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Steve Schwartz reveals secrets to successful marketing campaigns and growth strategies for the concierge medical industry, this guide draws from 25 years of digital marketing expertise and experience working with over 900 clients.
In concierge medicine practices, physicians face crucial decisions regarding patient panel size and membership fees. These choices are pivotal in shaping the dynamics of a concierge practice and determining its long-term success and profitability. Let’s explore these considerations:
1. Determining Patient Panel Size:
In concierge medicine, quality of care takes precedence over quantity of patients. Physicians aim to maintain smaller patient panels, typically ranging from 200 to 800 patients vs. thousands of patients in a traditional practice. This allows for more personalized, unhurried interactions, fostering stronger doctor-patient relationships and a higher standard of care.
2. Understanding Membership Fees:
Concierge practices often charge patients an annual membership fee, also known as a retainer fee. These fees vary widely based on factors such as practice overhead, desired income, and the level of service provided. Membership fees can range from $1200 to over $10,000 per year, aligning with the value proposition of the practice and market demand.
3. Incorporating Initiation Fees:
Some concierge practices implement a one-time initiation fee for new patients joining the practice. These fees can vary significantly, ranging from less than $100 to several thousand dollars. The initiation fee covers administrative costs and may include additional perks or services for new members.
4. Striking a Balance:
Finding the right balance between patient panel size, membership fees, and initiation fees is essential for a successful concierge practice. Physicians must consider both the financial viability of the practice and the level of care and service provided to patients. By setting competitive fees that reflect the value of the practice and meet the needs of patients, physicians can ensure the long-term sustainability and success of their concierge practice.
Need Some Guidance?
Concierge Medical Marketing is happy to refer a consultant to help you navigate your pricing model and patient panel size. Please contact us and ask for a referral.
In conclusion, the number of patients in a concierge practice and the associated membership fees are crucial considerations for physicians. By carefully evaluating patient panel size, incorporating initiation fees where appropriate, and setting competitive membership fees, physicians can build a thriving concierge practice that delivers exceptional care and service to their patients.