Independent Physicians Achieve Patient Care, Income Goals With Innovative Practice Models, Kareo Study Shows
September 08, 2016 09:02 ET
Physicians in Practices Using Innovative Care and Payment Models Spend More Time With Patients and Increase Their Potential to Achieve Practice Income Goals; Services Cost Less Than Most Patients Expect
IRVINE, CA--(Marketwired - Sep 8, 2016) - According to a recent Private Practice Model Perspectives Study by Kareo, the leading provider of clinical and business management software to independent practices, approximately 24% of independent physicians are using some form of innovative practice or payment model. The study, completed in partnership with the American Association of Private Physicians, also found an additional 46% are considering a similar strategy within the next three years. The primary motivations for those who've changed their payment model are:
- 64% want to spend more time with patients
- 46% would like to reduce reliance on insurance companies 42% seek to improve their work/life balance
- 26% believe they need to earn more income
The innovation and experimentation with new practice and payment models appears to be working for both doctors and patients. This includes providing concierge, direct pay or subscription plans to offer patients more choices in how they receive care and how they pay for it.
- 72% of survey respondents who have concierge or membership models spend 30-60 minutes per patient visit as compared to 30 minutes or less for 89% of practices without subscription models
- At the same time, the subscription costs of 69% of respondents were $2,000 or less per year and 87% were $3,000 or less per year
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