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Business Model Related to Concierge Medicine
Staff Writers
A Cash Based Compensation (CBC) medical practice business model attracts patients who pay cash for desirable services, such as surgeons who dispense scar reducers or in areas such as pain relief, weight loss, aesthetic procedures, and natural health.
Model Parameters
According to consultant Michael Wallerstein, any well-rounded CBC program should include these parameters:
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existing patient demand;
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low entry cost;
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little marketing costs;
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existing employees to administer the program;
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office capacity; and an
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operating plan.
All Specialties Included
Even dentists and podiatrists who perform cosmetic and elective image enhancing services like teeth bleaching, veneer applications, vein reductions, toe shortenings and shoe appliances are amenable to CBC practices.
Assessment
With time and effort, profit for physician compensation may increase 10-20% annually by providing “wants”; rather than medical “needs.”
Conclusion
And so, what is your opinion of these new CBC medical practitioners; ethical physicians or medical merchants?
Book Info: http://www.springerpub.com/prod.aspx?prod_id=23759
Institutional: www.HealthcareFinancials.com
Linguistics: www.HealthDictionarySeries.com
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Filed under: Practice Management | Tagged: Career Development |
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The Executive-Post wrote an interesting article today; here is a quick excerpt:
Business Model Related to Concierge Medicine. Staff Writers. “Cash Based Compensation”. A CBC model medical practice business model attracts patients who pay cash for desirable services, such as surgeons who dispense scar reducers or in areas such as […]
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Pay Per Minute Practice
I recently read on The Health Care Blog, about a physician who punches a time-clock when medical office appointments begin. She has calculated her time is worth $2 per minute. Fifty-nine minutes = $118. Will you be paying cash, check, charge or finance the visit today?
On the one hand, somehow, I think the meter would make me nervous. I suspect I might begin talking very quickly. On the other hand, this is only one business model and it sure has been successful for some attorneys.
And, so your thoughts are appreciated.
-Ann
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