Concierge care is a type of medical service that allows patients to receive personalized care from a doctor or group of doctors for a membership fee. This fee covers services that are not typically covered by Medicare, such as routine care. It is important to note that concierge care is not an insurance alternative, and patients will still need coverage for hospitalizations and referrals to specialists. To save money, many people switch to a high-deductible health plan when they use concierge care.
It is important to contact your benefits representative or health insurance company to see what you can pay with your health savings account (HSA) or flexible spending account (FSA). Most concierge offices accept insurance from many companies, but not for membership fees. Some offices accept fewer companies than traditional offices, and many do not accept Medicare or Tricare. When considering switching to concierge medicine, it is important to ask yourself if you are doing it for a salary increase or because you want to spend more time with your patients and reduce the overhead and paperwork of insurance companies.
Without having to worry about coding and billing, you can hire fewer staff, which will increase your profits. You also don't have to worry about dealing with insurance companies, which could eliminate another salary you have to pay. In general, concierge medicine involves less paperwork and you don't need to spend as much time updating your EHR. You have more reliable income because you receive consistent payments through membership fees.
You can also spend your time focusing on medicine instead of paperwork, which means that you can practice medicine independently according to your own personal vision. To determine the best price for your concierge office, it is important to do a financial and operational analysis as well as an evaluation of the market. See what other concierge offices charge each month and compare the size of your patient panel and the demographics of the community. You may want to hire an outside consultant or agency to help you with these analyses.
Medical billing software can help healthcare providers automate their manual billing tasks, such as checking patients' insurance, processing and filing claims, processing payments, and following up on denied claims. This type of software is not necessary for concierge offices since they do not need the insurance aspects of the software. However, there are solutions that are especially suitable for concierge offices because they offer useful features such as generating pre-collection letters, compiling a list of all patients in the payment plan, and preparing a report to calculate outstanding balances. Patient portal software is also a versatile solution that provides users with secure access to medical records and services.
This type of software can increase patient engagement by facilitating tasks such as scheduling appointments, requesting prescription refills, and paying bills online. Concierge medications can be a great option for doctors who are prepared for a change of pace since the patient panel is smaller and less dependent on insurance reimbursements. Switching to concierge medicine eliminates bureaucracy so doctors can spend more time on personalized patient care instead of worrying about when or how they will be paid for their efforts. It is important to note that switching to concierge medicine will inevitably result in losing some patients since not all patients want to separate themselves from traditional healthcare. Concierge doctors offer primary care services that are useful but direct primary care is no substitute for health insurance if you need to see a specialist or have a condition that requires treatment that your primary care doctor cannot provide you with.
Switching to a concierge medicine office model may not make you rich but if you care about improving the health of your patient population, it might be right for you. Look for companies that promote the concierge service as low-cost health insurance like Knope so you can have a better healthcare experience. It is important to understand the fees and limitations of the system before making the switch to concierge medicine.