How Hybrid Models Are Making Concierge Medicine Better
If you are frustrated as a healthcare provider due to burnout or insurance policies, the hybrid concierge path is the right concierge medicine model for you. The hybrid model of concierge medicine combines the best of both worlds, traditional primary care and concierge medicine, in one neat package.
Addressing the drawbacks of concierge medicine, the hybrid model has become extremely popular amongst doctors who are frustrated with the stringent framework of traditional practices but do not want to leave their old patients behind. The benefits of hybrid concierge models are numerous. First, however, let’s get into what a hybrid concierge model is.
What is a Hybrid Medical Practice?
Hybrid medical practices are a blend of traditional medicine and concierge models. In this model, physicians take on some concierge clients while still maintaining those who use the traditional insurance model. This model allows doctors to cater to patients who belong to different financial backgrounds. Furthermore, the model enables streamlined healthcare, a better quality of overall care, and lessens workloads. It completely incorporates telemedicine in its framework.
What is the role of telemedicine in a hybrid concierge medical practice?
Telemedicine has become an integral concierge medical practice, especially within the context of Covid-19, where distanced care has become a norm. Telecommunications infrastructure has become a vital part of practices, whereby tools such as email, video calls, patient portals and electronic databases such as EMRs are used to make the process smooth.
One of the vital features of concierge medicine is unfettered access to the physician. This is made possible by the use of email and phone calls to the doctor anytime the patient needs help; no questions asked. As the field of medicine evolves, it is likely that telecommunications infrastructure or telemedicine will become a key player in the world of medicine. It may even become the norm.
The Right Concierge Medicine Model For You: A Hybrid Medical Practice
There are several benefits of the hybrid model for concierge medical practices. If you are considering making a change in your traditional practice because of issues with the quality of care or finances, this model is the perfect solution.
1. Monthly payment cycles in return for reliable and streamlined care
In this model, payments can range from lighter care benefits to complete on-call benefits. Lighter care benefits fall into the lower fee bracket (as low as $65) while on-call care benefits fall into the higher fee bracket (as high as $250).
You can use this as a blueprint to construct various options for patients from different socio-economic backgrounds. With the addition of patients with traditional insurance packages, the practice can streamline its concierge care by drawing in from a reliable source of revenue while also controlling and maintaining optimal patient volume.
2. Dependency on insurance payouts decreases
There is no rush to get a maximum number of patients. You do not have the same time crunch or stringent reimbursement plans. This model allows you to strike a balance between both, optimizing productivity. Physicians have a lesser burden on their shoulders which alleviates the possibility of burnout. This model is designed to increase physician satisfaction as well as patient satisfaction.
The quality of care provided by the practice goes up while the costs go down because you do not have to answer to an insurance company on the same scale. Insurance company reimbursement policies and coding have lesser leeway. The hybrid concierge model takes away the unreliability and unpredictability of insurance payouts. With the concierge model, the situation is under your direct control. The hybrid model, however, combines the pros of both options into something which is fiscally and quality-wise beneficial for the practice.
3. Healthcare outcomes improve, as does patient loyalty
The concierge model allows doctors to decrease workloads. Low patient volume allows providers to attend to their patients more stringently. They can respond to their needs and vastly improve the quality of care without having insurance time-limits hanging over their head like a sword. Furthermore, the model integrates telemedicine, as it allows patients to call, FaceTime, text, or email to discuss any queries they may have.
The hybrid concierge model, therefore, allows providers and patients to foster a better relationship and connection with one another; which is key for excellent quality of care. The improvement in this domain cements patient loyalty as well as patient satisfaction, something which is extremely difficult to replicate in traditionally insured healthcare practices.
4. Patient volume increases significantly
Typically, concierge medical practices are expensive. They have certain out-of-pocket costs in addition to monthly or yearly subscription cycles such as specialist consultation fees. This means that patient volume can be low in practice because not everyone can afford this model. The hybrid model keeps traditionally insured patients on along with those who have subscribed to the concierge practice. This allows an increase in physician productivity and benefits them financially without negatively impacting the number of patients. Thus, the revenue stream can be controlled by doctors more efficiently.