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Ready to Transition or Start a New Concierge Medicine Practice?
For many physicians, especially those in active practice seeing patients, the thought of transitioning one’s practice to an all cash practice is terrifying. You aren’t sure if the practice you envisage will be financially viable. The decision will disrupt the familiar and may give rise to uncomfortable discussions with long-established patients who won’t follow in the new model. You may have contracts with major payors (HMOs and PPOs) that prohibit the hybrid model and require you to terminate your participation in their panels. You may find you don’t need several staff members currently in your employ who would become redundant in the new model.
You may feel that a cash cushion or a line of credit would be prudent, just in case. For that, you’ll need a formal business plan to present to lenders. If you don’t need to borrow money, you don’t need to spend time or money on a a formal business plan. A less expensive “concept note” may be adequate. Operationally, you may be too busy to personally conduct the necessary market research and a viability study. Or, you may not be sure you know how. Fear not. The answers to those questions are all within the scope of this package.
You may be concerned about rebranding, appropriateness of your current location, which amenities will resonate with your new and retained patients. You will transition from being promoted by the health plans in exchange for the discount to which you agreed to having to market your business without their involvement. You may need a new website. New program handbook. You will need to decide how much you’ll charge for your membership fee and what’s included in the fee and what costs extra. The guidance for all these things are also included in the scope of this package.
I have worked with physicians for 35+ years. For many, I helped them to open the doors of their own practice after finishing their residency, leaving a hospital employed position, or breaking away from a group practice or simply transitioning to the cash or concierge business model.
Don’t hesitate any longer. Call or submit the form to schedule a no-obligation, introductory call where you can explain what you have in mind and I’ll give you some feedback, share lessons learned, and we can determine if I am the right consultant to help you, a budget estimate, and when I can fit your project in to my current caseload.
- Travel to your location to meet with you in person, study the surrounding area, review existing location, observe operations and staff in action.
- Local market research, competitor analysis, and feasibility studies
- Current staffing review and skills assessment and readiness for the new business model; personal interviews with each staffer by our branding team)
- Analysis of existing managed care and PPO payer agreements. (Critical: Before I arrive, be sure to have a list of every contract available and have complete copies of each contract along with program manuals and updates all scanned into PDF file format and sent to me for advance review at our in-person meeting.)
- Existing patient demographics assessment. (Critical: Along with my engagement agreement, I will sign a HIPAA BAA so I can create a snapshot profile of your existing patient base to identify “ideal customer” traits. This is important for the rebranding work we’ll do. Contact your software company and verify that we can create custom query output reports that I specify from your patient demographics database. Ask if there’s a charge for this as some of the less expensive software programs charge extra for this capability. Then, prepare the specified queries and send them to me not less than 15 days prior to my arrival.)
- Assessment of continued need for medical billing services. (All cash practices may be able to operate with CPT and ICD codes on a superbill. But some physicians prefer to offer insurance billing as a courtesy to help the patient receive direct reimbursement for out-of-network services, if any.)
- Unbiased EMR evaluation, and patient communications platform (Replace phone calls with advanced texting capability for patients and other telehealth options. We make every effort to keep your existing EMR and software programs unless you prefer to make a change. We also analyze what you are using to ensure you are maximizing all that your existing programs can do in the new model.)
- Assessment of current accounts receivable and a plan to to close out the old company, if desired. (Some physicians prefer to completely rebrand with a new corporate entity.)
- Business and projected financial pro forma (if required for a loan) or a Concept Note
Product design and new program development
- Together, we’ll decide which services you’ll include and their respective cash values to defend your membership and fee-for service prices. This may include additional service lines such as executive checkups, stem cell therapies, weight loss programs, non-opioid pain management, new in-house diagnostic services, anti-aging treatments, hormone replacement therapies, and more.
- Rebranding, name change, positioning, brand identity logo design, colors, fonts, marketing collateral, “living” brand practice culture articulation and staff training.
- Pricing and price integrity for membership fees and office services
- Marketing and publicity plan (Targeting for the 6 marketing modes: advertising, digital marketing, direct marketing, personal selling, public relations and sales promotion)
- My participation in conference calls with your attorney and your accountant are included at no additional charge. They may charge you for the calls, which is not included in my fee agreement.
- Guidance on HR matters if a reduction in force is indicated. Retraining and retention may be an option. Help with HR documentation, letters of recommendation and outplacement assistance agency services, if needed. (Any outplacement agency fees are not included in my consulting package.)
- New vendors /services selection, if any.
- Floor plan and office layout for your new brand/practice model (In cash pay models, more floor space can be assigned to revenue production and service mix, or you can move to a smaller office space and lower rents and overheads. You’ll also require less space and furniture for your reception area and waiting room.)
- Arrangements for a 0% interest, non-recourse patient financing program for membership fees and high-cost services – so you don’t become an unauthorized “lender” under FDIC compliance regulations. This will help you retain additional patients you might otherwise lose who can’t afford a lump sum membership fee up front.
- Contract agreement templates (single, couple, family, corporate, Medicare beneficiaries) for your unique membership program(s) so you can send them to your attorney for review.
- Guidance on termination of patient relationship and records transfer for patients who won’t be continuing, if you decide not to maintain the old business model in parallel with a contracted, employed physician or NP or PA.
- Website design or re-design (pass through fees for hosting, domain registration, plugins and other website licensing fees, and any custom video, audio or photography are billed to you at actual cost with no markup.)
- Assistance with town-hall meeting to announce the change to patients and the local community. Coordination of media coverage, invitations and RSVPs, informational packets, contracts and assistance with on-the-spot sign ups.
- Staff training and new job descriptions, roles and responsibilities to work under the new practice business model and brand.
- A new employee manual for a new company, if needed.
- Effusive customer service, program talking points, financing options, and how to sign up new members. Training for staffers to support your social media marketing and content development.
First year support
- Quick email questions, SMS text messages, and impromptu calls subject to our mutual availability to answer questions or address immediate concerns.
- After hours / weekend appointments, if necessary.
- Scheduled periodic, video-assisted conference calls to review operations, marketing, and revenue results and keep you on track for growth and success.
- Review of marketing and website performance analytics and ROMI results, changes to strategy and tactics as may be indicated, are included at no additional charge.
- Just starting out? $200/hour
Concierge care has many variations, but there are a few characteristics that are constant: patients pay a membership fee; doctors see fewer patients; and concierge programs offer patients much-needed convenience and time.
Need some advice or a sounding board to bounce ideas about what you have in mind? No problem. Purchase a copy of my Handbook from any online or retail bookseller in electronic or hardback.
Read the book then ask any questions in a phone consultation billed hourly in 6-minute increments.
Travel to your location to meet with you in person, study the surrounding area, review existing location, observe operations and staff in action. $3500
full day; any TRAVEL EXPENSES ADDITIONAL BILLED AT actual COST
*Local market remote desk research, high-level competitor analysis $200/hour
Analysis of existing managed care and PPO payer agreements. $200/hour
Complete contracts and program manuals must be scanned and sent as PDF documents for remote review.
Current patient demographics assessment $200/hour
I WILL SPECIFY WHICH QUERIES AND OUTPUT REPORTS I NEED.
Assessment of current accounts receivable and a plan to to close out the old company, if desired. $200/hour
*Rebranding, re-naming, positioning, brand identity logo design, colors, fonts, marketing collateral, "living" brand practice culture articulation and staff training. ~$10,000
Costs for graphic artists, photography and videography, printing, layout, and content creation of marketing collateral are payable to each respective specialist.
Pricing and price integrity for membership fees and office services $200/hour
Written marketing and publicity plan $1500
Targeting for the 6 marketing modes: advertising, digital marketing, direct marketing, personal selling, public relations and sales promotion.
Participation in conference calls with your attorney and your accountant $200/hour
Billed in 6-minute (1/10th hour) intervals
Referral to a vendor to arrange online payments program and conversation-based payment processing for membership fees, services, and supplies. A great way to handle renewal membership billing. No charge
Secure, self-service portal enables your customers to make one-time guest payments, or quickly sign up and make enrolled payments. Customers can also schedule and manage payments, view statements, and enroll in paperless billing.
Referral to a lender to arrange 0% interest, non-recourse patient financing program for membership fees and high-cost services along with billing and collections for payment plans. No charge
Lender requires 25% down and payment spread over 9-12 months, biweekly or monthly via auto debit. ASK FOR DETAILS.
Contract agreement templates (single, couple, family, corporate, Medicare beneficiaries) for your unique membership program(s) so you can send them to your attorney for review. $450
*Basic website design or re-design package $3500 and up
Fees for hosting, domain registration, plugins and other website licensing fees, and any custom video, voiceover talent, actors, audio or custom or stock photography are billed on addition to website design and setup. Custom content for blogs is not included. REQUEST ADDITIONAL DETAILS.
*Assistance with town-hall meeting to announce the change to patients and the local community $3500
Coordination of media coverage, coordinating venue, catering/refreshments, invitations and RSVPs, informational packets, travel to attend the event and assistance with on-the-spot sign ups. TRAVEL COSTS, IF ANY, ARE billed at actual cost.
Basic telephone, email and text support $200/hour
Billed in 6-Minute (1/10th hour) intervals
- Adding a new Practitioner? $200/hour
Planning to hire a Nurse Practitioner, PA or an additional physician? Need some advice or a physician employment contract template? No problem. Purchase a copy of my Handbook from any online or retail bookseller in electronic or hardback.
Read the book then ask any questions in a phone consultation billed hourly in 6-minute increments.
⊕ Items with an asterisk are supplied by subcontracted experts with my involvement as project coordinator/manager.