As membership-based medicine arrangements continue to forge forward into the mainstream, it is high time we get to know the demographics of concierge medicine patients.
What kind of patients lean towards concierge medicine services? Which patients get the most value out of these personalized healthcare benefits? Who is driving the demand for these high-end medical care services?
In this blog post, let us do a deep dive into the demographics of concierge medicine patients, exploring current data and trends in the retainer medicine space.
Typically concerned with long-term health management and disease prevention, the demographics of concierge medicine patients transcend beyond the wealthy.
Retainer medicine models are gaining more and more traction because of the convenience, proactive care, and personalized attention it offers, making it especially attractive to patients who wish to improve or maintain their quality of life.
At present, these are the markets in the U.S. that concierge medicine serves:
While concierge medicine models accommodate far beyond the rich and famous, a significant portion of concierge medicine patients fall under the high-income bracket.
It only makes sense that those with more dollars to spare prioritize a more premium level of healthcare: one that offers personalized medical attention, higher-level access.
Concierge medicine is attractive among older patients, especially those who are managing chronic conditions. Chronic care patients reap the most benefits out of retainer models because they require more comprehensive, demanding care.
Because concierge medicine offers multi-layered preventive care, it is a popular choice among senior patients.
From disease intervention, early detection, to slow or stop disease progression, concierge medicine is focused on upholding the patient’s quality of life and making disease management a less negative experience.
24/7, direct physician access, same-day and next-day appointments, as well as proactive measures to health: it only makes sense that patients who are fed up with traditional healthcare are drawn to concierge medicine.
Because it is a stark contrast to traditional, insurance-based care, concierge medicine is a breath of fresh air for patients in terms of finally receiving the level of care and attention they deserve.
Younger generations are beginning to see the value of concierge medicine, especially those who are interested in receiving top-quality care and preserving long-term wellness.
Many concierge medicine practices are starting to tap college campuses to provide better access to personalized care.
In doing so, more and more American patients grow up with better quality care and improved health as they age.
Michael Tatlanta, editor-in-chief of Concierge Medicine Today, could not have put the current state of American healthcare more simply and matter-of-factly.
“Patient burnout is a cancer growing in our healthcare culture that few have the courage or want to treat with hospitality and customer service.”
A growing disgust and disappointment in the insurance-based system drives the steady rise of boutique medicine patients in American healthcare.
In traditional healthcare, it is not uncommon for patients to dread seeing their doctor or not even know their healthcare providers’ names. They are just another number on the waiting list, and the thing is, healthcare was never designed to be this way.
Healthcare is meant to be personalized, proactive, and intuitive - always putting the patient above all else. This is what membership medicine stands for, and it comes as no surprise that more and more patients are realizing the benefits of concierge medicine.
That being said, the key drivers of the demographics of concierge medicine patients revolve around three major factors:
Outrageous healthcare costs, unreliable access, overworked and underpaid physicians – it has become very apparent that the traditional, insurance-based system does not have the patient’s best interest at heart.
This has dismantled the fundamental trust between doctor and patient, creating an even larger demand for healthcare that is preventive, thoughtful, and fully devoted to patient care.
ProPartners Healthcare founder and medical director Troy Burns, M.D., shares the evolution of the demographics of concierge medicine patients in the US, from his personal point of view.
“When I transitioned to entirely membership-based direct primary care in 2013, there were only 50 practices. 10 years later, there are over 1,500 across 48 states, and it’s more affordable, allowing people more choices.”
One of the most important benefits of concierge medicine is the power of choice. Patients no longer have to feel like they are stuck with traditional healthcare.
With retainer-based arrangements such as concierge medicine and direct primary care (DPC) becoming more and more accessible within the last decade, patients gain access to better quality care and 24/7, reliable access to their physician.
Coming from traditional, insurance-based healthcare where patients are constantly taken for granted, a significant driver in the demographics of concierge medicine patients is the demand for tailor-fit healthcare solutions.
Boutique medicine patients are partial to healthcare experiences that specifically cater to their unique medical requirements.
May it be concierge medicine for seniors or concierge medicine for families, direct pay models recognize that every patient’s needs are different. In fact, the failure of the traditional system proves that one-size-fits-all treatments never work.
In concierge medicine, physicians attend to a smaller patient panel, therefore allowing them the privilege to focus on the nitty-gritty of each patient’s medical needs.
Platforms like FindMyDirectDoctor.com are becoming a highly preferred option among patients because of its convenience, personalized healthcare benefits, and value-for-money concierge medicine costs.
At present, FindMyDirectDoctor.com is the largest directory listing platform for all DPC and concierge medicine providers in the U.S. It plays host to over 2,200 DPC-only providers, as well as ~13,000 concierge providers.
The growth of directory listing platforms is very telling about the demographics of concierge medicine patients. It shows that patients who are drawn to direct pay models prioritize medical flexibility, attention to individualized care, and long-term wellness.
As of 2020, there are approximately 1,000 [direct pay] practices across 48 states, serving approximately 300,000 U.S. patients. These numbers are expected to grow up to 9.4% until 2032.
The country’s aging population, which often comes with chronic diseases plus more complex, more frequent medical demands, is further propelling the demographics of concierge medicine patients forward.
Concierge medicine for seniors, an age bracket we will all sooner or later become part of, reap the most out of these personalized healthcare benefits.
Direct pay practices give senior patients peace of mind regarding the quality, continuity, and accuracy of care they are receiving.
For instance, unlimited appointments, in-house labs and testing, and prescription at wholesale cost are just some of the benefits that make concierge medicine costs truly worthwhile.
In traditional healthcare, these medical expenses typically balloon as an American ages but that is not the case in concierge medicine.
Thanks to concierge medicine’s retainer arrangement and tier pricing, boutique medicine patients enjoy these high-end medical care services at a fraction of the cost.
To give further insight on what kind of patients are drawn to concierge medicine services, here is an overview on the demographics of concierge medicine patients.
Age: Typically, concierge medicine patients are middle-aged to older adults, with a median age of 50-80 years old. This age group places high value on personalized healthcare benefits and is more likely to have the financial means to pay for it.
Income: Boutique medicine patients tend to have higher incomes, often above $100,000 per year. They are willing to pay a premium for the convenience, personalized attention, and high-quality care that concierge medicine services provide.
While this is the norm in the demographics of concierge medicine patients, concierge medicine practices stay true to its promise of keeping healthcare accessible.
There are many concierge medicine practices on the more affordable end of the spectrum as well. These days, patients can subscribe to a boutique medicine membership for as low as $30 a month.
Health Status: Patients with chronic conditions, such as diabetes, hypertension, or heart disease, are more likely to use concierge medicine as they require ongoing, coordinated care.
Values and Priorities: Individuals who value convenience, personalized attention, and preventive care are more likely to choose concierge medicine. They prioritize their health and are willing to invest in long-term wellness.
Geographic Location: Concierge medicine is more prevalent in urban and suburban areas, but what is great about concierge medicine is that it is able to penetrate rural communities as well.
Read more about: What is Concierge Medicine?
