prescription refills; and considerate appointment scheduling.

Hybrid Model

Here, physicians charge a monthly, quarterly, or annual retainer or membership fee for services that Medicare and insurers do not cover. Note that these services may involve: email access; phone consultations; newsletters; annual physicals; prolonged visits; and extensive wellness and evaluations plans.

For all noted services, these providers will charge Medicare and insurance companies for patient visits and services handled by the plans. According to reports, this model gives room for the physician to continue to see their non-retainer patients while charging their “concierge” patients a fee for the necessary or “special” attention.

Also, note that a good number of concierge practices are cash-only or ‘direct’ primary care practices and will not accept insurance of any form. Owing to that, these practices can ensure that overhead and administrative costs stay low, thereby making available affordable healthcare to patients.

Top 20 Companies Operating Concierge Medicine Business Model

Concierge Choice
Inova Concierge
Specialdocs, Inc.
Latady Physician Strategies
Cypress Concierge
AnthroSonoma Integrative
Savant Wellness
Dignity Health Medical Group
My Doctor Medical Group
Concierge Medicine Today
Austin Concierge Medicine
Concierge Family Doctor
Diamond Physicians
Healthcare Success
Pinnacle Concierge Medicine
WorldClinic

8 steps for transforming your practice to a concierge model

Concierge healthcare is becoming an increasingly popular alternative to traditional healthcare among both patients and their physicians. If you’re considering integrating a concierge medicine service offering into your practice in the next few years, these eight steps will help you get started.

1. Decide which model of concierge medicine is right for you.

Several different concierge models have evolved over the years and each offers different benefits. If you value work-life balance over all else, then perhaps you should explore a full-conversion model. If you already employ physician extenders or want to improve your lifestyle, maximize earnings, and retain your patients, then a segmented model may be right for you. If you have a small practice that cannot support a full-conversion or segmented model, you could consider a hybrid practice.

Full-conversion model: The full-conversion concierge healthcare model provides a nice work-life balance. For the right practice, a full-conversion practice model typically yields, on average, 300 to 400 concierge members. With this patient load the physician can expect to see a moderate increase in practice revenue. However, there are two primary drawbacks to full conversion to consider. First, if not enough patients decide to join the new concierge practice, then it may be difficult to make it financially rewarding. Second, a full-conversion model requires the concierge care physician to abandon all patients who choose not to join the new practice.

Hybrid model: The hybrid model is sometimes appropriate for smaller practices that don’t have the requisite patient volume to support a full-conversion model. Physicians operating hybrid concierge practices deliver two different levels of service: one to their concierge members and another for their standard fee-for-service patients. Because patients can continue to see their physician, conversion yields tend to be low—typically below 100 concierge members. Furthermore, hybrid models actually increase, rather than decrease, physician workload with minimal increases in earnings.

Segmented model: The segmented model is the most financially rewarding of all concierge healthcare models because it enables physicians to maintain their entire patient panel, while adding a new revenue stream from 200 to 600 concierge-program members. In a segmented model, physicians focus their time and attention on the care of program members and oversee the delivery of care to non-member patients by a physician extender. Concierge physicians utilizing the segmented model are typically able to reduce their workload by 25% and typically double or even triple their take-home earnings. The segmented model is low risk, as no patients are terminated from the practice, and it provides physicians with the ability to evolve to a full-conversion model at a later date should they decide to do so.

2. Identify options to maintain your existing patient base (assuming you’re not doing a full-conversion model).

Physician extenders.

If you already have a physician extender, this is the most straightforward option.
If you do not currently have a physician extender, consider hiring one and introducing them to the practice on a part-time basis.

Young primary care physician

An internist or family practice physician with an existing practice could join your practice and be available to absorb your non-concierge patients.

Review your payor mix and focus on the highest-quality programs. For example, capitated Medicare programs are far more financially remunerative than the average collections from a non-capitated Medicare patient. Many Medicare Advantage programs compensate the physician with up to $100 per patient per month.

3. Make small but meaningful upgrades to your office environment.

Look at your office. Would you be happy paying $1,800 per year to visit this environment? If the answer is “no,” consider making small changes that will enhance the comfort of the waiting and exam rooms. Provide free Wi-Fi, up-to-date magazines, spring water, and other extras.

4. Invest in your employees.

Your employees are the face of your practice. You need to hire quality employees, train them in customer service, and pay them well. A bad front office can destroy a concierge-program integration, and a good front office can help a doctor build up from 300 to 400 members. Once you hire good talent, develop systems to monitor customer service and patient communication. Remember, you get what you pay for.

5. Consider your influence in the community.

As a concierge physician, you want to ensure that subspecialists and imaging centers will accommodate your patients in a timely manner. Your influence in the community is dependent on the number of referrals you make and your rapport with your colleagues. It’s imperative that you cultivate and nurture your relationships.

6. Evaluate your current service offerings.

Consider adding services such as remote patient monitoring, cryosurgery, skin biopsies, trigger point, and joint injections. In addition to being financially rewarding, providing these services may save your future concierge members from the inefficiency and the additional expense of seeing subspecialists for minor problems. Instead, your patients will have their minor problems addressed by their trusted physician in a comfortable environment.

7. Start delivering concierge-level care today.

This is very important. If you’re not already delivering high-quality service to your patients, they won’t join your concierge program. Most patients who value their health and their relationship with their physician can afford approximately $5 per day for a concierge program, and they’ll join your program if you’ve been doing your job correctly.

8. Explore concierge medicine partners and find the right fit for you.

Once you’ve decided which concierge model is right for you, you’ll need to select a

partner to help you integrate your program. You should focus on the following items during your selection process:

Company stability: How long has the company been in business?

Company expertise: Does the partner specialize in your desired conversion model and how many integrations has the company executed?

Conversion resources: How experienced is the company’s conversion staff?

Post-conversion marketing: What marketing does the company provide after conversion?

Practice growth: Can the company provide statistics demonstrating that affiliated practices grow over time?

Programs to enhance the patient experience: Does the company provide programs to enhance the patient experience and/or enhance the financial well-being of the practice beyond the basic concierge program?

Service agreement: Is the concierge service partner’s agreement fair? Does it handcuff you to the partner with post-contract-term non-competes?

Cultural fit: Do you like and trust the company representatives with whom you’ve interacted? You’re getting into a long-term relationship. Make sure it feels “right.”

For additional guidance on how to start a concierge medical practice, contact SignatureMD at 866.883.8859 .

About SignatureMD

SignatureMD is one of the nation’s largest firms providing initial conversion and ongoing support services to concierge medicine physicians. SignatureMD currently partners with over 200 affiliated primary care physicians and specialists across 35 states, and its network is rapidly expanding.

6001 Broken Sound Pkwy NW, Suite 340

Boca Raton, FL 33487

How to Start a Concierge Medical Practice Business

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical

Do you want to start a medical concierge practice? If YES, here is a complete guide to starting a medical concierge practice business with NO money and no experience .

Are you a medical doctor? Do you want to become your own boss but don’t have enough startup capital to set up a medical clinic or hospital? If your answer is positive, then you should consider starting a concierge medical practice business.

What is a Concierge Medical Practice Business?

Concierge medical practice is a practice that gives room for a unique relationship between a patient and his or her doctor (primary care physician) in which the patient pays an annual fee or what is known as retainer-ship, hence concierge medical practice or concierge medicine can also be called retainer medicine.

This retainer fee may or may not be in addition to other charges depending on the doctor. In the united states, patients pay an annual or monthly fee which often totals about $1,200 to $5,000 per year.

When it comes to starting a medical related business, it is advisable to first look at the existing laws in the country or the state you reside. This is because there is hardly any country that does not pay serious attention on their health sector.

The health industry is usually highly regulated so as to guide against the infiltration of quacks or substandard medical clinics, hospitals or health facilities.

In essence, if you have chosen to start your own concierge medical practice business, then you would need to pay a visit to the health and medical regulatory body in your country (the department/ministry of health and medical services) to get all the needed information that is required before you can legally start your own concierge medical practice business in your city.

So, if indeed you truly want to start your own concierge medical practice business, all you need do is to read this article and you will be well informed and equipped. You can start your concierge medical practice business from a small town In the united states and if you are consistent and creative, it won’t be too long before your brand becomes a nationally recognized brand.

Steps to Starting a Concierge Medical Practice Business

1. understand the industry.

Concierge medical practice business is classified under the Business Concierge Services industry and players in the industry are known for providing on-demand services to clients that range from business executives to employees and individuals.

Players in this industry offer a wide variety of services such as medical practice, running errands, conducting grocery and personal shopping, making travel and restaurant reservations, and home management services et al. The services may be provided in-person or remotely via telecommunications.

For instance, in hotels or resorts, a concierge company assists guests by performing various tasks such as making restaurant reservations, booking hotels, arranging for spa services, recommending night life hot spots, booking transportation (like taxi, limousines, airplanes, boats, etc.), coordinating porter service (luggage assistance request), procuring of tickets to special events, and assisting with various travel arrangements and tours of local attractions. Concierge also assists with sending and receiving parcels.

In hospitals, concierge services are becoming increasingly available. A hospital concierge provides services similar to those of a hotel concierge, but serves patients and employees as well. This helps hospital staff members who work long shifts, and helps to provide work-life balance.

Usually, concierge services companies will bill on an hourly rate and depending on the type of task, service charges can fluctuate drastically. Other companies bill a flat monthly fee based on the number of requests a member or client as the case may be is allowed to place each month.

For instance, in the united kingdom, since the year 2000 and as of 2010, concierge services have become a key marketing and loyalty tool in the banking sector. This type of service offering is also known as lifestyle management.

If you are considering starting your own concierge medical practice in the United States, then you should try and work around the industry barriers. As a matter of fact, it is absolutely compulsory for any investor who is looking towards starting a concierge medical practice business to meet extensive federal, state and local laws and regulations.

These regulations relate to the adequacy of medical care, equipment, personnel, operating policies and procedures. Regulations also involve maintaining adequate records, preventing fires, setting rates and complying with best practices in the healthcare and medical industry.

Some of the factors that encourage entrepreneurs to start their own concierge medical practice is that the business is one of the easiest businesses to start in the healthcare and medical industry , it is a profitable business and it is a business that can be started with minimal start – up capital and of course minimal employees.

Over and above, the Business Concierge Services industry is very open to any aspiring entrepreneur who has the required skills to start his or her own concierge services business and of course make good money from the industry.

As a matter of fact, it was projected that over the next five years, new technology will continue to emerge that will make it easier for more players to come into the industry hence increasing the competition in the industry.

2. Conduct Market Research and Feasibility Studies

Demographics and Psychographics

The demographic and psychographic composition of those who need the services of a concierge medical practice business is not restricted to a group of people. The truth is that everyone who has the financial capacity is a potential client for a concierge medical practice business.

In essence, the demographic composition cum target market for a concierge medical practice business is all encompassing; it is not restricted to any gender, race, tribe or group of people.

So, if you are looking towards defining the demographics of your concierge medical practice business, then you should make it far reaching to everyone in and around the location where your concierge medical practice business is located with the capacity to pay for your services.

3. Decide Which Niche to Concentrate On

It is important to state that concierge medical practice business is a niche area in the business concierge services industry so there is no niche area in this line of business. Concierge medical practice business owners engage in the practice of the business of medicine that gives room to a unique relationship between a patient and a doctor (primary care physician) in which the patient pays an annual fee.

The Level of Competition in the Industry

The level of competition in the business concierge services industry to some extent depends largely on the location of the business, your niche area of operation and of course the capacity of your concierge medical practice business. The truth is that as a concierge medical practice business owner, you are likely going to experience little or no competition because most players in the business concierge services industry render different services to their clients.

But that does not mean that you are not going to be competing against other concierge medical practice businesses in and around your coverage area and of course other players in the healthcare and medical services industry.

It is important to also state that the competition in the concierge medical practice business is not restricted to concierge medical practice businesses in your location, but all across the globe because a wealthy man can fly-in a physician (concierge medical practitioner) from any part of the world as long as they have the financial means.

4. Know Your Major Competitors in the Industry

It is important to point out the fact that in every industry, there are always brands that perform better or are better regarded by customers and the general public than the others.

Some of these brands are those that have been in the industry for a long time, while others are best known for how they conduct their businesses and the results they have achieved over the years. These are some of the leading concierge medical practice businesses in the United States of America and in the globe;

My Doctor Medical Group
Concierge Medicine Today
Austin Concierge Medicine
Concierge Family Doctor
Diamond Physicians
Specialdocs Consultants, LLC
Concierge Choice Physicians
Healthcare Success
Pinnacle Concierge Medicine

Economic Analysis

When beginning a concierge medical practice business, you just have got to get your costing cum economic analysis right if your intention of building the business is to generate profits, grow the business and perhaps expand the business and start competing at the national level.

When conducting costing and economic analysis for your concierge medical practice business, you just have to critically examine these key factors; place, pricing, and promotion. As a matter of fact, you would have to continue to review these key factors at regular intervals while running your concierge medical practice business.

As a concierge medical practice business owner, you just have to have a proper grasp of your competitive landscape if indeed you want to maximize profits and be in the frontline of the industry.

It is important to note that transportation, medical tools and equipment and overhead cost (if you maintain back-office staff members) are some of the most important factors contributing to the overall cost of running a concierge medical practice business and should be considered as a major factor when carrying out your costing and economic analysis.

5. Decide Whether to Buy a Franchise or Start from Scratch

If you are looking towards starting a concierge medical practice business, you would have to start from the very scratch because available research shows that you can hardly get the franchise of a concierge medical practice business to buy. It is a business that is open to all and sundry.

Besides starting a concierge medical practice business from the scratch is less stressful when compared to other medical/healthcare related business which usually requires detailed groundwork before launching the business.

With a concierge medical practice business, you should just try as much as possible to acquire your medical license, register your business, purchase the required medical tools and equipment and then leverage on every marketing tool within your disposal especially the internet to market your concierge medical practice business.

Please note that most of the big and successful concierge medical practice businesses around started from the scratch and they were able to build a solid business brand. It takes dedication, hard work and determination to achieve business success.

6. Know the Possible Threats and Challenges You Will Face

If you decide to open your own concierge medical practice business today, one of the major challenges you are likely going to face is the presence of well – established concierge medical practice businesses and of course other players in the Hospital and Healthcare industry in your target market location. The only way to avoid this challenge is to create your own market.

Some other threats and challenges that you are likely going to face when you start your concierge medical practice business are mature markets, bad economy (economy downturn), stiff competition, volatile costs, and rising medical care prices.

So also, unfavorable government policies , seasonal fluctuations, demographic/social factors, downturn in the economy which is likely going to affect consumer spending and of course emergence of new competitors within the same location where yours is located.

There is hardly anything you can do as regards these threats and challenges other than to be optimistic that things will continue to work for your good.

7. Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp)

When considering opening a concierge medical practice business, the legal entity you choose will go a long way to determine how big the business can grow; some concierge medical practice businesses design their business and services for the community market, while others for national market via franchising and branching out.

You can either choose a general partnership, limited liability company, or a sole proprietorship for a concierge medical practice business.

Ordinarily, sole proprietorship should have been the ideal business structure for a small – scale concierge medical practice business especially if you are just starting out with moderate start – up capital, covering just a city and with minimal employees.

But if your intention is to grow the business and operate all across the United States of America, then choosing sole proprietorship is not an option for you. Limited Liability Company, LLC or even general partnership will cut it for you.

Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholders meetings and other managerial formalities.

These are some of the factors you should consider before choosing a legal entity for your concierge medical practice business; limitation of personal liability, ease of transferability, admission of new owners, investors’ expectation and of course taxes.

If you take your time to critically study the various legal entities to use for your concierge medical practice business, you will agree that limited liability company; an LLC is most suitable. You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or an ‘S’ corporation especially when you have the plans of going public.

8. Choose a Catchy Business Name

When it comes to choosing a name for your business, you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents. It is the norm for people to follow the trend in the industry they intend operating from when naming their business.

If you are considering starting your own concierge medical practice business, here are some catchy names that you can choose from;

Gregory Finbarr® Concierge Medical Practice, LLC
Indiana James® Concierge Medical Practice, Inc.
Morrison Philips® Concierge Medical Practice, Inc.
Hillcrest® Concierge Medical Practice, Inc.
Twelve Thirty® Concierge Medical Practice, Inc.
Doctors Connect® Concierge Medical Practice, Inc
Bonny Gold® Concierge Medical Practice, Inc.
Vincent Bloomberg® Concierge Medical Practice, Inc.
Borger Jasper® Concierge Medical Practice, LLC.
Sharon Holmes® Concierge Medical Practice, Inc.

9. Discuss with an Agent to Know the Best Insurance Policies for You

In the United States and in most countries of the world, you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from. Thus, it is imperative to create a budget for insurance policy and perhaps consult an insurance broker to guide you in choosing the best and most appropriate insurance policies for your concierge medical practice business.

Here are some of the basic insurance policy covers that you should consider purchasing if you want to start your own concierge medical practice business in the United States of America;

General insurance
Health insurance
Liability insurance
Risk Insurance
Workers Compensation
Building/Property insurance
Overhead expense disability insurance
Business owner’s policy group insurance
Payment protection insurance

10. Protect your Intellectual Property With Trademark, Copyrights, Patents

If you are considering starting your own concierge medical practice business, usually you may not have any need to file for intellectual property protection/trademark. This is because the nature of the business makes it possible for you to successfully run the business without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

11. Get the Necessary Professional Certification

If you intend starting a concierge medical practice business in the United States of America, you are encouraged to pursue professional certifications; it will go a long way to show your commitment towards the business. Certification validates your competency and shows that you are highly skilled, committed to your career, and up-to-date in the market.

Besides it is almost impossible to run a concierge medical practice business in the United States without the proper professional certification. In most countries of the world, practicing any medical related practice without a license is typically illegal.

In most jurisdictions, individuals found to be providing medical, nursing or other professional services without the appropriate certification or license may face sanctions including even criminal charges leading to prison. These are some of the certifications you can work towards achieving if you want to run your own concierge medical practice;

Registered nurse and Licensed practical nurse Certificate
ACMPE’s Certified Medical Practice Executive (CMPE)
Director of Nursing Services–Certified (DNS-CT)
QAPI Certified Professional (QCP)

12. Get the Necessary Legal Documents You Need to Operate

The essence of having the necessary documentation in place before launching a business in the United States of America cannot be overemphasized. It is a fact that you cannot successfully run any business in the United States without the proper documentations. If you do, it won’t be too long before the long hands of the law catch up with you.

These are some of the basic legal documents that you are expected to have in place if you want to legally run your own concierge medical practice business in the United States of America;

Business and liability insurance
Federal Tax Payer’s ID
State Permit
Certificate of Incorporation
Business License
Business Plan
Non – disclosure Agreement
Employment Agreement (offer letters)
Employee’s Handbook
Operating Agreement for LLCs
Insurance Policy
Online Terms of Use (if you have a website)
Online Privacy Policy Document (basically for online payment portal)
Company Bylaws
Memorandum of Understanding (MoU)
Franchise or Trademark License (optional)

13. Raise the Needed Startup Capital

Starting a standard and well – equipped concierge medical practice business is not capital intensive especially if you choose to launch the business on a small scale and you only have a handful of full – time employees on your payroll. Leasing of a standard facility that can accommodate your staff members and of course the purchase of medical equipment are part of what will consume a large chunk of your start – up capital, in essence, if you choose to start the business on a large scale, you will need to source for fund to finance the business.

No doubt when it comes to financing a business, one of the first things you should consider is to write a good business plan . If you have a good and workable business plan document in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business.

Here are some of the options you can explore when sourcing for start – up capital for your concierge medical practice business;

Raising money from personal savings and sale of personal stocks and properties
Raising money from investors and business partners
Sell of shares to interested investors
Applying for Loan from your Bank
Pitching your business idea and applying for business grants and seed funding from government, donor organizations and angel investors
Source for soft loans from your family members and your friends

14. Choose a Suitable Location for your Business

Concierge medical practice business is a business that can be sited in any location as long as there are people and organizations that can pay for your services. As a matter of fact, you can start your concierge medical practice business in your house and still grow the business to profitability.

Generally, in business, it cannot be overemphasized that the location you chose to start your business is key to the success of the business, hence entrepreneurs are willing to rent or lease a facility in a visible location; a location where the demography consists of appreciable growing population and of course people with the required purchasing power and lifestyle.

Most importantly, before choosing a location for your concierge medical practice business, ensure that you first conduct a thorough feasibility studies and market survey. The possibility of you coming across similar business that just closed shop in the location you want to open yours can’t be ruled out.

These are some of the key factors that you should consider before choosing a location for your concierge medical practice business;

The demography of the location
The demand for the services of concierge medical practice and other healthcare related businesses in the location
The purchasing power of residents of the location
Accessibility of the location
The number of concierge medical practice businesses and healthcare related services businesses that in the location
The local laws and regulations in the community
The road network, traffic, parking and security et al

15. Hire Employees for your Technical and Manpower Needs

When it comes to starting a standard concierge medical practice business, you will need stethoscopes, blood pressure cuffs, oxygen tanks, and first aid kits, gloves and uniform and other related medical equipment that will aid you in carrying out your job.

It is important to state that this equipment can be purchased as fairly used if you are operating on a low budget. In setting up a small office for your concierge medical practice business, you will also need computer, printer, home healthcare software, telephones, pager, photocopier, scanner, and fax machine et al.

When it comes to choosing between renting and leasing a facility for your concierge medical practice business, the size of the business you want to own, and your entire budget for the business should influence your choice. Besides, you can operate this business from your home or from a small office space that can accommodate staff members working for you.

Good enough, the concierge medical practice business is a business that can be run as a one – man show, but if you want to build a business with corporate outlook, then you would need to hire some key employees to occupy certain positions in your organization.

Averagely, when it comes to starting a standard concierge medical practice business on a large scale, you would need the services of the following professionals; Chief Operating Officer/Chief Medical Director (you can occupy this position if you are a medical doctor), Marketing and Sales Executive (Business Developer), Accountant, Nurse Aides, Human Resources and Admin Manager, Nurses, Customer Services Executive/Front Desk Officer, Security Guards and Cleaners.

Over and above, you would need a minimum of 5 to 10 key staff members to effectively run a medium scale but standard concierge medical practice business.

The Service Delivery Process of the Business

The service delivery process as it relates to concierge medical practice business is simple and straightforward and it is applicable to players in the business concierge services industry. Concierge medical practitioners (general physicians) are known for providing on-demand medical services to their clients.

Usually, a concierge medical practice business goes out there to source for clients and once they sign a business deal with the client, then they will automatically attend to such client whenever they get a call from the client. Depending on the type of sickness to be treated, most often than not, the treatment is carried out in the home or any choice location of the client. The reason why a client may leave their location when under treatment is when they have to go for medical test.

It is important to state that a concierge medical practice business may decide to improvise or adopt any business process and structure that will guarantee them efficiency and flexibility; the above stated concierge medical practice business process is not cast on stone.

16. Write a Marketing Plan Packed with ideas & Strategies

The fact that the entry barrier for starting a small – scale concierge medical practice business is achievable means that there is bound to be more players in the industry no matter the location you choose to start yours. In essence, you must come up with creativity and innovations if you must carve out a market for yourself within the available market in your community, city, state or country.

So, when you are drafting your marketing plans and strategies for your concierge medical practice, make sure that you create a compelling personal and company profile. Aside from your qualifications and experience, it is important to clearly state in practical terms what you have been able to achieve in time past as it relates to your line of business. This will help boost your chances in the market place when marketing your services.

Here are some of the platforms you can utilize to market your concierge medical practice;

Introduce your business by sending introductory letters alongside your brochure to households, hospitals, religious organizations, corporate organizations, HMOs and everyone in and around the location where you want to practice your concierge medical services
Open your concierge medical business with a party so as to capture the attention of residents who are your first targets
Advertise your concierge medical practice business in community based newspapers, local TV and radio stations
List your business and products on yellow pages ads (local directories)
Leverage on the internet to promote your concierge medical practice business
Engage in direct marketing and sales
Encourage the use of Word of mouth marketing (referrals)
Leverage on the internet to promote your business
Join local chambers of commerce and industries around you with the main aim of networking and marketing your concierge medical practice business; you are likely going to get referrals from such networks.
Engage the services of marketing executives and business developers to carry out direct marketing for you

17. Work Out a Reasonable Pricing for your Services & Products

One key factor that will help you offer your services at the right price is to ensure that you cut operational cost to the barest minimum, and channel your efforts towards marketing and promoting your brand name. Aside from the fact that this strategy will help you save cost, it will also help you get the right pricing for your products.

You can also try as much as possible to work with independent contractors and marketers; it will help you save cost of paying sales and marketing executives.

So also, if you are able to secure business partnership with HMOs and medical insurance companies as it relates to getting referrals, then you will be able to get the right pricing and of course maximize profits from your concierge medical practice business.

As regards medications, medical tools and equipment and other medical and administrative supplies that you need to effectively run your concierge medical practice business, you need to ensure that you purchase your items directly from the manufacturers or from wholesale distributors in pretty large quantities. The truth is the higher the quantity of items you purchase directly from the manufacturers or wholesale distributors, the cheaper you tend to get them.

18. Develop Strategies to Boost Brand Awareness and Create a Corporate Identity

If your intention of starting a concierge medical practice business is to grow the business beyond the city where you are going to be operating from to become a national and international brand by working for clients all across the United States of America, then you must be ready to spend money on promotion and advertisement of your brand.

No matter the industry you belong to, the truth is that the market is dynamic and it requires consistent brand awareness and brand boosting cum promotion to continue to appeal to your target market. Here are the platforms you can leverage on to boost your brand awareness and create corporate identity for your concierge medical practice business;

Place adverts on both print (newspapers and health magazines) and electronic media platforms
Sponsor relevant community based events
Leverage on the internet and social media platforms like Instagram, Facebook, Twitter, YouTube, Google + et al to promote your concierge medical practice business
Install your billboards in strategic locations all around your city or state
Distribute your fliers and handbills in target areas
Contact households, hospitals, religious organizations, corporate organizations, HMOs and everyone in and around the location where you choose to operate informing them about your business and the services you offer
List your concierge medical practice business in local directories
Advertise your medical clinic in your official website and employ strategies that will help you pull traffic to the site
Position our Flexi Banners at strategic positions in the location where your concierge medical practice business is located
Ensure that all your staff members wear your branded shirts and all your vehicles, ambulances and vans are well branded with your company logo

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What Is Concierge Medicine?

For a set fee, concierge medicine provides quick access to doctors and shorter wait times.

This article is based on reporting that features expert sources.

Is concierge medicine right for you? Do you know how it's different from a traditional medical practice?

Close up of a mother and daughter consulting with their doctor over a video call on their laptop

Getty Images

For many people, the word "concierge" conjures an image of a uniformed or well-dressed employee at an expensive hotel who arranges tours and tickets for concerts for guests.

Concierge medicine is a health care model in which a patient pays a monthly, bi-annual or annual fee to see their physician, says Molly Moore, chief health plan officer at Decent, a startup based in Austin, Texas, that creates affordable health care plans for small businesses and self-employed professionals. Many of their clients have been hit hard by the economic downturn caused by the COVID-19 pandemic .

"It's a type of retainer model of care," says Michael Seavers, the program lead in Healthcare Informatics at Harrisburg University of Science and Technology in Harrisburg, Pennsylvania. Concierge medicine is similar to an agreement with an attorney on retainer, in which the lawyer provides legal services for a flat fee, rather than charging by the hour or case. A patient could call or see a doctor whenever he needed to, much the way a client could call a lawyer on retainer whenever he or she needed legal advice.

By contrast, patients at a doctor's office in a traditional practice charge patients per appointment. Typically, when they see their doctor, people with health insurance are responsible for a copayment – a flat fee, which is a set amount for a specific service, like an office visit. Under this model, the patient typically also pays a copayment to specialists who are in his or her health insurance's network of providers.

On the other hand, if a primary care physician in a concierge practice refers a patient to a specialist – say, a gastroenterologist – who is part of the service, there's no additional charge. Patients can use their health insurance for referrals to specialists who are not part of the concierge group.

Zero or Shorter Wait Times

Doctors in concierge medicine groups typically have fewer patients than physicians who are in traditional medical practices. That means shorter waits for patients, who can access their doctor or another concierge physician immediately, even on holidays, Seavers says.

Patients can typically reach a doctor quickly by phone or text, and make an appointment the same day. Some concierge medical practices even make house calls.

"Concierge medicine is all about quickness of access," Seavers says.

In the summer of 2017, Concierge Medicine Today published a piece that said 33% of physicians in concierge practices reported having no wait times. Another 31% said their wait times were less than five minutes.

An Option for People Who Are Uninsured or Underinsured

Many health care consumers have a high-deductible plan where nothing is covered until the deductible – in the thousands of dollars for some people – is paid out of pocket. Paying for a concierge plan might be less costly for these consumers than paying toward their deductible for their primary care needs, says Marc G. Riddick, founder of MedCierge, an app that provides telehealth concierge services to its subscribers. "This is especially true if they do not typically use any care beyond their primary care needs," he says.

Concierge Medicine Gaining in Popularity

Concierge medicine has been around since at least the 1990s. This model has gained in popularity in the last five to 10 years, particularly among health care consumers in upper-middle class metropolitan and suburban areas, according to conciergemedicinetoday.org.

Overall, there are an estimated 5,000 to 20,000 private medicine doctors nationwide, according to the July/August 2017 edition of the periodical Concierge Medicine Today. The range is so wide because there's no federal registry or database to track concierge physicians. The number of concierge physicians are a small percentage of the more than 920,000 licensed doctors in the U.S.

How Much Does Concierge Medicine Cost?

The annual fee to subscribe to most concierge medicine practices ranges between $1,200 and $3,000, according to conciergemedicinetoday.org. Experts say some high-end private medicine services that provide services to wealthy people can cost tens of thousands a year.

Overall, here is the breakdown of payment options that concierge medicine practices accept, according to conciergemedicinetoday.org:

Cash only, 51%
Medicare or some insurance, 29%
Medicare but no HMO or PPO plans, 14%
Insurance but no Medicare, 6%

Pros and Cons of Concierge Medicine

If you're considering becoming a patient of a concierge medical practice, it might be a good idea to weigh the pros and cons, says Dr. Dan Minior, medical director of Halo Health Mobile Concierge Doctors, based in Raleigh, North Carolina. Halo Health offers all typical concierge medical services either at the patient's home or office. The physicians are on call 24/7 and provide immediate care.

Here are some pros of concierge medicine:

Doctors spend more time with their patients.
Unlimited number of annual doctor visits.
Access to your doctor via phone or text when you're traveling.
Robust preventive care.

Some possible cons to consider include:

Limited acceptance of health insurance plans .
Scarcity of concierge practices in some regions.

The U.S. News Health team delivers accurate information about health, nutrition and fitness, as well as in-depth medical condition guides. All of our stories rely on multiple, independent sources and experts in the field, such as medical doctors and licensed nutritionists. To learn more about how we keep our content accurate and trustworthy, read our editorial guidelines .

Minior is medical director of Halo Health Mobile Concierge Doctors, based in Raleigh, North Carolina.

Moore is chief health plan officer at Decent, a startup based in Austin, Texas, that creates affordable health care plans for small businesses and self-employed professionals.

Riddick is founder of MedCierge, an app that provides telehealth concierge services to its subscribers.

Seavers is the program lead in Healthcare Informatics at Harrisburg University of Science and Technology in Harrisburg, Pennsylvania.

Tags: health , patients , patient advice , Medicare , health insurance , doctors , health care

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Concierge Medicine: A Viable Business Model for (Some) Physicians of the Future?

Affiliation.

1 Author Affiliations: Monmouth University, New Jersey.
PMID: 27892907
DOI: 10.1097/HCM.0000000000000088

Concierge medicine is a medical management structure that has been in existence since the 1990s. Essentially, a typical concierge medical practice limits its number of patients and provides highly personalized attention that includes comprehensive annual physicals, same-day appointments, preventive and wellness care, and fast, 24/7 response time. Concierge medicine has become popular among both physicians and patients/consumers who are frustrated by the limitations imposed by managed care organizations. From many physicians' perspectives, concierge medicine offers greater autonomy, the opportunity to return to a more manageable patient load, and the chance to improve their incomes that have declined because of increasingly lowered reimbursements for their services. From many patients'/consumers' perspectives, concierge medicine provides more immediate, convenient, and caring access to their primary care physicians and, regardless of their physician's annual retainer fee, the elimination of third-party insurance coverage costs and hassles. The major criticisms of the concierge medicine model come from some health care policy makers and experts, who believe that concierge medicine is elitist and its widespread implementation will increase the shortage of primary care physicians, which is already projected to become worse because of the Affordable Care Act's individual mandate, which requires everyone to have health insurance.Utilizing these topics as its framework, this article explains why concierge medicine's form of medical management is gaining ground, cites its advantages and disadvantages for stakeholders, and examines some of the issues that will affect its growth.

Concierge Medicine / economics
Concierge Medicine / trends*
Delivery of Health Care / economics
Delivery of Health Care / methods
Practice Management, Medical / economics*
Practice Patterns, Physicians'*
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Table of Contents

What is concierge medicine?

How much does concierge medicine cost, advantages of concierge medicine, disadvantages of concierge medicine, who might consider concierge care.

My primary care doctor recently left her practice and invited me to join her at her new gig — a concierge medicine group. There, for a membership fee, I’d have better and more personal access to her services: same-day appointments and long conversations!

Concierge medicine — a model in which patients pay a membership fee for a more direct relationship with a primary care doctor — used to feel like a perk for the superwealthy. But as fees have come down and people have gotten more frustrated with the state of traditional primary care, concierge services may not seem like such a pie-in-the-sky option. There’s less waiting, more access, longer visits and greater coordination of care. However, the fees can be high, and if you don’t have complex medical needs, it may not feel worth the expense.

Concierge medicine is an arrangement in which a patient pays a membership fee to gain access to a doctor’s practice. Your fee may cover a wide range of services, with insurance covering any needs you have outside the practice, or your fee may cover basic preventive care and the practice might accept insurance for the rest.

But your experience, overall, is more personal. Concierge medicine typically offers same-day appointments and 24/7 access to your doctor (who, by the way, isn’t rushed during visits).

Patients like it because they have more time with their provider, says Terry Bauer, CEO of Specialdocs, a company that helps doctors transition to concierge medicine. People with a medical situation after hours can call, text or email. “They have that doctor, in essence, on speed dial,” Bauer says. “It makes people a lot more comfortable and a lot less anxious.”

Membership fees for concierge medicine vary widely. For one large concierge network with doctors in 44 states, the fee is typically between $1,800 and $2,200 per year (or between $150 and $183 per month). Other practices can run much more.

“I know a couple that charge $4,000 a month,” Bauer says. Doctors who charge those prices may be board certified in two specialties — cardiology and internal medicine, for instance — or they may be in an extremely wealthy area of the country, he says.

The good news is that if you have a flexible spending or health savings account , you can use those funds to pay your annual membership fees as long as they go toward wellness benefits.

There’s plenty to like about concierge medicine. It’s usually possible to get same-day or next-day appointments with your doctor, and wait times are minimal, says Bret Jorgensen, chairman and CEO of MDVIP, a network of concierge medicine physicians. Typically, you have access to your provider at all hours of the day, and because they have fewer patients, your doctor has more time to spend with you.

“With a smaller patient roster, your doctor can take the time to know you and your health history intimately, which can lead to more personalized and effective care,” says Dr. Shoshana Ungerleider, a practicing internal medicine physician and host of the TED Health podcast. “Concierge doctors can focus more on preventative care, which could potentially catch health issues early and save costs in the long run.”

The biggest stumbling block for most people is the price tag. “For people on a tight budget or those without substantial health care needs, this could be a significant cost without enough perceived benefit,” Ungerleider says.

On top of the cost, there are practical concerns: Concierge doctors are still a small percentage of the medical field, so your options for care may be limited. And while a concierge doctor can manage your regular or chronic concerns , you’ll still pay for visits to the hospital or emergency room, major surgeries and visits to other specialists.

“It does not negate the need for health insurance,” says John Hansbrough, an employee benefits consultant with The LBL Group, an insurance and financial services company. “You need the insurance because bad stuff can still happen.”

Advocates argue that concierge preventive care can save you money overall. Consider the scenario where a text exchange with your doctor saves you a 2 a.m. trip to the emergency room, Jorgensen says. “More than 80% of our interactions with our members are virtual,” he says. “Those are just bundled and included in the service.”

Concierge medicine isn’t a slam-dunk for everyone. If you can’t afford the membership fee or are an infrequent health care user, this model probably isn’t a good fit.

But it can be a game changer for patients with chronic illnesses who would benefit from the higher level of care. And for people who are frustrated by the conventional medical system, concierge care offers an alternative.

“There are great outcomes for the doctor and patient alike,” Jorgensen says. “We consistently renew in excess of 90% of our patients every year.”

This article was written by NerdWallet and was originally published by The Associated Press.

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Concierge Medicine Marketing: Transforming Healthcare in an Age of Consumerism

Get noticed, earn trust, and grow your business with custom marketing solutions for concierge medicine.

The healthcare landscape has changed. Healthcare consumerism continues to rise, large multilocation practices continue to emerge, specialized Telehealth providers are gaining momentum, Baby Boomers, Gen X, and Millennial populations are aging, and aggressive competition is the status quo.

Traditional marketing strategies are no longer enough to attract high-value patients to your concierge medical practices.

You need a highly targeted concierge medicine marketing strategy to address the inherent challenges of your business and increase high-value patient volume—including choosing the right retainer model and operational structure.

Whether you have an existing concierge medicine business or are looking to diversify your multi-location practice, CMOs and other stakeholders grapple with similar questions

Is there a viable growth model for our concierge medicine business?
How can we effectively compete?
How do we budget our marketing resources?
How do we balance profitability requirements with pricing that resonates with enough consumers?

These uncertainties can be overwhelming when marketing concierge medicine services to a smaller, more defined target audience. However, one fundamental concern remains whether beyond continuing legal, business model, and operational questions:

How can we attract the right audience and increase patient volume?

The answer is a strategic concierge medicine marketing plan. Concierge medicine marketing is revolutionizing how healthcare chief marketing officers (CMOs) reach their target audience across different geographic locations.

Prospective patients are often unfamiliar with concierge medicine, how it works, and its financial aspects. CMOs and other internal stakeholders are responsible for identifying and targeting the individuals most likely to find value in their boutique medical practice model and convincing them of that value—a higher level of medical care—through an intelligent content marketing strategy.

Moreover, these businesses must position themselves as the premier choice in a saturated market—all competing for the same patients.

This is where our concierge marketing strategy comes in. Healthcare Success has over 20 years of experience in marketing successful practices, including concierge medicine. Our team of skilled marketing executives understands the motivations behind physicians transitioning to new models due to the uncertainty and frustration prevalent in today's healthcare system.

Simultaneously, we recognize that patients want a one-on-one healthcare relationship while at the same time are becoming increasingly price- and value-sensitive.

However, the rising challenges inside this dynamic environment present opportunities for boutique practices to stand out and thrive.

Concierge Medicine Marketing: Powerful. Ethical. Effective.

At Healthcare Success, we offer robust and ethical healthcare marketing services for growing concierge medicine businesses.

Our marketing strategists are skilled in the changing landscape of concierge medicine marketing and the unique challenges it presents. We help multilocation practices navigate these complexities and create a comprehensive marketing plan tailored to your needs.

Our strategic, ethical, and scientific approach can help your practice:

Run your practice like a high-end retail business–not a typical medical practice. We help concierge medicine businesses design and deliver an exceptional patient experience that differentiates them from traditional medical practices. We understand the importance of creating a warm and welcoming environment, offering personalized care, and building long-term patient relationships.
Demonstrate exceptional value to a skeptical public. We guide your brand story in a way that helps alleviate patient concerns about their potential healthcare investment. Through compelling content marketing, we educate your target audience about the benefits and advantages of the highly-personalized care concierge medicine offers. Our services help highlight things like personalized attention, shorter wait times, same-day appointments, extended appointment durations, and comprehensive care services.
Allocate resources to build a comprehensive marketing plan. We incorporate organic concierge SEO services to attract a larger, high-intent audience. Our expert team of strategists leverages the power of organic search engine optimization (SEO) and compelling content to ensure your business is visible to anyone looking for concierge medical services. We can also build robust paid search campaigns and employ targeted advertising strategies to drive a volume of qualified traffic to your practice.
Craft unique value propositions for your business
Highlight your specialized services
Promote your leading-edge technologies
Differentiate your exceptional medical professionals and unmatched commitment to patient satisfaction
Convert inquiries and prospects into patients. We establish a baseline of trust for new and returning patients who rely on your exceptional service and valuable expertise. Our concierge medicine marketing services focus on nurturing leads, providing relevant and helpful information, and guiding potential patients through decision-making. Our seasoned marketing professionals employ effective lead-capture techniques, compelling calls-to-action, and personalized follow-up strategies to maximize your conversions.
Build a base of loyal, longstanding patients who trust you. We help your business mitigate the risks associated with marketing to and attracting patients ethically and effectively, aligning their expectations with your practice's high standards of service and care. We adhere to ethical marketing strategies for concierge medical practices, ensuring integrity in all our online and offline communications. This helps build trust and loyalty with your high-value patients.

As the healthcare industry experiences another paradigm shift driven by increasing consumerism, the emergence of large multi-practices, specialized Telehealth providers, our aging populations, multiculturalism, and fierce competition, custom medical practice marketing has become indispensable.

By leveraging intelligent marketing strategies for concierge medicine, differentiating from competitors, and building trust with prospective patients, your concierge medicine practice can thrive in this new era of healthcare.

Partner with Healthcare Success, a proven concierge medicine marketing agency, to unlock the full potential of your concierge medicine business and reach your business goals.

Our Premier Marketing Solutions for Concierge Medicine

Elevate your concierge medicine business with our expert SEO services. Our skilled strategists ensure your business reaches the right audience. We begin with a thorough competitive analysis and take those insights to optimize your website, landing pages, blogs, and more.

Next, we focus on boosting your organic search engine visibility through extensive keyword research and targeting, website content improvements, front- and back-end technical refinements, and more. These tactics help drive more organic traffic to your site and encourage deeper patient engagement.

Once we’ve made initial SEO improvements, we leverage analytic data to identify trends and adapt to the needs of your target audience (e.g., identify common search queries and create new content to address them). This further enhances your online authority and credibility. When you partner with Healthcare Success, we’ll deliver custom SEO strategies that push your multilocation medical concierge business closer to its goals. Our SEO strategies support

Heightened discoverability
Seamless user experiences
Increased online bookings and appointments

Our custom website design services are intended to captivate, engage, and convert. We seamlessly blend your core aesthetics (e.g., logo, brand voice, brand colors, etc.) with form and function, creating patient-focused websites that resonate with your audience across all provider locations. From intuitive navigation that simplifies appointment scheduling and access to patient portals to responsive design elements that adapt to any device, we ensure the user experience is enjoyable, engaging, educational, and immersive.

We help your business stand out visually and offer visitors an effortless pathway to exceptional care.

Our branding strategies unify and amplify the voice of your concierge medicine business across every location. We mold your values into a consistent brand identity that resonates with high-value patients. Whether you want to refresh your existing brand or reimagine it all together, we ensure every touchpoint radiates your core values, professionalism, compassion, and trustworthiness, so you can build a large and loyal volume of return patients.

Our experienced creative team will work closely with your internal stakeholders to develop a cohesive brand experience, so you can stay top-of-mind for anyone seeking top-tier concierge medicine services.

Digital Marketing

When you choose Healthcare Success, our marketing executives will develop custom and comprehensive digital marketing solutions to help your multilocation concierge medicine business navigate the complex digital landscape. Our integrated strategies include

Social media
Content marketing
Email campaigns

These strategies help us cultivate strong digital relationships with your target audience and entice them to use your services. This holistic approach drives patient higher acquisition and retention across every geographic location.

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Quickly move your concierge medicine business to the top of search engine results pages (SERP)—and win more clicks and conversions—with our highly targeted and focused paid search campaigns.

Our extensive experience and data-driven insights allow us to identify competitive keywords and demographics quickly and effectively, ensuring your ads connect with high-value leads across all locations.

Healthcare Success can help take your multilocation concierge medicine business to new heights with targeted and monitored paid search ads that maximize your PPC budget and move the needle on your business.

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Why doctors and patients are choosing concierge medicine.

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A doctor listens to a patient's heartbeat, circa 1935. (Photo by FPG/Hulton Archive/Getty Images)

In May 2023, Joanna Loewenstein MD opened her concierge internal medicine practice in New York City, the first of its kind at Weill Cornell. Growing up in Long Island, Dr. Lowenstein remembers her dad, a gastroenterologist, was a beloved figure in the community.

“My dad saw his patients at the bagel store on Sunday mornings and they’d call our home phone to discuss their medical problems,” she shared. “After ten years as an internist, I realized I was becoming overwhelmed when anyone came in with a complex health complaint. I became a physician to take care of sick patients, but I didn’t have enough time to do that as thoroughly as I wanted to in the clinic setting, where each appointment is 15 minutes. We put our patients in an impossible situation- we instruct them to schedule an appointment if they have any questions (since we don’t get paid to answer phone calls), but then we don’t have any appointment openings to give them, when they do call. I couldn't get to know my patients as deeply as I wanted to, and I couldn’t help them in the way some of them really needed.”

Dr Lowenstein's practice charges a $5,000 yearly fee for patients; her practice also charges the patients’ insurance for things like labs, imaging and follow up visits. She struggles with the fact that not everyone can afford to see her. She knows the naysayers say it's immoral to charge money for primary care, who many believe is a basic right. But, she says this is the only way forward for her own medical practice.

“I could not possibly be happier. This is the kind of doctor I always wanted to be. I couldn't keep doing what I was doing; I was going to leave clinical medicine altogether. In my practice now, I see a wide range of patients, many who are very sick. They’re so grateful for my care. In NYC, most people pay at least double what I charge, just for parking their car."

Samuel Ganz, D.O. is an internal medicine physician who started a concierge practice in South Florida in 2021. “I left standard medicine because I got burned out taking care of too many patients in too little time, working within a managed care model. I just couldn’t work in a system that I felt was knowingly hurting patients.”

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Dr. Ganz’s practice charges an annual membership fee of $15,000 and doesn’t accept insurance. “My patients value having direct access and contact with me, especially the patients who have limited time or are very sick and elderly. These patients don’t want to wait for appointments to sit in a waiting room.”

More recently, Dr. Ganz started a concierge practice called Med2Uinc which offers direct access to all kinds of medical care, not just primary care.

“We recently had a patient with an unusual medical problem who needed to make a flight the next day. We arranged for an expert to see him immediately that same day. The diagnosis was made, the patient was taken care of, and he was on the flight as scheduled.”

Dr. Ganz believes concierge practices are growing because patients are so dissatisfied with the current system. "They have no access to their physician. The next appointment is always in 6 months. They don’t feel heard or taken care of. And as a physician, I agree with them."

Dr Lara Briseno Kenney is a internist, specializing in hematology oncology and hospice palliative care. She opened her rural West Central Missouri "Direct Care" practice in January 2019, the first hematology oncology direct specialty care practice in the U.S.

Direct care and concierge care are a bit different, though some people use the terms interchangeably. Concierge practices generally charge a membership fee and also bill insurance for each service (or provide a bill for patients to submit to their insurance). In a direct care model, physicians don't contract with any commercial insurance companies at all.

"I tell patients that their membership fee included all my ‘doctoring’ services. There are no visit limits or copays to access to me and my expertise. Their membership fee includes all the doctoring, whether they need me three times or thirty times in a year," says Dr Kenney.

Currently, Dr Kenney charges $100 monthly for hematology oncology and palliative care patients and $60 monthly for internal medicine patients. Her average patient are middle aged, rural, working class individuals and farmers. New patients consultations are booked for 2-hour visits and follow up patients for 1-hour visits.

Dr Kenney says that the majority of her patients actually do have insurance, a common misperception in the direct care model. However, they choose to pay the affordable out of pocket costs for their medical care because “they want an actual relationship with their doctor and the office and they appreciate the transparent and affordable cash prices. So, their insurance simply serves as a safety net in case they are hospitalized or experience a major medical event. However, even serious diagnoses such as cancer, can often be more affordable in this model,” Dr Kenney explains.

Take a patient who is recovering from breast cancer- she will need support, education, medications, regular physical checkups and annual mammograms. As a member of Dr Kenney’s practice, she will pay $1200/year to see Dr Kenney as often as she needs for doctor visits. In addition, she can choose to pay for labs and mammograms through insurance or through Dr Kenney’s practice, which offers low cash rates, such as $175-210 mammograms.

Why would a patient with insurance, pay out of pocket for a mammogram or labs? When using insurance-based clinics and systems, patients face expenses through insurance copays, facility fees, and multiple, sequential charges for nursing visits, laboratory draw fees, radiology fees, doctor's fees and other unknown and unanticipated billing statements. When using traditional insurance models, there's a lack of cost transparency, and patients experience anxiety in regards to how much they will eventually be billed for, when those bills will finally be settled and what they'd ultimately have to pay.

"Having insurance does not equate having access to good medical care, and that's why direct care practices are growing. Patients know what they value and they're willing to pay for it." Dr Kenney also stresses how much happier she is practicing medicine in this new model, that offers an improved lifestyle and work flexibility.

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Should you try a concierge doctor? Here are the pros, the cons and the costs.

This article is reprinted by permission from NerdWallet .

What is concierge medicine?

But your experience, overall, is more personal. Concierge medicine typically offers same-day appointments and 24/7 access to your doctor (who, by the way, isn’t rushed during visits).

More : Why it’s getting so hard to find a new doctor, and what to do if you end up looking for one.

How much does concierge medicine cost?

The good news is that if you have a flexible spending or health savings account , you can use those funds to pay your annual membership fees as long as they go toward wellness benefits.

Plus : Is your doctor downplaying your symptoms? How to stand up for yourself.

Advantages of concierge medicine

Disadvantages of concierge medicine

You might like : What neuroscientists have learned about rejuvenating the aging brain—and what you can do too

Who might consider concierge care

Concierge medicine isn’t a slam-dunk for everyone. If you can’t afford the membership fee or are an infrequent health care user, this model probably isn’t a good fit.

“There are great outcomes for the doctor and patient alike,” Jorgensen says. “We consistently renew in excess of 90% of our patients every year.”

Big time hedge fund, Palm Beach trust firm among new tenants downtown West Palm

New york-based related, which owns four existing office towers and is nearing completion of a fifth one, said it has leased 50,000 square feet of space to nine companies across its downtown portfolio..

Downtown West Palm Beach 's top office towers continue to fill up with a range of premier finance, banking and even health care companies, according to Related Cos. , the city's largest owner of commercial real estate .

New tenants include such notable firms as the Paulson Capital investment management services firm and banking giant JP Morgan Chase. They also include Northwell Health, New York's largest health care provider.

New York-based Related, which owns four existing office towers and is nearing completion of a fifth, said it has leased 50,000 square feet of space to nine companies across its downtown portfolio.

Seven of the leases are in Related's newest office building, the 25-story One Flagler at 154 Lakeview Ave., near the base of the Royal Park Bridge to Palm Beach. The luxury office tower is slated for completion in the fall and is 75% leased, according to Jordan Rathlev, senior vice president of Related Southeast.

Some of the leases at the office buildings are new deals. Others were inked during the past couple of years and are just now being disclosed.

Rathlev said the lease rosters reflect the continued strength and depth of of downtown West Palm Beach's growing business district.

The leases also reflect corporate interest in One Flagler, the city's most luxurious office tower. Rents are a whopping $100 to $140 per square foot, not including taxes, insurance and maintenance.

For that money, tenants will enjoy the perks of an upscale hotel. Amenities include a fitness center, shared and private landscaped terraces, happy hours and executive boardroom. The building also will offer concierge services that will help tenants with any number of tasks, including dinner reservations, home relocation services and even help finding schools for their children.

In addition, One Flagler recently achieved the first and only WiredScore Platinum rating in West Palm Beach, reflecting the building's smart technology and connectivity features.

Related Co. officials would not disclose the exact size of each lease.

A Who's Who of new business tenants

Among the tenants coming to One Flagler is Paulson Capital, founded by the billionaire hedge fund manager John Paulson, whose net worth is valued at $3.5 billion, according to Forbes. This is the firm's first Southeast office.

Another key tenant coming to One Flagler is Bessemer Trust, which is relocating its Palm Beach office to West Palm Beach. The deal is a coup for Related in its bid to attract Palm Beach-based businesses to cross the bridges to West Palm Beach.

In a statement, Bessemer noted the company's longtime Palm Beach presence, which dates to 1929.

The statement added that the move to West Palm Beach enables the trust company to serve the community "from a state-of-the-art office space that will fulfill the evolving needs of our clients and employees across generations.”

A New York asset management firm, Baron Funds, will open its first South Florida office at One Flagler. Meanwhile, the private equity firm Highpoint Capital will move to One Flagler from the nearby Esperante Corporate Center, which also is owned by Related Cos.

Other One Flagler tenants include more finance firms, such as Lancer Capital LLC, Diameter Capital, Sirius Capital and GTCR. Also coming are two nonprofits, the Johnson Family Foundation LLC-108 Mgt. Inc. and the Betty Wold Johnson Foundation.

As previously announced, Estaitorio Milos, an acclaimed Greek restaurant, also will open a location at One Flagler.

360 Rosemary roster grows with notable new tenant

Another downtown office tower, 360 Rosemary, now counts JP Morgan Chase as a tenant. The bank joins other finance-related leaders at 360 Rosemary, including Goldman Sachs and Point72.

The luxury office tower on the north side of CityPlace opened during the COVID pandemic. It quickly became a refuge for relocating firms from cold northern climes, helping the city earn the moniker "Wall Street South."

360 Rosemary now is 105% occupied, thanks to the conversion of its top floor garage into additional workspace, Related said.

Nearby, on the south side of CityPlace, the CityPlace Tower office building is the new headquarters of ClearSky. The venture-capital and growth-equity fund manager specializes in energy and cybersecurity tech firms. The firm is led by Alex Weiss, a former vice president and chief investment officer for NextEra Energy.

New health care provider comes to West Palm Beach

A major new tenant to downtown is New York-based Northwell, which will open a concierge medical office practice at Esperante.

Northwell is following its patient base to Palm Beach County, as many other health care providers have done in recent years. The Northwell space is expected to be completed in early 2025.

Rathlev acknowledged that the office leasing frenzy that took place during the pandemic had eased in recent months. "There's no question that the pace to close a lease has slowed," he said. "It's an election year, and interest rates are still high. Companies are being more thoughtful about where they want to be for the next 10 to 20 years."

More: All about waterfront West Palm Beach's most luxurious downtown office tower, One Flagler

But leasing does continue, he added, and a number of companies are considering space in the buildings, especially as they plan where they want to have offices during the next 10 to 20 years.

"There's no question that South Florida is one of the top spots on any list for companies," Rathlev said, especially as they consider where employees want to live and work.

He expects more leases will be wrapped up within the next 90 days.

More office buildings to come?

Meanwhile, plans continue to start ground work on two more office towers planned at CityPlace as Related plots its growth in West Palm Beach.

More: Related Cos. has plans for West Palm and neither hurricanes nor a recession can stop them

Foundation permits are in the works for the towers on land that formerly housed restaurant and entertainment venues, including the AMC West Palm Beach 12 movie theater.

The towers, formerly dubbed West and East towers, now are known as 10 and 15 CityPlace. Together, both towers will add nearly 1 million more square feet of office space to downtown.

Pre-leasing at 15 CityPlace, the East Tower, is up to about 60%, Rathlev said.

Alexandra Clough is a business writer at The Palm Beach Post . You can reach her at [email protected] . X: @acloughpbp . Help support our journalism. Subscribe today.

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Remote patient monitoring: How it benefits primary care

Remote patient monitoring can help primary care physicians improve care delivery and reshape patient outcomes.

RPM can help primary care: ©Metamorworks - stock.adobe.com

Primary care physicians (PCPs) operating independent practices strive for efficiency, quality and patient satisfaction. Every day, they face the challenge of managing large patient panels while delivering personalized, effective care. Remote patient monitoring (RPM) can help them meet these demands efficiently at scale, improving care delivery and reshaping patient outcomes.

PCPs are in demand. Some treat up to 3,000 patients per year, but research shows they can effectively treat only a maximum of 983 patients if they do all of the work themselves. PCPs need help, and by incorporating RPM technologies such as data analytics and connected-care devices into a comprehensive remote care management plan, PCPs can extend treatment to more patients, especially those with chronic conditions.

For example, in practices with a well-run RPM program, much of the high-touch care between office visits is provided by medical assistants and nurses using algorithms embedded in the platform’s software, which enables physicians to focus on more complicated and urgent matters.

RPM programs empower PCPs to proactively monitor, manage, and intervene in patient care, averting costly interventions and hospitalizations. Results of a recent study by MD Revolution and Cardiac Solutions underscore the profound impact of RPM on reducing hospital readmissions, particularly in cardiovascular care.

The findings revealed a 50% reduction in 30-day readmission rates among patients enrolled in RPM programs compared with those not enrolled. A reduction in hospital readmissions translates into millions of dollars in savings for health systems and patients and reflects tangible improvements in patient well-being and care delivery.

At a time when unexpected medical bills and health care services are the number one cost concern among U.S. adults, reducing unexpected and costly hospital readmissions has a meaningful impact on the lives of patients.

For PCPs, incorporating an RPM into their practice can attract new patients, increase patient retention and boost revenue. The technology enables PCPs to treat the same number of patients more effectively with the same staff under Medicare billing codes such as Chronic Care Management, Transitional Care Management, and Annual Wellness Visits that reimburse physicians for care coordination that is not face-to-face and monitoring services for eligible patients.

By meeting new quality measures and benchmarks required under value-based reimbursement models such as the Medicare Shared Savings Program and the Merit-based Incentive Payment System, PCPs who demonstrate high-quality and cost-effective care can increase their financial compensation.

RPM enhances patient retention by providing personalized, convenient care that improves patient satisfaction and outcomes. It attracts new patients looking for innovative and accessible health care solutions. And according to the results of one study, many patients view RPM as “concierge care,” traditionally thought of as high-end care.

Although there are many RPM products available, each practice needs to consider the capabilities and benefits that are right for them. Selecting an RPM partner that offers scalable, user-friendly solutions with integrated data capabilities is crucial for maximizing return on investment and achieving sustainable practice growth. Training and support for both patients and staff will ensure seamless integration and optimal utilization of RPM technologies.

As we move toward a more patient-centered, value-driven health care system, the role of RPM cannot be overstated. By harnessing the power of technology, data and connectivity, PCPs can revolutionize care delivery, improve patient outcomes and drive practice sustainability.

As physicians, we must seize the promise of RPM to help usher in a new era of proactive, personalized primary care.

Samir Damani, M.D., is a practicing physician and the co-founder of MD Revolution, an RPM company.

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The Government Takes On Ticketmaster

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How To Sell Concierge Medicine Practice Business in 9 Steps: Checklist

By alex ryzhkov, resources on concierge medicine practice.

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Welcome to our blog post on how to sell your concierge medicine practice business in 9 steps. As the demand for personalized and comprehensive medical care continues to grow, so does the popularity of the concierge medicine model. According to a recent industry report, the concierge medicine market is expected to experience a CAGR of 7.5% from 2021 to 2026, reaching a value of $3.2 billion . This presents a unique opportunity for physicians looking to sell their practice and capitalize on this growing trend.

Conduct A Thorough Market Analysis To Determine The Value And Potential Buyers For The Concierge Medicine Practice.

Conducting a thorough market analysis is a crucial first step when selling a concierge medicine practice. This analysis will provide valuable insights into the market, helping you determine the practice's value and identify potential buyers who may be interested in acquiring it.

Start by researching the overall demand for concierge medicine in your area. Look for data on the number of patients seeking personalized care and the willingness to pay for it. Identify any trends or growth opportunities within the market that could attract potential buyers.

Next, analyze the competitive landscape. Identify other concierge medicine practices in your area and assess their offerings, pricing, and patient base. Evaluate what sets your practice apart and identify your unique selling points that would be attractive to potential buyers.

Additionally, analyze the financial performance of your concierge medicine practice. Review your revenue and expenses, assess the profitability, and identify any potential areas of improvement. This information will be crucial to estimating the value of your practice.

When conducting a market analysis, it's essential to consider the demographics and characteristics of your target market. Are there specific patient populations that are particularly interested in concierge medicine? Understanding your patient demographics will help you identify potential buyers who are strategically positioned to serve those patient populations.

Consider hiring a professional market research firm to help you conduct a detailed market analysis and gather comprehensive data.
Reach out to industry associations and other local healthcare professionals to gather insights and information about the concierge medicine market in your area.
Stay up to date with the latest industry trends and news to ensure your market analysis is accurate and reflects current market conditions.

Prepare A Comprehensive Business Plan Outlining The Practice's Operations, Target Market, Competitive Advantage, And Growth Opportunities.

As you prepare to sell your concierge medicine practice, it is crucial to develop a comprehensive business plan that clearly outlines the practice's operations, target market, competitive advantage, and growth opportunities. This document serves as a roadmap for potential buyers, providing them with a clear understanding of your practice and its potential for success.

Operations: Begin by detailing the daily operations of your concierge medicine practice. Describe how appointments are scheduled, the process for patient intake, and the administration of medical services. Include information on the staffing structure, roles and responsibilities of each team member, as well as any supporting technologies or systems utilized in the practice.

Target Market: Clearly define your target market, focusing on the specific demographic or geographic segment you serve. Highlight the characteristics of your ideal patient, such as age range, income level, or health concerns. Provide data and statistics to support the potential demand for concierge medicine within your target market.

Competitive Advantage: Identify and articulate the unique selling points that set your concierge medicine practice apart from competitors. Emphasize the personalized care, convenience, and additional services offered to patients. Highlight any accolades, awards, or partnerships that demonstrate your practice's excellence and reputation in the industry.

Growth Opportunities: Outline potential avenues for growth and expansion within the concierge medicine market. Consider opportunities to diversify services, reach new patient populations, or collaborate with other healthcare providers. Use market research and trends to support your growth projections and explain how you plan to capitalize on these opportunities.

Include a visual representation of your target market demographics, such as graphs or charts.
Provide case studies or testimonials from satisfied patients to showcase the success of your practice.
Research and highlight industry trends and advancements that support the continued growth of concierge medicine.
Explain how you have implemented strategies to retain and expand your patient base.

Develop A Robust Financial Model That Projects The Practice's Revenue, Expenses, And Potential Return On Investment.

When selling a concierge medicine practice, it is crucial to develop a comprehensive and accurate financial model that provides potential buyers with a clear understanding of the practice's revenue, expenses, and potential return on investment. This financial model will serve as a critical tool for negotiations and decision-making during the sale process.

To develop a robust financial model for your concierge medicine practice, consider the following important steps:

Collect and analyze historical financial data: Gather data on the practice's revenue and expenses over the past few years. This will help identify trends, patterns, and potential areas for improvement.
Forecast future revenue and expenses: Project revenue based on anticipated patient growth, fee structures, and expected utilization of services. Estimate expenses, including personnel costs, operational expenses, and any additional costs associated with the practice.
Consider potential risks and uncertainties: Assess potential risks that may impact the practice's revenue and expenses, such as changes in reimbursement rates or shifts in market demand. Incorporate these factors into the financial model to provide a realistic projection.
Evaluate return on investment: Calculate the potential return on investment for potential buyers. This can be determined by comparing the projected revenue and expenses to the purchase price of the practice. Highlight the profitability and long-term financial prospects of the practice to enhance its appeal to buyers.
Review and refine the financial model: Continuously review and refine the financial model as new information becomes available or as market conditions change. This will ensure that the financial projections remain accurate and up to date during the sale process.

By developing a robust financial model, you will not only provide potential buyers with a comprehensive overview of the practice's financial performance but also demonstrate your professionalism and commitment to transparency. This will increase the confidence and trust of potential buyers, ultimately enhancing the chances of a successful sale of your concierge medicine practice.

Organize And Review All Legal And Financial Documentation Related To The Concierge Medicine Practice, Ensuring They Are Up To Date And Accurate.

When preparing to sell your concierge medicine practice, it is crucial to organize and review all legal and financial documentation associated with your business. This step ensures that you have a clear understanding of the practice's financial health and legal obligations, helping to facilitate a smooth and transparent sale process.

Start by gathering important documents such as financial statements, tax returns, billing records, and insurance policies. Review these documents carefully to ensure they are accurate, up to date, and reflect the true financial state of your practice. Any discrepancies or errors should be addressed and corrected before proceeding with the sale.

In addition to financial records, it is essential to thoroughly review any legal contracts or agreements related to your practice. This includes leases, employment contracts, patient consent forms, and any other legal documents that impact the operations and obligations of your practice.

During this step, it may also be beneficial to create an organized and easily accessible system for storing and categorizing all relevant documents. This system will not only assist you in the sale process but also enables efficient record-keeping for future reference.

By taking the time to organize and review all legal and financial documentation, you ensure that your practice's financial standing and legal compliance are accurately represented. This transparency will instill confidence in potential buyers and increase the likelihood of a successful sale.

Implement Strategies To Maximize The Practice's Value, Such As Improving Marketing Efforts, Enhancing Patient Satisfaction, And Optimizing Operations.

Implementing strategies to maximize the value of your concierge medicine practice can greatly enhance its attractiveness to potential buyers. By improving marketing efforts, enhancing patient satisfaction, and optimizing operations, you can position your practice as a highly desirable investment. Here are some important strategies to consider:

Marketing efforts: Develop a strong brand identity for your practice and create a targeted marketing plan to attract new patients. Utilize various channels such as online advertising, social media, and referral programs to expand your reach and increase visibility. Consider partnering with local businesses or healthcare providers to further promote your practice.
Enhancing patient satisfaction: Focus on delivering exceptional patient experiences by providing personalized, high-quality care. Train your staff to prioritize patient needs, ensure efficient appointment scheduling, and implement effective communication strategies. Continuously gather patient feedback and address any issues promptly to improve overall satisfaction.
Optimizing operations: Streamline administrative processes, such as appointment scheduling, billing, and documentation, to improve efficiency and reduce costs. Explore technological solutions such as electronic health records and telemedicine platforms to enhance convenience for both patients and providers. Regularly assess and modify operational workflows to ensure optimal productivity.
Invest in a comprehensive marketing strategy that focuses on engaging with potential patients and highlighting the unique benefits of your concierge medicine practice.
Cultivate strong relationships with patients by regularly providing personalized, proactive care and actively listening to their concerns and feedback.
Consider outsourcing certain non-medical tasks, such as billing and coding, to specialized service providers to free up time for patient care and improve overall efficiency.
Stay updated on the latest advancements in healthcare technology and explore opportunities to integrate innovative solutions into your practice to enhance patient experiences.

By implementing these strategies, you can demonstrate to potential buyers that your concierge medicine practice is not only financially successful but also focused on delivering exceptional patient care. This can significantly increase the value and appeal of your practice in the market.

Seek Professional Advice From Accountants, Attorneys, And Business Brokers Experienced In Selling Medical Practices To Guide You Throughout The Process.

When selling your concierge medicine practice, it is crucial to seek professional advice from experts who have experience in selling medical practices. Accountants, attorneys, and business brokers who specialize in this area can provide valuable guidance and ensure that the process is smooth, efficient, and legally compliant.

Engaging the services of an experienced accountant is essential for navigating the complex financial aspects of selling a medical practice. They can help you analyze the financials of your practice, determine its value, and identify opportunities to improve profitability. Additionally, they can assist in preparing accurate financial statements and tax documents required during the sale process.

Attorneys specializing in healthcare transactions can provide valuable legal guidance at every step. They can review and update your legal documentation to ensure compliance with current regulations and laws, protecting your interests as the seller. Moreover, they can negotiate and draft the sale agreement, including any non-compete agreements or other contractual terms that may be necessary to protect the practice's goodwill and reputation.

Business brokers experienced in selling medical practices can play a critical role in finding potential buyers and facilitating the negotiation process. They have a deep understanding of the healthcare industry, including its unique dynamics and buyer preferences. These professionals can help you identify potential buyers who are genuinely interested in acquiring a concierge medicine practice. They can also assist in valuing your practice and structuring the deal to maximize your financial outcome.

Tips for seeking professional advice:

Look for professionals with specific experience in selling medical practices, as they will be familiar with the nuances of the industry.
Ask for referrals from trusted colleagues or other healthcare providers who have recently sold their practices.
Consider interviewing multiple professionals to ensure you find the right fit for your needs and goals.
Discuss fees and charges upfront to avoid any surprises during the process.

By seeking professional advice from accountants, attorneys, and business brokers experienced in selling medical practices, you can navigate the complexities of the sale process with confidence and maximize the value of your concierge medicine practice.

Identify And Approach Potential Buyers, Including Healthcare Organizations, Individual Physicians, Or Investors, Who May Be Interested In Acquiring The Concierge Medicine Practice.

When it comes to selling your concierge medicine practice, one of the most crucial steps is identifying and approaching potential buyers. The right buyers will not only have the financial means to acquire your practice, but they will also align with your vision and in turn, ensure the continuity of exceptional care for your patients.

Here are some important considerations and strategies to help you in this step:

Research potential buyers: Conduct a thorough market analysis to identify potential buyers who have an interest in acquiring a concierge medicine practice. This can include healthcare organizations, individual physicians looking to expand their practice, or investors seeking to invest in the healthcare industry.
Study their reputation and values: Look for potential buyers that have a strong reputation in the industry and share similar values and principles with your practice. This will help ensure a smooth transition and maintain the quality of care your patients have come to expect.
Network within the industry: Attend medical conferences and events, join professional associations, and engage with local healthcare communities to build connections and potentially find interested buyers. Networking can also help you gain insights into the current market trends and identify potential leads.
Engage a business broker: Consider working with a business broker who specializes in the medical industry. They have access to a network of potential buyers and can help match your practice with the right buyer, facilitating the sale process.
Confidentiality is key: Ensure that potential buyers sign a confidentiality agreement before sharing any sensitive information about your practice.
Maintain open communication: Keep potential buyers engaged and informed throughout the process. Respond promptly to their inquiries and provide them with the necessary information they need to evaluate your practice.
Consider referrals: Reach out to colleagues, physicians, and other trusted professionals in your network for potential buyer recommendations.
Showcase the benefits: Highlight the unique features and benefits of your concierge medicine practice that make it an attractive investment opportunity for potential buyers.

Negotiate The Terms Of The Sale, Including The Purchase Price, Payment Structure, Non-Compete Agreements, And Any Other Relevant Terms And Conditions.

Negotiating the terms of the sale is a critical step in selling your concierge medicine practice. It determines the financial outcome of the transaction and ensures that both parties are satisfied with the agreement. It is essential to approach this process with a professional and collaborative mindset, aiming to achieve a mutually beneficial outcome.

Purchase Price: The purchase price is one of the most crucial aspects of the negotiation. Both parties should conduct a thorough analysis of the practice's value and market conditions to determine a fair price. Consider factors such as the practice's financial performance, patient demographics, geographical location, and competitive advantage. Be prepared to justify your asking price with relevant data and be open to negotiations to reach a fair and reasonable agreement.

Payment Structure: Discussing the payment structure is essential to ensure a smooth transfer of ownership. Consider different options such as lump sum payment, installment payments, or earning out the purchase price based on future performance. Collaborate with the buyer to find a structure that meets their financial capabilities while safeguarding your interests.

Non-Compete Agreements: Non-compete agreements are commonly included in practice sales to protect the buyer from competition from the selling physician. These agreements typically restrict the seller from opening a new practice or working for competing practices in the same geographic area for a specified period. Negotiate the terms of the non-compete agreement, including the duration, geographic scope, and any specific restrictions, to ensure it is fair to both parties.

Other Relevant Terms And Conditions: In addition to the purchase price, payment structure, and non-compete agreements, there are other terms and conditions that need to be negotiated. These can include the transfer of patient records, retention of staff members, lease agreements, and any ongoing consulting or employment agreements with the selling physician. Collaborate with legal professionals to ensure all necessary aspects of the agreement are considered and negotiated properly.

Some tips for negotiating the terms of sale:

Clearly define your priorities and goals for the negotiation process to guide your decision-making.
Be prepared and knowledgeable about the value of your practice and the market conditions.
Take the time to understand the buyer's needs and constraints to facilitate a mutually beneficial agreement.
Consider seeking assistance from a professional negotiator or intermediary to ensure a fair deal.
Document all agreed-upon terms in writing and review them with legal experts before finalizing the sale.

Collaborate With Legal Experts To Draft And Finalize The Necessary Legal Contracts, Ensuring The Sale Process Complies With All Regulations And Protects Both Parties' Interests.

When selling your concierge medicine practice, it is crucial to collaborate with legal experts who specialize in healthcare transactions. These professionals will play a vital role in drafting and finalizing the necessary legal contracts, ensuring that the sale process aligns with all relevant regulations and safeguards the interests of both parties involved.

The legal experts you work with will possess the expertise to navigate the intricate legal landscape of selling a medical practice. They will review and negotiate the terms of the sale agreement, including the purchase price, payment structure, and any specific provisions that need to be addressed. It is important to have legal professionals who can ensure the enforceability and fairness of these contracts.

Drafting and finalizing the necessary legal contracts involve various steps, each crucial for a successful sale. Your legal team will thoroughly analyze the terms and conditions, making certain that they accurately reflect the agreed-upon terms and are compliant with applicable laws and regulations.

Terms and Conditions: The legal experts will ensure that all aspects of the sale, including non-compete agreements, warranties, indemnification clauses, and any contingencies, are clearly defined to protect both the buyer and the seller.
Compliance: Your legal team will diligently review all regulatory requirements and ensure that the sale process aligns with applicable laws, including notifying third-party payers, transferring patient records, and handling any legal obligations related to the practice.
Confidentiality: Legal experts will take measures to protect the confidentiality of sensitive information and ensure that appropriate confidentiality agreements are in place throughout the sale process.
Liabilities: They will evaluate potential liabilities associated with the practice, such as outstanding debts, malpractice claims, or pending lawsuits, to minimize risks and protect both parties involved in the transaction.
Engage legal professionals with expertise in healthcare transactions to ensure a smooth and legally compliant sale process.
Regularly communicate and collaborate with your legal team to address any questions or concerns that may arise during the contract drafting and finalization process.
Consider seeking additional advice from specialists in healthcare law to ensure all legal aspects of the sale are thoroughly examined.
Stay informed about the current regulations and legal requirements pertaining to the sale of medical practices, as they may vary depending on your jurisdiction.

In conclusion, selling a concierge medicine practice business requires careful planning, preparation, and execution. By conducting market analysis, preparing a comprehensive business plan, and developing a robust financial model, you can attract potential buyers and showcase the potential of your practice. Additionally, seeking professional advice and implementing strategies to maximize value will help you navigate the selling process effectively.

Identifying and approaching potential buyers, negotiating sale terms, and collaborating with legal experts to draft necessary contracts are crucial steps in ensuring a successful sale. By following this checklist and leveraging the expertise of professionals experienced in selling medical practices, you can confidently sell your concierge medicine practice business and achieve a favorable outcome.

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Craft Your Concierge Medicine Practice Business Plan for Success
Medical Practice Strategic Plan Template
Concierge Medicine Pros And Cons
Guide: Digital Marketing for Concierge Medical Practices
What is concierge service? Here's all you need to know (2022)
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404.921.4040. Hamil Little is a Georgia-based business and healthcare law firm exclusively focused on representing healthcare professionals, medical practices and healthcare businesses in transactions, regulatory and litigation matters. Mr. Little will receive an honorarium for this presentation. Mr.
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