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Tactics to help you stand out in the crowded Concierge Medicine field

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According to a Grand View Research report, the number of concierge medicine programs across the US has grown significantly in the past two decades, and that trend is expected to grow. What this means is that your program will face stiffer competition in the years ahead. Take steps to stand out from the competition, increase your profitability, and make your concierge program more valuable to a buyer by considering these tactics.

Size Up the Competition. Conduct a new market assessment. An assessment can reveal whether the demographics in your area have changed, what patient populations your competitors serve, what services they offer, and the number of programs the area can support.

Increase Member Retention/Recruitment Efforts. Retaining members and attracting new ones requires frequent communication with members to ensure they understand the value of their membership. This ongoing effort is vital to your program’s success but takes time and effort.

Promote Your Program. If you’re like most physicians, marketing your program is one of your biggest challenges. This might be because you lack the time, expertise, and money to devote to it. However, creating and executing a thorough marketing strategy is key to standing out.

Go Beyond the Norm. Offering the extras your members want and can’t get elsewhere will help your program stand out. Those extras could include wellness programs, personalized health coaching, or technologies that make it easy for members to reach you.

Adjust Your Price Point. The price point that worked for you five years ago, or even a year ago, might not work today. Determine whether your price point is on target by conducting financial, operational, and marketing analyses.

Connect to a Reliable Network. Concierge physicians rely on relationships with other physicians to ensure their members receive the same quality of treatment and attention. Fill your network with experienced, reputable doctors who operate in the US and elsewhere.

Legacy Preservation. Being part of a reliable network and platform allows for advanced retirement and wealth transfer planning. Advanced planning is the key to transitioning to your new frontier with confidence that your legacy is secure, your loved ones are financially secure, and your members will continue to receive quality care. Also key is developing a plan that encompasses all aspects of wealth preservation and transfer, program succession, and legacy-building that will help you capitalize on your program equity.

Next-level Success Isn’t A DIY Project

The value in partnering with an experienced, knowledgeable, and well-established expert is obvious. If you’re ready to rise to your next level of success, choose a partner who specializes in working with physicians who have converted to the concierge model. Choose one who provides the support services that will help your program thrive — in addition to marketing, analysis, and member amenities, services include legal, accounting, and financial guidance; membership fee collection and administrative task take-over; and ongoing support from health professionals dedicated to helping your members achieve their health goals. For best success, choose one partner who can provide everything you need in one smooth, cohesive effort.

Invest in Yourself

If you’re ready to get serious about securing your legacy, leverage the skills of Castle Connolly Private Health Partners. We’ll put our experience, knowledge, and proven tactics to work to give you every chance for greater success, now and in the future. Call (631) 250-4450, email goconcierge@ccphp.net, or visit https://info.ccphp.net/medical-economics.

Works Cited: U.S. Concierge Medicine Market Size, Share & Trends Analysis Report By Specialty (Primary Care, Pediatrics, Osteopathy, Internal Medicine, Cardiology, Psychiatry), By Ownership (Standalone, Group), And Segment Forecasts, 2024 - 2030

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John Showalter, MD