5 Tips for starting a concierge practice

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Beware these pitfalls before leaping into concierge medicine.

A concierge practice is a direct contract between a doctor and patient where the patient pays for an agreed menu of healthcare services; patients pay a fixed fee, whether the fee is monthly or annually, to receive medical services administered by a provider. The concierge medicine business model is expected to reach $10 billion by 2028 and is expected to continue to expand.

Some providers find concierge medicine appealing because they can spend more time with their patients listening and understanding their needs, offering better care to them. Additionally, in a concierge model, providers manage to earn more despite a smaller number of patients and establish a work-life balance. The idea of controlling work, avoiding provider burn-out, allocating more family time, pursuing personal & professional interests, offers an attractive choice for all providers. But despite this, there are still several legal and compliance hurdles associated with this practice model.