U.S. Concierge Medicine Market Competitive Landscape, Global Trends And Opportunities 2030

Posted on 2023-01-02 by researchinsights in Industrial // 0 Comments

U.S. Concierge Medicine Industry Overview

The U.S. concierge medicine market size was valued at USD 5.5 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 10.27% from 2022 to 2030.

Concierge medical practice refers to a private form of practice where the patients are charged an out-of-pocket retainer fee for accessing the doctor’s services. This includes services, such as office visits, round-the-clock access to physicians, lab tests, house calls, care while traveling, referrals to specialists, preventive care, regular health assessment, and others. In these practices, the doctors generally bypass the insurance companies to provide personalized healthcare services and charge a flat fee (membership and consulting) on a monthly or annual basis. These practices are turning out to be a relief to several doctors as against traditional care policies, majorly governed by the insurance providers and the government regulations.

Gather more insights about the market drivers, restrains and growth of the U.S. Concierge Medicine Market

The patient membership care model is gradually becoming popular in the U.S. Easy access to healthcare services is appealing to the patients and hence they are readily adopting retainer medicine. According to the 2017 Survey of Physician Appointment Wait Times conducted by Merritt Hawkins, it required an average of 24 days for a new patient to schedule an appointment with a physician in the 15 largest U.S. cities, a 30% increase since 2014. This is not the case in concierge care. As the physicians in retainer medicine limit the number of patients, they spend more time in each encounter to know the patient completely. As per Concierge Medicine Today (CMT), LLC, concierge physicians spend an average of 45-90 minutes with each patient. This helps in developing a strong patient-physician relationship where the patients completely trust their care provider.

Thus, membership-based medicine is a doorstep to individualized care. Concierge care is not only beneficial for the patients but the providers as well. Owing to this, many physicians are switching to the retainer model. According to the Physicians Foundation 2016 Survey of Americas Physicians, in 2016, 8.8% of the physicians were planning to switch to cash or concierge practice. As per the CMT, LLC, in 2017-2018, 39% of the concierge physicians had an annual salary in the range of USD 250,000 – 499,000 and 18% between USD 200,000 – 250,000. This coupled with high career satisfaction, less workload, and reduced work stress are key factors owing to which many doctors are considering retainer medicine. Due to burnout and heavy workload, many physicians are planning to take early retirement.

These practices are helping in reducing physician burnout, thereby preventing early retirement. During the COVID-19 pandemic, population demand for healthcare services increased drastically. People were required to wait for long hours in queue for COVID-19 testing or other consultations. As doctor appointments and elective procedures were getting canceled, patients were looking for easy access to trusted care. This boosted the demand for retainer medicine. According to Kona Medical Consulting, a firm providing services for the expansion of medical facilities, concierge doctors reported an increase of 21% in new patient volumes in the U.S. in 2020. On the other hand, a significant portion of physician offices and clinics were incurring losses owing to government restrictions.

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