Kareo’s Private Practice Model Perspectives Study shows around a quarter of physicians are using an innovative practice or payment model today.
The company partnered with the American Association of Private Physicians for the study. Here are six key trends from the study:
1. While 24 percent of independent physicians are using some sort of innovative practice or payment model, another 46 percent are considering a similar strategy over the next three years.
2. The physicians report primary motivations for changing their practice model are:
• Spending more time with patients: 64 percent
• Reduce reliance on insurance companies: 46 percent
• Improve their work/life balance: 42 percent
• Need to earn more income: 26 percent
3. Among the physicians who changed to a concierge practice model, 72 percent report spending 30 minutes to 60 minutes with each patient per visit; 89 percent of practice are without subscription models said they spend 30 minutes or less per patient per visit.
4. Subscription costs for 69 percent of the concierge practice model physicians was $2,000 or less per year; in 87 percent the cost was $3,000 or less per year.
5. Quarterly or monthly payment options were offered among most physicians surveyed.
6. The average private practice physician reported a 42-hour work week, compared with the conventional provider who reported working 47 hours per week on average.
“By offering a range of services and flexible payment methods, physicians are increasing the quality of care, improving patient satisfaction and maintaining an affordable cost structure,” said Kareo founder and CEO Dan Rodrigues.