How an innovative concierge model is saving private practice
Date of Release: Sept. 18, 2020
NEW YORK, /PRNewswire/ — Castle Connolly Private Health Partners (CCPHP) and Medical Economics teamed up to offer a possible lifeline to private practice physicians around the country. The two organizations hosted a webinar for over 300 physicians across the nation on Wednesday, August 26th which featured two top concierge physicians sharing their experiences navigating private practice in this day and age.
Dr. Kim Parks of Synergy Private Health, in Massachusetts and Dr. Paul Knoepflmacher of New York City, both CCPHP Partners, shared their stories in a candid discussion with Dr. Dean McElwain, President, COO and Co-Founder of Castle Connolly Private Health Partners. They discussed the challenges facing private practices even before the “COVID Era,” their thought processes in deciding to convert their practices to a concierge model, the conversion process as well as navigating the pandemic as a concierge physician.
The discussion was a true glimpse into the process of transitioning a practice and how it can be a great solution to the issues facing private practices. Many are struggling, MGMA reports that 97% of private practices have been affected financially by the pandemic. Even before March of 2020, many practices were dealing with decreasing reimbursements, increased administrative duties, physician burnout, and a revolving door of patients with increasingly complex needs that can’t be addressed in a 7-minute visit.
So many doctors are considering selling their practice to a large hospital system, however, that can come with another set of challenges such as being held to a certain number of RPU’s and less autonomy when it comes to running the practice on the day to day. Other physicians are contemplating early retirement leaving their patients to scramble and find another physician amidst a pandemic. Dr. Parks and Dr. Knoepflmacher explained exactly how transitioning to a membership model saved their private practices. To watch the full webinar and learn more, follow this link: Webinar
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SOURCE Castle Connolly Private Health Partners, LLC