Hey there. So I've been thinking about this concierge medicine - cardiology idea and I think I like the idea. I've been doing some research and putting together my tentative plan. Still, I will need to do extensive market research and write up a business plan. I believe my two biggest hurdles will be to set the correct annual fee and figure out how I will get my first 40 or 50 patients.
You see, I need a price that will cover my expenses and make me a decent salary, but not one that will scare everyone off. The patients will need to know that they are getting their money's worth. So what is it worth, really? Why would somebody give me their money for something their insurance already covers? Well - I will have to give them service far above and beyond what their insurance company - and their current cardiologist could ever cover. This is pretty big because I will have to get people to first, switch doctors and then pay extra money for me. People get pretty comfortable and attached to their doctors, so this alone will be no easy task - and then getting them to give me extra money out of their pocket on top of that. Not easy. So I realize I will have to provide something that is pretty special.
Once I am able to get my first 40 or 50 patients, then I believe word-of-mouth will go into effect and it to the growth of the practice. I'm going to need to figure out exactly what my start up costs will be and my monthly nut will be so that will give me a better idea of what I need to start and when I will become profitable.
So what will I provide that is so special? Well, I have tons of ideas - some practical, some way outside the box, some may not be possible. I'd love to hear what you think. Obviously, these patients would be getting ultra-VIP care and attention. They can be seen within 24 hours of calling me - no matter what the complaint or concern. They will have access to my cell phone and e-mail so that I am reachable at all times 24/7. I will not bill through their insurance - no pre-authorization, no referrals, or anything like that. I was actually thinking it would work against me to have an office. If I have an office, these people will need to get to my office and it could be very inconvenient. Instead, I go to them - work, house, whatever, wherever. That would allow me to see patients almost anywhere on Long Island - instead of being limited to one area. Obviously, this would also greatly reduce my start-up expenses and monthly bills. I also think getting hospital privileges would also work against me for the same reason. If they are admitted, I go visit (as a visitor) and be in close contact with the doctors taking care of them. What else would I provide that's so special? Well, their visits will not be at all rushed. I can certainly be much more thorough than whoever they are seeing now. I can educate and focus on prevention as well. Diet and exercise and smoking cessation and diabetes care and weight loss - all these things that doctors should be spending a lot of time on and just can't. What else? How about a chef to the house to teach you how to cook a very easy, very healthy meal? How about a wine tasting of very heart-healthy wines? How about books and literature and handouts proving continuous education on all relevant information. I will need a portable EKG and echo machine with me at all times in my car. I will need a scale, a pulse ox, fingersticks for INR, glucose and potassium.
All that stuff - but most of all, it's the personal attention that the patients will be paying for and expecting. I really need an honest and realistic evaluation and expectation of the feasibility of this venture - before I start getting a line of credit form a bank and start leasing equipment, etc. What number of patients will I cap at? What will happen if I want to take a family vacation? Basically, at this point, this is me thinking out loud - I'd love to hear your opinion.
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