How to Start a Concierge Medical Practice
Transitioning your current practice into a concierge practice is a multi-stage process. DoctorsManagement will guide you and assist you with whatever you need along the way.
Concierge Practice
Many physicians today are transitioning to a concierge practice. As a concierge doctor, you will likely have fewer patients and those patients pay a retainer fee for your services. This method can help you gain control of your operations, income, and quality of patient care.
At DoctorsManagement, our concierge medicine consultants work with physicians at any stage of the concierge transition process. With our experience, we will walk alongside you from the initial consultation to ongoing management as you implement the concierge service model and continue growing.
Step One: Consultation
In the beginning, you will be paired with one of our concierge medicine consultants who will conduct an evaluation of your current practice to see if this business model is suitable for you. Also known as a practice assessment, our initial consultation will consist of getting to know your practice and reviewing each key aspect. This session will include discussing your goals, growth projections, patient demographics, and current pain points under your current model.
Overall, this consultation is customized to you and how you see your practice transforming into a concierge practice.
Step Two: Survey
From the consultation, we will have a practice survey for you to give out to your patients and staff. This survey outlines what a concierge practice is and offers them space to provide their thoughts on the switch. Because medical practices are primarily run and kept in business by the staff and patients, their opinions must be considered in the final decision.
Step Three: Assessment
If the majority of people are open to the transition and you are comfortable moving forward, we will run a preliminary assessment to see if your practice is a good fit as a concierge practice. This assessment will be done in real time with real data so you can get a taste of what the change could look like. Included in this assessment will be a:
- Concierge MD consultant visit: One of our transition consultants may visit your practice and learn the ins and outs of what you’d like your new practice to look like.
- Financial analysis: Your current finances will need to show they can support you through the transition. This analysis can also show you what type of concierge model is best for reaching your goals.
- Patient panel: Talk with your patients to see what services may be requested from your concierge practice. This is a win-win opportunity for your patients to feel like they have a say while you get the data you need to know you will be supported.
Step Four: Marketing
Once you have finalized your consulting agreements and documentation, you are ready to move on to the marketing stage. It’s now time to develop an active marketing strategy that seamlessly transitions you from the old into the new. Marketing also relates to retaining your current patients and bringing in new ones by educating them on what concierge medicine is and how it can help them.
Step Five: Ongoing Management
Ultimately, it’s always nice to have consistent support as you navigate this new practice. DoctorsManagement is here to provide ongoing management — from inception, to training and consistent support.
How Our Concierge Medicine Consultants Can Help
As we walk you through the steps above, we are here to help with:
- Crafting your individual transition timeline and income goals
- Getting a good idea of what your new fees and services will look like in reference to your market and goals
- Enhancing revenue with appropriate ancillary services
- Involving quality insurance carriers, if applicable
- Transitioning out of your existing contracts, if applicable
- Marketing your concierge practice and explaining its benefits to new and existing patients
- Creating practice-centric legal documentation for patient retainer fees with support from qualified healthcare attorneys
Partner With DoctorsManagement for Help Building Your Concierge Medicine Practice
For the established concierge practice, DoctorsManagement can help keep your practice running smoothly and efficiently. Our team can help ensure that you’re taking advantage of all revenue enhancement opportunities and that you are operating at the highest level of efficiency possible. After all, this is what you set out to do when you converted to a direct-pay medical provider.
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Frequently Asked Questions
How long does the process of starting a concierge medical practice take?
The process of starting a concierge medical practice typically takes several months, but the exact timeline can vary depending on various factors, including the size and complexity of your existing practice, the readiness of your patients and staff for the transition, and the level of support and resources available.
What are the benefits of hiring a concierge medicine consultant?
Our team provides experienced guidance through each stage of the transition, ensuring a smooth and efficient process. We also tailor our services to meet the unique needs of your practice, from initial consultation to ongoing management. A qualified and experienced concierge medicine consultant will likely have you in business quicker and cheaper.
What are some common challenges that arise during a concierge practice transition?
Common challenges during a concierge practice transition include:
- Patient and Staff Acceptance: Gaining acceptance from patients and staff can be challenging. Surveys and open communication can help address concerns and garner support.
- Financial Stability: Ensuring financial stability during the transition is crucial. A thorough financial analysis and strategic planning are necessary to maintain cash flow and profitability.
- Legal Considerations: Navigating the legal aspects of transitioning to a concierge practice, including creating new contracts and documentation, can be complex and requires expert assistance.
- Operational Changes: Adjusting to new operational processes and workflows can be challenging. Ongoing management support and training are essential for a successful transition.
Partnering with experienced consultants like DoctorsManagement can help mitigate these challenges and ensure a successful transition to a concierge medical practice.
Contact Us Today
Regardless of where you find yourself — thinking about, moving toward or already in a concierge practice — our goal is the same: to help you attain the quality of life that you seek.
Contact our dedicated team of concierge healthcare consultants today!
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