Transitioning To A Concierge Practice

To transition or not to transition, that is the question. What are the factors involved in transitioning to a concierge practice?

Education

The biggest fear most doctors have when they consider transitioning to a concierge practice is the loss of patients. When many patients hear the words “concierge practice” they think they can’t afford it.

This is where education comes in. Educating your patients on what this transition means is the single biggest factor that will determine whether your transition succeeds or fails. That means you will have to go above and beyond to help your patients understand that yes, they can still see you and no, they won’t go broke doing so.

Sending out a letter detailing the changes is a good way to start the education process. Next, you many consider scheduling one on one meetings with each patient or with those you think would be interested in the idea or conversely, those you think will be most resistant, to explain what the transition will entail.

If you have too many patients for one on one meetings, you can hold an informal “Ask the doctor” night where patients or potential patients, are free to ask any questions about the new practice model.

Preparing Staff

Your staff is more important than ever when you are transitioning to a concierge practice. The first thing most prospective patients will ask is if you accept insurance. If all they get in reply is a curt, “No,” most will hang up, and you will lose a patient.

There are many ways to structure a concierge practice.  It doesn’t automatically mean that patients can’t use their insurance. Will your office file on their behalf and assign the benefits to them? That means that they are paying out of pocket up front, but you want the first half of this sentence to be the first thing your staff tells a potential patient, not the second half.

If you are going to eliminate insurance from your practice entirely, people will feel much more comfortable if they know the pricing up front. Think about it, would you order from a restaurant that had no prices on the menu? Establish a price list for your services and make it widely available; on your site, in your office, and included with any advertising you do.

Realistic Expectations

While you may eventually make more money with a concierge practice, it may not happen right away. And not all of the money will come from your patients. A lot of what makes concierge medicine appealing is the ability to get rid of lots of overhead which will save you money over time.

You need a big runway to launch this; some experts recommend having as much as $100,000-250,000 set aside to sustain your practice during the transition.

The ability to see fewer patients, spend more time with each one and make more money is also appealing, but when people are paying out of pocket, some will demand greater access to the doctor. Know that you may be dealing with patients after office hours than you are currently. Your days may not be as rushed and hectic as they were when you had a traditional practice, but they may be more intense.

Market, Market, Market

While some existing patients may not be interested in being with a concierge practice, there are plenty of people out there who would love to find one and so far haven’t found one in the area. There are also people who have not yet heard of the concept but will be really interested in this kind of care.

When you decide you’re transitioning to a concierge, you need to be prepared to mount a full-on marketing blitz. If you have been frugal with your marketing budget, you may need to spend some real money while you’re transitioning to a concierge practice. You need to do some market research to make sure the money you are spending is reaching a receptive audience.

Find Support

 Concierge medicine is in its infancy but it’s been around for about two decades now so plenty have come before you. Some have failed, and some have succeeded, and both have advice to share. Seek out other practitioners and ask if they would be willing to talk to you about what worked and what did not work for them.

A Worthwhile Transition

If you are considering transitioning to a concierge practice because you think it will make you wildly rich, you’re doing it for the wrong reason and it likely won’t. But if you’re doing it because you want to provide your patients with a higher level of care, the transition will be worthwhile.

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