Without a doubt, beginning your new medical practice using a concierge model avoids having to accumulate a large herd of patients and then converting them to a “direct primary care practice” later on. The big disadvantage is that the startup of a medical practice requires money, usually a fairly good bundle. Just picture the lender’s face when you explain to him that you have no job and that you have a left-over debt of $150,000 from your education—and are asking for another $50,000 to get started on top of the other debt. Thank God you have a rich uncle to help you financially.
Of course, you’ll have that same problem with the bank no matter how you begin your practice. You could join an HMO, gather the money up, then start your private practice. Maybe there’s a group practice you can join first already employing a “retainer-based” method of practice, and go from there.
So, you’ve been in practice 15 years already. It must be disturbing for you to see the decrease in income earned by physicians (8% decrease average over the past 10 years according to the AMA studies, among others). Then you wise-up and ask yourself if you know for sure whether your practice is growing……..you know, the number of patients joining minus the number leaving monthly. Or, haven’t you done that? Or……. maybe start now?
Most physicians see what’s happening now in the world of medical practice-and it ain’t good. Choices for medical practice careers haven’t changed, really. But, the consequences of those choices now are very different, and are important to know about for medical practice business reasons.
Transforming you practice is not easy. Some follow the hybrid model to transition