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Concierge medicine’s attractions to hospitals

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This piece looks at why concierge services are an attractive option for hospitals, at least according to Russ Alan Prince, the president of consulting firm R.A. Prince & Associates.
He says that the retainer-based element of concierge medicine has made it an increasingly attractive option. 

Mr. Prince believes that hospitals will increasingly turn to the cash-based business model because it can “mitigate the financial pressures felt by a solid percentage of physicians and medical institutions.”

He gives three attractions, as summarized here by Becker’s Hospital Review:

1. “A concierge business model could yield hospitals parallel economic benefits to those realized by physician practices. It can enable them to maintain a positive financial position, or allow them ‘to run faster in order to stay in place,’ Mr. Prince wrote.”

2. “Central to the concept of concierge medicine are the combined benefits of ultra-convenience and superior medical care. Hospitals’ ability to offer state-of-the-art medical assessments and therapies, as well as their increasing adoption of telemedicine will ‘significantly expand [their] potential to attract wealthy patients,”‘  he said.

3. “‘Presently, concierge healthcare is one of the relatively few financially vibrant areas in the practice of medicine.’ Many hospitals will be driven by necessity to incorporate concierge medical services to bolster their finances and cultivate a population of wealthy and loyal patients.”

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