Believe It or Not, Concierge Medicine Can Save You Money
Are you curious to know how concierge medicine can save you money? You’re not alone. While there is plenty of information out there which suggests the model is only for the wealthy and elite, it’s actually more affordable than most people think. In fact, many people save money by switching to a concierge medicine plan from their standard healthcare plan.
A Quick Overview of Concierge Medical Practices
Before we get into how concierge medicine can save you money, it’s important to understand what the model entails. In short, concierge medical practices charge some kind of base fee. They may call it a membership fee, access fee, or retainer fee, which can be broken up into monthly or yearly payments, depending on the office. Because of this, physicians are able to spend more time with each patient, they keep their practices smaller, and they offer perks, like 24/7 access to physicians. Because of the up-front costs, though, many people incorrectly believe it’s more expensive to be with a concierge-style practice.
24/7 Access Can Prevent the Need for Visits
One of the most appreciated features of a concierge medicine practice is that physicians make themselves more available to their patients, and this can sometimes eliminate the need for repeat visits. Imagine you’re fighting a cold or have a chronic condition, and you go in for treatment. If the first round of treatment isn’t effective or the condition persists, most physicians for you to go back to the office and pay another co-pay. Not so with the concierge-style model because your physician will take your call and may be able to get you going on a new course of treatment without a return visit. This is just one way concierge medicine can save you money.
Patients Stay Healthier
Under the concierge medicine model, physicians spend more time with each patient. Surveys place the amount of time anywhere from 30-90 minutes on average, compared to just 8 minutes a traditional doctor might spend. During this extra time, physicians truly get to know their patients, their lifestyle, and what difficulties they’re facing. Practices like Dedication Health also offer nutritional counseling to help patients adopt a healthier lifestyle. Ultimately, this leads to better overall health and improved management of chronic conditions.
If you’re sick less, that naturally means you’ll spend less on healthcare, including everything from medications to sick visits. You’ll also spend time from work, which also keeps more money in your pocket. One study even found that concierge practice members needed specialists’ care 66% less than their traditional practice member counterparts. If you are still not convinced that concierge medicine can save you money, the next one might sway you.
Patients are Hospitalized Less Often
The statistics regarding hospitalizations of concierge-style patients are even more dramatic:
- 82% fewer surgeries
- 65% fewer emergency department visits
- 63% fewer non-avoidable admissions
- 49% fewer avoidable admissions
- 56% fewer non-elective admissions
- 97% fewer readmissions for acute myocardial infarction
- 95% fewer readmissions for congestive heart failure
- 91% fewer readmissions for pneumonia
Considering a single visit to the ER is around $1000 on an average visit, the avoidance of hospitalizations and ER trips adds up to huge savings for many patients. This all boils down to having personalized care and spending more time with a physician; things people cannot get under a standard model. Another large contributing factor to why concierge medicine patients are hospitalized less often is because they generally do not experience the dangerous consequences of doctor burnout. Some of these consequences include medical errors and undiagnosed or misdiagnosed conditions. Unlike traditional doctors, concierge doctors limit how many patients they treat. With less patients and unrushed appointments, concierge doctors are less likely to experience doctor burnout. Receiving longer, personal attention from your doctor contributes to how concierge medicine can save you money.
Some Can Switch to New Insurance Plans
While we don’t make recommendations on insurance policies, as it’s a very personal decision, many people will find that, because they’re healthier and don’t need as much care, they can reduce their insurance coverage. By switching from a regular plan to a high-deductible plan, a person can save hundreds, if not thousands, in premiums each year. That does come with some risk because the savings are reliant on maintaining one’s health and avoiding emergency care. But for some healthy individuals, it’s a decision which pays off.
Concierge Medicine Can Save You Money
Now that you know how concierge medicine can save you money, it’s easy to see that it is within reach. If you want to experience patient-focused care, call Dedication Health. Our manager, Christine, would be happy to answer any further questions you have. Call 847-986-6770 or complete our online form and we’ll be in touch as soon as possible.
Are you interested in learning more about how concierge medicine can save you money? Explore the Dedication Health blog. There you will gain a lot of insight on concierge medical practices and how concierge medicinal can save you money. Are you not sure where to start? We got you covered! Listed below are some articles you may find helpful. Remember, our helpful team is only a quick phone call away if you have any questions regarding Dedication Heath, how concierge medicine can save you money, or concierge healthcare in general.