| Concierge Medicine - Myths and Facts Myth 1 - Concierge Medicine is for the wealthy Fact: This is partially true. There is a form of high end concierge medicine that is marketed to the ultra wealthy that might cost $15,000 or more a year. Fortunately, the typical plan typically cost $125 to $200 a month. For many, the cost is little more than the cost of a package of cigarettes per day, daily Starbuck’s Frappuccinos, a premium cable TV package, etc. For most of the middle class, it’s more a matter of what they value than what high quality medical care cost. Myth 2 - Concierge Medicine is unnecessary if I buy a high end insurance plan Fact: Perhaps your employer provides what has come to be called a Cadillac health insurance plan. Or, perhaps you decided to buy the Platinum plan on the exchanges. Granted these both provide excellent catastrophic medical insurance in the event of unforeseen medical events. Unfortunately, if you expect your doctor to take the time to listen, make the best medical decisions and help you understand all that you can do for yourself, don’t expect your insurance to adequately compensate your doctor. The problem is a health care system that undervalues thinking and over values procedures. Quite simply, most doctors are paid very little to think and quite a lot to do procedures. Interestingly, many people find they can lower the cost of medical care by combining a high-deductible health insurance plan with a Health Savings Account. This can provide a way to pay the concierge fee with pre tax dollars. Using this approach, many find more value in buying a less expensive health insurance plan and coupling it with the advantages of a concierge medical doctor. Myth 3 - Concierge medicine is creating a doctor shortage Fact: Concierge doctors do see fewer patients a day because they spend more time with their patients. However, the time spent on preventative care and in analysis of complex issues typically provides a significant pay back. When patients are able to avoid unnecessary procedures, avoid hospital stays, and avoid nursing homes – then significant saving can be realized. In the American healthcare system, much of the cost is because no one had time to put their thinking cap on long enough to make decisions when problems first occurred. For most, a single hospital stay avoided would more than offset the concierge fee. The problem is not concierge doctors seeing fewer patients. The problem is misplaced value in a system where problems linger and in time can cost a small fortune to fix. The primary care doctor shortage is a result of young doctors refusing to go into primary care medicine because of poor compensation for what has become an exhausting job. The way to increase the number of primary care doctors is to make the profession more attractive. What concierge medicine provides is an incentive for doctors to participate in primary care. Ultimately all systems are brought into balance by incentives that balance supply and demand. In effect, when a person chooses to buy a basic insurance plan coupled with a concierge physician they are voting with their pocketbook for more primary care physicians. Myth 4 - Concierge Medicine is unethical Fact: What is unethical is a physician working for an insurance company’s objectives before their patient’ s objectives. It’s an obvious conflict of interest most pretend doesn’t exist. It’s the third-party payer system that is intrinsically unethical. Concierge doctors, by contrast, do not have third-party conflicts. As a patient, you pay your doctor directly. The advantage of concierge medicine is a doctor beholden to no one but the patient. Myth 5 - Concierge Doctors are just in it for the money Fact: On average, a concierge physician earns far less than other specialist like cardiologist, neurologist, gastroenterologist, radiologist, etc. Granted, a specialist typically spends a few more years in residency. However, primary care doctors are required to do far more continuing education and recertification. Over time, many primary care physicians accumulate educational hours that exceed the other specialties. As for it being all about the money, most concierge doctors do charity work on par with their colleagues. Most see 10 percent or mode of their patients on either a non concierge fee basis or free-of-charge. Concierge medicine simply puts the incentive to practice primary care in line with other career choices. In doing so, it incentivizes doctors to participate in primary care – a win-win for everyone – even those choosing a non concierge physician. Many from the baby boom generation have done the math and discovered that an investment in concierge medical service makes sense. Tell Me More about Concierge Physicians in Huntsville, Alabama. Exit |