*VALUING YOUR MEDICAL PRACTICE For Sale* | Poll: Selling Your Practice and Retiring — Where/To what type of entity are you planning to sell or getting offers from?
FOR IMMEDIATE RELEASE
ATLANTA, GA | MARCH 1, 2017 – Today, The Direct Primary Care Journal (The DPC Journal), the independent national trade publication which highlights daily the news and happenings occurring within the growing, but niche sector of Private, Direct-Pay and Cash Only clinics, released their 2016-2017 List of Trends.
“There are thousands of physicians in career crisis who are investigating new ways to practice medicine and in essence, love going to work again,” said Editor-in-Chief, Michael Tetreault. “We want to make it easier for doctors to make the leap from good to great by highlighting trends and happenings in these new delivery methods of healthcare. By showing our readers [and the country] that free market healthcare delivery models, such as Direct Primary Care, Ideal Medical Practice environments and Concierge Medicine practice models can work, we are re-connecting physicians with their passion and their work. With our “List of Trends” from this past year, we want to help them enter into these new business models with eyes wide open, having learned from the past and excited about their future in medicine.”
Throughout 2016, The DPC Journal examined, interviewed, polled and surveyed thousands of prospective patients, hundreds of DPC Doctors and took an independent, unbiased look inside some [not all] private, subscription-based medical practice environments which have decided to no longer participate in insurance and charge a monthly membership fee for primary care services. The List of Trends highlights what trends have been successful for physicians and not so successful for them in 2016.
List What Worked In 2016 And Didn’t
- HOME VISITS,
DPC JOURNAL PHYSICIAN POLL, 2016: In Your DPC Practice, Do You Include Home Visits As Part of Your Monthly Fee To “DPC” Patients?
- 46% Reported Yes.
- 37% No.
- DPC Billing Trends in 2016: How do your patients prefer to be billed?
- 82% Reported Monthly;
- 4% Reported FFS and
- 14% indicated ‘Other.’
- STARTUP and CLOSURES, DPC JOURNAL PHYSICIAN POLL, 2016: Why My DPC Practice Failed?
- 28% Cited Lack of Interested Patients.
- 14% Cited Bad Judgement (Business Decisions) on My Part.
- 13% Cited Demographic(s) In My Area Couldn’t Support It.
- 12% Cited Lack of Business Acumen.
- 2% Cited Poor Accounting Software.
- Note: All indicated that they had tried it for a period of 12-months.
- WAIT-TIME AVERAGES INSIDE DPC OFFICES, DPC JOURNAL PHYSICIAN POLL, 2016: What is the average wait time at your DPC Practice?
- 30% Reported A Wait Time of More Than 30-minutes per patient;
- 49% Reported A Wait Time of Less Than 5-minutes per patient; and
- 21% Reported A Patient Wait Time Between 5-10 minutes per patient.
- PATIENT MEMBERSHIP ACQUISITION TRENDS in 2016, DPC JOURNAL PHYSICIAN POLL, 2016: How Long Does It Take You To Recruit A “New” Patient?
- 52% Reported 1-4+ Months.
- On-Site Rx, DPC Journal Physician Poll, 2016: Do you have on-site Pharmacy Capability in your office?
- 32% Reported Yes;
- 63% Reported No.
- STUDENT LOAN DEBT CARRIED into DPC, DPC JOURNAL PHYSICIAN POLL, 2016 – RE: DPC Student Loan Debt, 2016: “If You Are A DPC Doctor, How Much Student Loan Debt Do You Still Have?”
- 59% Reported Less Than $50,000 in Student Loan Debt;
- Conversely, 41% Reported More than $50k to over $200k in Student Loan Debt Left.
- TYPES of COMMON CALLS RECEIVED, DPC PHYSICIAN POLL, 2016: What Are The Most Common Types of Calls You Receive Each Day From Your Subscribing Patients?
- 57% Reported Prescription Renewals Followed Closely Behind at 33% for Cold/Flu Symptoms.
- HOURS KEPT/WORKED BY A DPC PHYSICIAN, DPC JOURNAL PHYSICIAN POLL, 2016: What time does a DPC Doctor get up in the morning and how many hours do you work per day?
- 40% Reported They Wake Up at 6am.
- In the same survey, 60% Reported “I work between 8-10 hrs. per day.”
- DPC PHYSICIAN/Staff Poll, 2016: How Does Your Office Use A Secure Online Patient Portal?
- 29% Reported Using Messaging Features;
- 27% Reported Scheduling Appointment Feature Usage and
- 14% To Meet Meaningful Use.
- TECHNOLOGY, PATIENT PORTALS and DPC. DPC JOURNAL PHYSICIAN POLL, 2016: Do You Share ALL Medical Information With Your Patients Through The Patient Portals?
- 80% Reported No,
- 20% Reported Yes.
- DPC JOURNAL PHYSICIAN POLL, FEE STRUCTURE and PRICING TRENDS in 2016: Did you increase your monthly membership fee in 2016?
- 67% Reported “Stayed the same as 2015 calendar year.”
- 12% Reported “No. Can’t afford to. My patients would leave.”
- BUSINESS SUSTAINABILITY TRENDS, DPC JOURNAL PHYSICIAN POLL, 2016: Are you moonlighting and starting a DPC Practice? If yes, doing what?
- 65% Reported Working At A Local Urgent Care Clinic.
- 82% Reported “No, My DPC Practice Doesn’t Support Me, Yet.”
And finally, approximately twelve months ago (Jan. 2015) we asked this question to our DPC Journal physician readers, “Do you plan to partner with your local employers, self-insured business owners, etc. in the next 12-months? If yes, do you have a strategy?”
- Twelve (12%) percent said “No.”
- 46% Reported “Yes. But, I don’t have a strategy, yet.”
- Last, 41% Reported “Yes. And, I do have a strategy.”
- Those strategies cited included: Networking groups; chamber events; social events; partnering with employee benefits management company; Network with local banks and insurance brokers, similar to a strategy Financial Planners use to incorporate Concierge Medicine programs into their portfolio of options, etc. This last question begs the follow-up question, where is the data that can now be shown one year later to support further employer-DPC partnerships? Where are they? How did they work? What was the enrolled population utilization? Etc.
To date, and it is still early, Nextera Healthcare shared their success in a press release (November 2016) where they reported “Double-digit reduction in costs leads to company-wide DPC implementation for 2017”
About The Direct Primary Care Journal
The Direct Primary Care Journal (The DPC Journal) is the independent trade journal and online news reporting publication observing, reporting and connecting with experts from all facets of the Direct Primary Care (DPC) industry. The DPC Journal was created in order to fill an information void found when reporting, interviewing and researching DPC, direct-pay medicine and cash-only practices across the U.S. The DPC Journal and sister publications, Concierge Medicine Today and The Concierge Medicine Research Collective serve as a central repository of DPC news, information or educational resources for physicians, patients, curious consumers and others. The DPC Journal works with industry focused journalists, investment experts, physicians, legislators and numerous dedicated writers to report on various topics related to DPC and direct-pay healthcare industry. The DPC Journal features many physician articles and stories from across the U.S.
To learn more, visit www.DirectPrimaryCare.com or Call The DPC Journal at 770-455-1650