A new trend that we are seeing among physicians across the country, especially internists, is a phenomenon called a “Concierge Doctor.” Fed up with low insurance reimbursements and the need to see a patient every few minutes, Concierge Doctors charge a yearly fee, typically $1500 – $1800 just for the privilege of being their patient!
This fee does include one very thorough physical each year; something they should have been doing anyway! It also comes with guaranteed access to your doctor by telephone and same/next day appointments. An internist with 600 patients (the maximum number) paying $1500 yearly is grossing $900,000 before they even pick up a stethoscope! Even if half of that goes to the company which administers the plan, it’s not a bad deal for the doc. And to that we say – “Way to go!!”
In dentistry things don’t exactly work that way. But we also don’t have to deal with Medicaid and insurance companies cutting our fees by 50% or more. However, just like our physician friends who decided to go “concierge,” we can have problems with our practices plateauing because we simply have a bottleneck. Many dental practices seem to be operating at or near capacity and the dentist and team are not earing nearly as much as they should.
Then it becomes a simple case of economics, and there are only two solutions: raise your fees or increase your capacity. The problem is, many of us are afraid to do either of these.
“If I raise my fees, I’ll lose some patients!” Well, maybe, but just like the concierge doctor, that’s kind of the idea!
Then there is the other choice – increase your capacity. Typically this involves hiring a new hygienist or associate, adding a few treatment rooms, performing more sophisticated procedures, or a combination of those.
“But if I do that, my overhead will go up!!”
Well, maybe temporarily. But if you really are even close to capacity, you’ll be amazed how quickly those hygiene or associate appointments will fill up. And even if they are only seeing a few patients a day while waiting for it to happen, you will be at least meeting your new overhead while growing the practice.
If your practice is not growing but you feel like you are busy and working hard, you are probably at capacity. And while you may not be able to become a “concierge doctor,” you CAN increase your fees, start doing some more lucrative procedures, increase your capacity, or all of the above! Now is the time to get started!!
If you would like more ideas about practice growth, be sure to become a member of Madow Powerhouse Coaching to share ideas with great practices all across the country! We’ll even give you a ton of free resources to get you going! Simply click here or call 1-888-88-MADOW!