Have you ever considered having a concierge practice model? The shortage of physicians expected from the implementation of the Affordable Care Act in the next 5 years, plus the reality of high deductibles for people who don’t get insurance coverage through their jobs ($2927 for Silver plans or $5181 Bronze plans for individuals; $6,010 for Silver plans or $10,545 for Bronze plans for families) will lead to an increase in popularity of concierge medicine. Even if you aren’t a physician and don’t live in the US, read on for ideas on a fresh look at how you may offer your services.
Many times when we think of concierge medicine, we think about the VIP level of care that MDs are providing where the patient pays an annual or monthly fee, annually ranging from $1200-$5000 or more. The benefits to a patient are the ability to access care more readily, such as contacting your provider at any time and to schedule same-day appointments. Some of the concierge fees may even be eligible to be paid from an Health Savings Account (HSA) or an Flexible Spending Account (FSA) depending on whether it meets the IRS definition of a qualified medical expense or if it’s allowable under the employer’s plan.
But beyond MDs providing concierge medicine, concierge medicine is actually perfect for holistic practitioners who advocate health vs. drugs and surgery.
The implementation of the Affordable Care Act can actually be the perfect situation for promoting concierge plans for acupuncture, chiropractic, massage, PT, naturopathic, holistic MD, and other services. When people are up against having to pay a high deductible even before getting healthcare (or sickcare), they are thinking twice about what their healthcare plan is really doing for them. Bringing up high deductibles as a point can help someone with them see the value in working with you, especially when you’re offering a concierge model approach.
Who might have high deductibles and would actually pay for concierge medicine? It’s not just people who don’t have insurance coverage through their jobs. It’s also people who are entrepreneurs (including many holistic practitioners) –people who are self-employed and who have the money. Does this give you an idea of where to find people who would pay for this?
You just need to know how to talk about it so people see the value. For example, one of my clients is a chiropractor and a graduate of the Consistent Clients Makeover Mentorship for Introverts. When he came to me, he was booking around 75% of the people for care (among those who came in for the initial visit). Since working with me, his track record of booking patients for care has been consistently 90%+.
He just started implementing an unlimited care plan for chiropractic and PT for $350/mo and an unlimited care plan for chiropractic, PT, nutrition services, and massage for $550/mo and has 5 people signed up already. The quickly growing word-of-mouth practice he’s been able to establish and the heart-centered Clients Say Yes conversation flow he mastered during the Consistent Clients Makeover Mentorship for Introverts gave him the confidence and skill to inspire people to easily get people on board with the concierge plan.
When you have a way of talking about your services so people see the value in it (and without you feeling pushy), how much it costs becomes much less of an issue.
Does this open up your mind up to possibility? Obama Care can be a good thing for you, regardless of whether it will lead towards insurance coverage for your services.
If you know how to get cash-paying patients easily, you have freedom. You have freedom of not being told what to do by an insurance company, getting limited reimbursement, and being responsible for piles of paperwork. Freedom to practice how you want to practice and give your patients the best care. It can also give you the security of being able to have a busy practice regardless of what the insurance companies decide…if you know how to fill up a cash-based practice.
Ready to have the freedom and security of a 100% cash-based practice? Click here to apply for a Double My Practice Strategy Session now.