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Filed under: "Doctors Only", Career Development, Experts Invited, Health Economics, Healthcare Finance, Videos | Tagged: cash based medicine, concierge medicine, direct pay medicine, Direct Primary Care, DPC, DPC medicine, Eric Bricker MD, retainer medicine | Leave a comment »
Is the US Economy Strong OR Not?
By Dr. David Edward Marcinko MBA
www.CertifiedMedicalPlanner.org
Recently, new highs for the DJIA and some better than expected jobs numbers pointed an outward sign of the US economy’s continued — though sluggish — recovery from the Great Recession.
Workers in the Shadows
But, there may be another explanation for why consumers keep spending more despite higher payroll taxes and more pain at the gas pump.
Edgar Feige PhD Speaks
That reason is a thriving shadow economy, estimated to have reached as much as $2 trillion last year, according to a study (.pdf file) co-written by Edgar Feige, an economist at the University of Wisconsin-Madison.
Assessment
A shadow economy is one where workers turn to employment that pays under-the-table. While that sometimes includes illegal activity, such as drug dealing, much of the shadow economy today appears to be in areas like service work such as babysitting; medicine, eye, foot and dental care; and working construction jobs for cash.
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Conclusion
And so, are new medical practice business models like retainer and concierge medicine, direct/private pay, or cash care more or less prone to participation in the underground healthcare economy?
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Filed under: Health Economics | Tagged: concierge medicine, direct pay medicine, Edgar Feige, GDP, GNP, retainer medicine, Shadow economy, Understanding the Domestic “Shadow Economy”, US economy | 2 Comments »
By Dr. David Edward Marcinko MBA
http://www.CertifiedMedicalPlanner.org
According to colleague Robert James Cimasi of Health Capital Consultants LLC in St. Louis MO, concierge or boutique medical practices began in the mid-1970s, and are now in many major metropolitan areas. Concierge medicine is described as a “return to old-fashioned medicine,” where physicians limit their client base and devote more time to each patient. Patients can usually get in to see their physician within a day, and most have 24-hour access to their physician by beeper or cell phone.
The Doctor’s Perspective
Physicians who turn to concierge medicine are typically tired of not having enough time with their patients and dealing with overbooked caseloads, and are looking for a way of balancing their lives while still providing quality care for their patients. Patients who have physicians in this type of practice appreciate the “perks” they get for paying a yearly fee — similar to “annual membership dues.” These fees can range anywhere from $1,000 per year to $10,000 per year depending on the patient’s age, benefits received, area of the country, and practice.
Patient Amenities
Amenities vary by practice, but some include longer physician office visits, increased access to physicians, e-mailed “newsletters” or condition-specific information, physicians accompanying patients on visits to specialists, and house calls. In order to provide more attentive care and amenities to patients, physicians often decrease their patient load to approximately 10-25% of their managed care load. Thus, most of their patients must find other physicians, leading to potential increases in the patient load of managed care physicians.
Elitist Patients
Although concierge medicine may provide many benefits for patients (including more, and in some cases, nearly unlimited access to their physicians), it has been met with some scrutiny. Some say that this type of medicine is elitist, that it is available only to wealthy patients who can pay the annual fees. Medicare beneficiaries who are members of a concierge practice have received political attention, because many politicians have said that the annual fees patients pay is a lot more than the Medicare rate and thus is illegal billing.
Critics
Critics also emphasize that healthcare needs to be first-rate for everyone, something that the current managed care system prevents. The implication that managed care means second-class medicine has also been a fear cited by critics.
Assessment
However, concierge physicians portray their clients as mostly middle-income people who are willing to pay more for this kind of care. Concierge medicine is not a substitute for health insurance. Patients typically keep their traditional insurance to pay for any tests or scans ordered by the physician.
Conclusion
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Filed under: Career Development, Glossary Terms, Health Insurance, Managed Care, Quality Initiatives, Research & Development | Tagged: boutique medicine, concierge medicine, david marcinko, hope hetico, retainer medicine, robert james cimasi, www.healthcarefinancials.com, www.HealthDictionaySeries.com | 7 Comments »
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