By Michael Tetreault, Editor-in-Chief, Concierge Medicine Today | With Social Media and Commentary Included Below from Industry Resources
“Concierge medicine must be treated seriously by physicians and patients alike because it is a concept that is here to stay. Paying a set annual fee for “special services” may appear to some to focus on money and greed but to others it may be redirecting the focus of medicine back to preventing disease and seeking wellness. If concierge physicians are successful in preventing illness and keeping patients healthier then it is in the best interest of patients, physicians and society as a whole.” ~Peter A. Clark SJ, PhD Professor of Medical Ethics and Director, Institute of Catholic Bioethics, Saint Joseph’s University
JANUARY 21, 2015 - It’s a misconception that physicians participating in this style of practice (concierge medicine) are solely doing so to experience more financial success.
The data just simply doesn’t support it from this sector in healthcare. According to the trade publication, Concierge Medicine Today, Concierge Doctor Salaries average $100k-$250k per year. And memberships, typically they only cost patients of a concierge medicine practice an average of $135 per month.
Dr. Chris Ewin of Fort Worth has run a concierge practice for nearly a decade. Ewin says, “I don’t have to go through a bean counter, insurance and the government. Therefore I get the cost down.” PHOTO CREDIT Courtesy of Dr. Chris Ewin
“Business is tough,” says Dr. Chris Ewin of 121MD in Fort Worth, TX. “If you are doing something just for the money, you are never going to enjoy it. You will be the hardest boss you have ever had. So, find something you love and pursue it. Follow this advice and you will set yourself up for an enjoyable future in medicine.”
On average, a Concierge Physician earns the equivalent salary of a specialist, such as a cardiologist or a radiologist. Most concierge doctors do a significant amount of charity work, often seeing about 10 percent of their patients free-of-charge or at a reduced fee.
VIEW: 2014 Concierge Physician Salary Report
Brian Forrest, M.D., tells attendees at his presentation on direct primary care that the model initially appealed to him, in part, because he wanted to spend more time with patients.
“My real joy is spending time with patients and trying to help them improve their health,” says direct-pay doctor Dr. Brian Forrest, Apex, NC. “In many practices, the high volume of patients that must be seen reduces the time clinicians can spend with each patient. Our model increases the time available for each patient encounter. I spend about 30 minutes with a patient during our average visit. This is the main reason that most patients give for returning to our practice. People are willing to spend money on something they value, and they value time with the doctor.”
Concierge Medicine puts the incomes of internists and family practitioners on par with their colleagues. A 2012 Medscape study found that the average salary for a primary care physician ranged from $156,000 to $315,000, while Bloomberg Businessweek reported that the average salary for a Concierge Physician ranged from $150,000 to $300,000. Concierge Physicians within the hospital environment may enjoy the best of both worlds. They see a reduced number of patients on a day-to-day basis while earning higher salaries and handling less administrative obligations than they would in a traditional private practice setting.
When compared to traditional, insurance-based physicians working in a hospital setting, Today’s Hospitalist conducted their own limited survey of non-concierge Hospitalist physicians and found that the salary ranges very widely with some Hospitalists making between $150,000 to $227,000 in annual income.
Concierge Physicians within the hospital environment may enjoy the best of both worlds. They see a reduced number of patients on a day-to-day basis while earning higher salaries and handling less administrative obligations than they would in a traditional private practice setting. When compared to traditional, insurance-based physicians working in a hospital setting, Today’s Hospitalist conducted their own limited survey of non-concierge Hospitalist physicians and found that the salary ranges very widely with some Hospitalists making between $150,000 to $227,000 in annual income.
Concierge Medicine Today also finds Concierge Medicine and Direct-Pay physicians to number approximately 12,000 physicians and/or physician clinics throughout the U.S. This data is based upon an in-depth review and recent examination of the national marketplace as well as interviews with corporate industry leaders and marketplace decision makers.
LEARN MORE ABOUT CONCIERGE MEDICINE @: www.ConciergeMedicineToday.com
