This article appeared in Wealth magazine, a publication for Northern Trust clients. Below is an excerpt of the article.
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Concierge Medicine: Custom-Made Health Care
Concierge medicine takes health care to the next level, giving your doctor the time and tools to focus on treatments tailor-made just for you.
If the time you spend with your doctor seems to go by far too quickly, you’re not alone. In fact, it’s likely that your doctor feels the same way.
According to Kaiser Research, the typical patient spends an average of just 10 minutes with his or her doctor. So it’s no wonder patients are left feeling slighted and doctors feel unable to provide the best care. With proposed Medicare cuts and increasing demands on the current health care system looming, some physicians have chosen to eschew the standard practice model in favor of concierge medicine, a more patient-focused, customized approach to health care.
With concierge medicine – also known as retainer-based or personalized medicine – patients pay an annual fee ranging anywhere from $1,500 up to $30,000, depending on factors such as health history, circumstances and the required level of care. In exchange, physicians limit the number of patients they see, offering greater access, longer appointments and more personalized care.
“Doctors want to make a difference in patients’ lives and deliver high-quality care. They want to focus less on moving people through the system,” says Matt Jacobson, CEO and founder of SignatureMD, a consumer health care services company in Santa Monica, California. “Concierge medicine allows them to deliver the best possible care to patients.”