This publication has been developed to provide a tool to assist in evaluating and developing a retainer medical practice.Concierge, boutique, premier, platinum or retainer medical practices are being carved out of existing solo and group practices to permit time to provide expanded preventive services and practice amenities not available in a traditional practice. At the same time, when successful, physician income rises to several times the previous level.This publication contains the information needed to evaluate the pros and cons of converting to a retainer medical practice, income potential, 'how to' strategies, ethical considerations, options, example letters to patients and colleagues, practice press release examples, references and other resources.Retainer practices for lawyers, consultants, financial planners, high-end travel agents and accountants have a long and successful history. The basis for the retainer fee is varied and relates to the scope of services provided by the firm, the needs of the client, and negotiation of the fee. In most large law and accounting firms, retainer contracts are sought and accepted for some clients, but not all ' the remaining are provided services on an hourly or fee-for-service basis. Capitation in the HMO industry can also be thought of as a variation of a retainer because a contracted payment is provided for all the services in the contract for a patient over a fixed period of time.A retainer medical practice - often alternatively termed a boutique medicine, premier care, VIP care, platinum practices, luxury care or a concierge practice. The core concept that distinguishes these practices from others is that the physician(s) limit the number of patients in their practice while charging each patient an annual upfront fee for personalized care and extensive preventive health care services that include a comprehensive annual physical exam and immediate access to the physician 24/7. Services often part of a retainer practice that are not commonly provided in a traditional practice include home visits, accompaniment to emergency rooms and specialty consultations.Many physicians who move to retainer practices have been considering other alternatives including an early retirement since the personal, professional and financial demands (that are associated with a large patient load in their practice) are no longer satisfying or even no longer bearable.These models may also be appropriate for some practices by clinicians who are not physicians such as chiropractors, psychologists, podiatrists, or nutritionists and others. Some issues applicable to physician practices may not be applicable to other clinical practices. If any such practices currently exist, they are not known to this author.
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Concierge or Retainer Medical Practice ' How to evaluate and start a retainer practice - 2009 Edition
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Concierge or Retainer Medical Practice ' How to evaluate and start a
retainer practice - 2009 Edition
Published on January 2009
Report Summary
This publication has been developed to provide a tool to assist in evaluating and developing a retainer medical practice.
Concierge, boutique, premier, platinum or retainer medical practices are being carved out of existing solo and group practices to
permit time to provide expanded preventive services and practice amenities not available in a traditional practice. At the same time,
when successful, physician income rises to several times the previous level.
This publication contains the information needed to evaluate the pros and cons of converting to a retainer medical practice, income
potential, 'how to' strategies, ethical considerations, options, example letters to patients and colleagues, practice press release
examples, references and other resources.
Retainer practices for lawyers, consultants, financial planners, high-end travel agents and accountants have a long and successful
history. The basis for the retainer fee is varied and relates to the scope of services provided by the firm, the needs of the client, and
negotiation of the fee. In most large law and accounting firms, retainer contracts are sought and accepted for some clients, but not all '
the remaining are provided services on an hourly or fee-for-service basis. Capitation in the HMO industry can also be thought of as a
variation of a retainer because a contracted payment is provided for all the services in the contract for a patient over a fixed period of
time.
A retainer medical practice - often alternatively termed a boutique medicine, premier care, VIP care, platinum practices, luxury care or
a concierge practice. The core concept that distinguishes these practices from others is that the physician(s) limit the number of
patients in their practice while charging each patient an annual upfront fee for personalized care and extensive preventive health care
services that include a comprehensive annual physical exam and immediate access to the physician 24/7. Services often part of a
retainer practice that are not commonly provided in a traditional practice include home visits, accompaniment to emergency rooms
and specialty consultations.
Many physicians who move to retainer practices have been considering other alternatives including an early retirement since the
personal, professional and financial demands (that are associated with a large patient load in their practice) are no longer satisfying or
even no longer bearable.
These models may also be appropriate for some practices by clinicians who are not physicians such as chiropractors, psychologists,
podiatrists, or nutritionists and others. Some issues applicable to physician practices may not be applicable to other clinical practices.
If any such practices currently exist, they are not known to this author.
Table of Content
Preface, Disclaimers, Other important information
Introduction, financial models
Concierge or Retainer Medical Practice ' How to evaluate and start a retainer practice - 2009 Edition Page 1/4
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Fee structure example
Adverse selection
Alternative models
Low overhead model (New 12-07)
HealthAccessRI (New 1-08)
Home and work-site visits (New 1-07)
Home care as another alternative to a concierge practice' (New 1-07, update 2-09)
History
State insurance regulators/regulations (update 3-08)
Ethical guidelines, AMA
Considerations for the challenges related to launching a retainer practice
Processes necessary to establish a retainer practice
Core issues in a retainer agreement or contract (update 3-08)
Reimbursement, Billing insurers, Legal considerations (updated 8-07, 4-08)
Guests, relatives and friends of existing patients
Example letters to patients
Example letter to professional colleagues
Brochures
OIG Alert ' March 2004 letter and MedLearn Matters re: Medicare coverage warnings
Provider alert ' Physician involvement in diagnostic clinics (New 11-05)
Practice web sites (New 3-08)
Other practice strategies (New 2-06)
Press Releases ' an example from an interesting concierge practice (New 9-06)
References and resources
Links to recent concierge medicine publications (updated 7-08, 2-09)
- Legal issues - resources (updated 7-08, 2-09)
Medicare options for providers; example patient letter (New 2-07, update 7-08, 11-08)
Waiver of liability form (New 2-07)
Medicare Waiver form/Advanced beneficiary notice of noncoverage (New 2-07, update 3-08)
Insurance or health plan payment release form (New 2-07)
Confidentiality pledge example (New 3-08)
Notes (update 3-06)
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