Is Concierge Medicine Right for Your ROL?

What good is your wealth if it's not improving your wellness?

While earning a good living is supposed to be the reward for all those years of extra school and all the long hours making potentially life-and-death decisions, more and more doctors are deciding that money isn't enough. Rising patient volumes and increasing administrative demands are leaving many doctors feeling overworked and unfulfilled. You don't need us to tell you that the stress of your job could have a significant effect on both your mental and physical health.

Transitioning into concierge medicine, also known as "retainer-based medicine" or "direct care," could help prevent burnout and extend your medical career. Here's why you might consider moving your practice to a "subscription-based" model.

1. More Meaningful Time with Patients

There aren't enough hours in the day for most doctors to give patients the care that they need and deserve. Patients only experience the longer-than-expected wait times. They don't see you, nurses, and administrative staff struggling to keep up with demand and make it through your daily appointment list. And although the best doctors are still able to properly diagnosis and treat patients in a limited timeframe, the relationships between the two often suffer. If there isn't enough time to develop trust, patients might hold back valuable information, and doctors might not have the rapport they need to break down barriers and have difficult conversations.

In a concierge model, you'll be seeing a smaller roster of patients on a schedule that you set, making more time for every single appointment. The trade-off for patients paying more is that they usually have more accessibility as well, sometimes including same-day or next-day appointments. You might even establish a 24-hour direct line for patient emergencies via email or text.

2. More Prevention, Less Reaction

"See your doctors regularly" is probably one of your universal prescriptions for better health.

But many folks let even annual checkups slide unless they're feeling unwell.

Patients who pay for your concierge service should have an easier time making appointments that fit into their schedules, lowering one barrier to seeing you more often.

But since you'll also have more time during appointments for questions, testing, and planning, your patients won't just go home with a reminder to check in again next year. You'll be able thoroughly collect every patient's medical history, utilize new technology to identify potential warning signs, and create an individual health care plan to maintain optimum health.

Rather than just being "my doctor," patients will come to think of you as a wellness coach who helps them treat illnesses before they happen. And patients who feel that deeper connection to you won't hesitate to book an appointment when something about their health changes.

3. More Control of Your Practice

The biggest benefit to the concierge model could be that it keeps more doctors like you in the game. While physician burnout rates continue to improve, there are still too many medical professionals who see switching careers or specialties as the only solution to their unmanageable workloads. And more burnouts will only continue to stretch our health care system to its limits.

If the traditional health care model is "volume over value," physicians using a direct care model can flip that equation around for patients and for themselves. You'll have the autonomy to build a more sustainable practice that puts less strain on its most valuable resource: you. You’ll be able to give more comprehensive care to patients you’re choosing to see and who you can help the most.

And rather than struggling to achieve work-life balance, you'll be able to integrate work into your life.

If you’re considering a change to your medical practice, let’s meet to discuss how your Life-Centered Financial Plan can help you make a smooth and purposeful transition.

At LI Wealth Management, we believe your wealth should support more than financial security. It should help you create a life that protects your health, relationships, and sense of purpose. If concierge medicine could give you greater control over your practice and more freedom to focus on what matters, thoughtful financial planning can help make that transition possible. Visit our website or book a free session today.