Concierge Medicine Return On Investment (ROI)
While converting from a traditional practice to a concierge model can be a great way for a physician to improve patient care and get back to the core values of practicing medicine, it’s also a business decision. As such, you may be wondering what the return on investment (ROI) looks like for a concierge medical practice. However, it can be difficult to provide exact “one-size-fits-all” numbers, because ROI will depend on a variety of factors.
We spoke with SignatureMD-affiliated physician Dr. Joel Meshulam about how things have worked out for him, and he also provided some perspective on the SignatureMD model as a whole:
As Joel describes, he’s happy with the return he’s seen, for more than just financial reasons:
The concierge program is nice because you get your portion of the premiums quarterly. That’s how it works. Here are some rough numbers: Let’s say that your two-thirds of the premium is $1000, and you enroll 100 patients. That’s $100,000, and the way that SignatureMD does this is they distribute that quarterly. For me, in mid-February, mid-May, mid-August, and mid-November I get a check for a quarter of that total. You get your first check one and a half months into the process for a quarter of the total premium. That’s a nice check to get. It’s nice to see that, and it makes you realize this actually may work.
I really believe strongly that, if you’re committed to good medical practice, that commitment will transcend everything.
Patients will find you, your existing patients will refer to you, and you will grow. The nice thing about the SignatureMD model is that you don’t have to get rid of a large segment of your patients because they can’t afford the premium.
It’s a virtuous cycle, as opposed to a vicious cycle.
You’re no longer stuck working harder and harder, seeing more and more patients, making less and less money, getting less and less sleep, and having less and less time to plan your next move. You have to really consider the long view of getting some life balance back and being able to actually grow a practice that is a practice you want to be working in instead of a practice that you somehow have been forced to be working in.
If you would like to know more about the business aspect and the potential ROI of a concierge medicine conversion, we encourage you to contact us, so we can learn more about your situation.
With offices in Los Angeles, California and Richmond, Virginia, SignatureMD (signaturemd.com) is one of the nation’s largest firms providing initial conversion and ongoing support services to concierge medicine physicians. SignatureMD currently partners with more than 160 affiliated primary care physicians and specialists across 31 states, and its network is rapidly expanding.