What is Concierge Medicine?
Concierge medicine is a popular emerging alternative to the traditional delivery of healthcare. This subscription-based, membership medicine business model occurs primarily in family medicine and internal medicine and has proven to be a helpful alternative for patients with chronic conditions that require more time and attention from their doctor. Practitioners choosing this route tend to be more entrepreneurial and forward-thinking than their colleagues while garnering prestige from their peers (Concierge Medicine Today, 2019).
As of June 2022, there were approximately 20,000 concierge medicine physicians practicing nationally, with their ranks growing 3-6% annually. According to the Advisory Board (2019), concierge medicine can offer patients some combination of attractive care options. These may include same-day appointments, more appointment time with providers, email and telephone consultations, personal health coaching, nurse guidance, and robust patient portals. While hospital admitting privileges are no longer prevalent, it doesn’t mean concierge providers cannot be an integral part of patient care at the hospital. This mode of practice appears to improve physician satisfaction, with 95% of doctors responding they are more satisfied in the profession ten years after making this change after many physicians are experiencing burnout.
Concierge Medicine and Credentialing
Traditional credentialing processes require primary source verification of the provider’s education, training, experience, malpractice history, licensure verification and other sources to determine current clinical competency. As many concierge medical providers are not seeking hospital privileges/membership and are forgoing insurance enrollment, the credentialing processes which vet physicians and other providers are being bypassed.
Concierge medicine is an out-of-pocket expense. It is not an insurance alternative as patients still require insurance coverage for services such as extensive labs or other referrals. Noteworthy, a patient benefit that has already been identified is the reduction of medication use among patients of concierge practices.
In summary, the landscape of the delivery of patient care is being altered as concierge medicine emerges as an alternative. The number of concierge medicine provides is steadily increasing. There is a gap in credentialing of providers who do not pursue hospital privileges or insurance enrollment. Concierge medicine is an out-of-pocket expense and is not an alternative to traditional insurance as patients will still need insurance coverage of services.
Sources: www.veritystream.com, www.forbes.com
When it comes to provider credentialing services, provider source credentialing, physician insurance credentialing, and other types of medical physician – Medical Provider Resources is proud to be your trusted resource. If you’re searching for physician credentialing companies, please call 316-683-0178 or contact us online for a free consultation. We’re happy to answer any questions you have!
