In concierge medicine, physicians develop amenities-rich membership programs and collect a monthly or annual membership fee to pay for the amenities in addition to the medical services rendered. Handbook of Concierge Medical Practice Design examines the many considerations physicians must make prior to transitioning their practices into concierge services.
Maria K. Todd, a recognized expert in concierge medicine, branding, consulting, healthcare, marketing, medical tourism, planning, and physician practice administration, explains how to set up a concierge practice. She describes how this new business model affects workflow and outlines financial considerations—including managed care payer relations, the hybrid practice, and predictive modeling—to uncover the hidden factors that affect bottom-line performance.
The book supplies readers with models for creating a business plan and a strategy for transforming a practice into a concierge practice. It concludes by covering the legal aspects of creating a concierge practice. It includes patient acquisition and retention strategies as well as detailed plans for adding additional doctors and physician extenders, such as nurse practitioners and physician assistants.
The book provides sample employment contracts and advice on how to select and work with consultants. It includes chapters on business process re-engineering, workflow management, financial considerations, competitive analysis, developing a business plan, and how to market the new practice.
Table of Contents
Private Practice in Transition
The Exciting New World of Medical Practice
The Disruption of the Traditional Private Medical Practice in America
Corporate Concierge Medicine
The Patient-Centered Medical Home
Accreditation and Practice Management for the Private Medical Practice of Tomorrow
NCQA Scoring Criteria for Patient-Centered Medical Homes
Standard 1: Access and Communication—9 Possible Points
Standard 2: Patient Tracking and Registry Functions—21 Possible Points
Standard 3: Care Management—20 Possible Points
Standard 4: Patient Self-Management Support—6 Possible Points
Standard 5: Electronic Prescribing—8 Possible Points
Standard 6: Test Tracking—13 Possible Points
Standard 7: Referral Tracking—4 Possible Points
Standard 8: Performance Reporting and Improvement—15 Possible Points
Standard 9: Advanced Electronic Communications—4 Possible Points
Welcome to the Disruptors’ World
Building the Practice of Your Dreams
What Skills Will You Need?
Marshalling the Courage and Skills to Transform Your Medical Practice
Reinventing Private Practice
Attributes of a Successful Concierge Physician
Frequently Asked Questions
Evaluating the Advisers and Trends
Learn How to Evaluate and Hire Professional Advice
Turning Crisis into Opportunity
Determining If You Are Ready to Enter Concierge Medicine
Your Current Brand Reputation
Will You Be Converting an Existing Practice?
Your Resources and Assets
Exercise 1: Setting the Vision for Your New Practice
Exercise 2: Determining Your Comfort with Business Ownership
What Sets You Apart from Other Concierge Physicians?
How to Describe Your New Business Model
Developing a Market Niche within Your Specialty
Exercise 1: Market Niche Data Collection
Exercise 2: Choosing Your Market Niche
Turning Your Chosen Market Niche into Something Marketable
Building the Expertise in Your Market Niche
Building Additional Expertise
Building Influence as a Medical Expert in Your Market Niche Domain Area
Using Your Power and Influence
Clarifying Your Business Concept: Welcome to the Next Chapter of Your Professional Life
Working with Consultants and Contractors to Get You Started
The Difference between a Concierge Medicine Product and Medical Services
A Consultant Should Never Assume What You Want
Exercise 1: Goal Setting
Exercise 2: Business Priorities
Exercise 3: Motivating Factors
Exercise 4: Articulating My Business Values
Exercise 5: My Role Models—Who Do I Admire?
Exercise 6: Identifying That Which Excites You about Your Concierge Medicine Practice Idea
Exercise 7: Your Business Concept
Exercise 8: Testing Market Preferences for Your Concierge Amenities Package & Price Point
How to Gather Data without a Melee
What to Do after the Decision to Move Forward
Defining Your Strategic Position: What Business Are You In? Really?
Review of Chapter 6: Startup Considerations
Creating Your Practice Identity
Creating Your Identity
Your Identity Is Your Brand Image, Not Your Brand
Integrated Marketing Communications
Be Efficient and Run a Lean Shop
Finding Unbiased Guidance
Accountability and Measurement of Marketing ROI
Key Considerations for Choosing a Name
Exercise 1: Business Naming Exercise
Protecting Your Trademarks and Service Marks
Exercise 2: Developing Your Creative Brief
Setting Up Physical and Digital Files
Set Up Digital Utilities
Set Up Survey Monkey (for CAHPS Surveys)
Business Intelligence for the Concierge Medical Practice
Exercise 1: Analysis of Competitors
The Importance of Community
The Importance of Associations and Societies
Exercise 2: Community Events and Speaking and Public Relations Opportunities
Startup Red Tape
Exercise 1: Medical Practice Startup Red Tape
Human Resources Loose Ends
Operations and Practice Management
Practice Administration versus Practice Management
Finding a Location for Your Concierge Medical Practice
Deciding on the Attributes of Your New Concierge Medical Practice Location
Contemporary Advancements and Evidence-Based Design
Wall Protection at Drinking Fountains and Lavatories
Space Rental Considerations
Designing the Layout of Your New Concierge Practice
Exercise 1: Practice Layout Consideration
Exercise 2: Floor Plan Layout
Exercise 3: Designing Your Operations Processes and Evaluating Your Costs
Planning the Move to Your New Concierge Medical Practice Location
Should You Purchase or Lease?
Exercise 1: Warranties and Service Contracts to Manage
Business Technology Purchases
Business Communications Purchases
Software and Hardware Purchases
Setting up Your Bookkeeping System
Establishing Your Prices
Financial Forecasts and Budgets
Exercise 1: Marketing Budget
Exercise 2: Profit and Loss Projection
Exercise 3: Cash Flow Projection
Maria Todd is an award-winning and internationally respected healthcare business consultant. She frequently presents continuing education workshops, seminars, and keynote addresses for international, national, state, and regional healthcare organizations, investment firms, pharmaceutical and device manufacturers, and medical staff meetings.
She has been consulting and managing medical groups in healthcare since shortly after graduation. She’s intimately familiar with the brand-building power of a successful marketing strategy and leading-edge innovation in healthcare. She built her first concierge medical practices and amenities-based practices internationally in the 1990s. They simply weren’t called concierge then; they were called private practices because the alternative was the public health, single-payer system. Maria often says, "If you wait long enough, you see things rotate back through again. I see cycles and recycles in healthcare (like independent practice associations [IPAs], and accountable care organizations [ACOs], for example). We’ll continue to see it until someone breaks the mold. Grab a hammer!"
Maria is the author of several commercially published, peer-reviewed books on myriad topics in healthcare business management, including the industry’s top books on managed care, physician employment contracting, physician integration and alignment, medical tourism, and this latest title on concierge medicine. Her work is easily found on the Internet.
Maria strives to be accessible to individual practitioners. She maintains a popular website that attracts more than 1,000 visitors a day and provides training through her website and private workshops and webinars. She blogs regularly at http://mercuryadvisorygroup.com, contributes actively on LinkedIn, and works one-on-one with clinicians across the country and throughout the world. Through her consulting firm, Mercury Advisory Group, she has been instrumental in building concierge medical practices, clinics, and hospitals throughout the United States and abroad. She also works on healthcare projects in the developing world, primarily in Asia and Africa.
Her clients benefit from dozens of checklists, templates, and worksheets that can bring order out of the chaos that accompanies most concierge medicine transition and marketing/promotion projects.
After only working in traditional primary care for two and a half years post-residency, I already knew this was not the level of care or service I wanted to provide my patients. I'd already spent countless hours researching concierge medicine, but still had so many questions. Maria successfully guided me out of the fog and set me on a clear course to launch a successful concierge practice. I highly recommend her knowledge, expertise, and creativity to anyone interested in practicing concierge medicine.
—Stania DeJesus, Family Wellness Center of Charleston, South Carolina
The Handbook of Concierge Medical Practice Design is a well-written, concise, and on-point guide for any practicing physician contemplating starting a concierge medical practice. Maria Todd has proven again why she is a leading expert in the areas of Concierge medicine, branding, consulting, health care, marketing, medical tourism, planning, and physician practice administration. She conveys her sincerest desire to see any physician wishing to pursue concierge medicine by the exercises she provides in the book. A highly recommended book.
—Richard Krasner, MA, MHA, Blogger-in-Chief, Transforming Workers' Comp Blog
So glad we have a resource NOW, since Concierge Medicine and is growing at the rapid pace of 30 percent each year. A must-read for any physician thinking about converting or who has already converted their practice where it didn't quite work out like you planned.
Competing with the chain drugstores for initial diagnosis, a concierge model is always a better answer, see Chapter 4 for more insight. Also look to Chapter 6 for more details on sorting out the financials. In Chapter 9, Maria goes into detail about what qualifications to look for when choosing an EXPERT who knows Concierge Medicine. Don't get caught up with big box conversion companies, as one size does not fit all. Look also to making sure telehealth and technology are part of the offerings, making sure the money a patient pays for the subscription gives them more or better service offerings. Chapters 8 and 13 give additional guidance about product design and what to offer because simply paying more for what patients are already getting doesn't fly!
—Arney Benson, PharmD, MBA, A.B. Consulting for Healthcare