Just about everyone wants a long and healthy life. For the most part, the super-rich (net worth = US $500 million or more) are very focused on longevity. They want to stay heathly and active for a very long time. This often means having the finest medical care for themselves and their loved ones at all times.
According to Dan Carlin, CEO and founder of WorldClinic, “The Covid-19 pandemic has brought into ever sharper focus the myriad problems inherent in the health-care system. The pandemic has changed how everyone will think about health care. The crisis has also energized a large percentage of the super-rich and a great many others who are less affluent to better protect their most valuable ‘assets’—their health and the health of the people they care most about.”
At the same time, many in the medical community as well as a cadre of financiers have recognized the need to provide customized, patient-centered alternatives to aspects of the current health-care systems—particularly primary care. This translates into a wide array of different types of health-care solutions under the rubric of concierge medical practices.
There are quite a number of boutique concierge medical practices with different business and service models. Some are physicians providing diagnostic and treatment while some other ones are acting as advocates helping patients navigate the health-care system. Today, the nature of concierge medical practices varies extensively. For instance, an increasing number of them are providing medical tourism solutions because of their appeal to some of the super-rich.
Not only are there boutique concierge medical practices. There are also networks of physicians who are well financed and adopting this business model. More and more hospitals are setting up concierge medical practices to capitalize on this burgeoning trend. Newer, technologically based companies are transforming the industry. All in all, the options for families and individuals are dramatically expanding making the choice of which concierge medical practice more complicated.
For a fast-growing percentage of the super-rich, they are relying on their single-family offices for sourcing and evaluating prospective concierge medical practices. According to Angelo Robles, founder and CEO of the Family Office Association and author of Effective Family Office, “Concierge medicine was always in high demand by wealthy families. It’s just that demand has intensified for leading concierge medical practices. Even after the crisis abates, the demand for leading concierge medical practices is likely to continue to rise.”
While Covid-19 has become something of a catalyst for the super-rich in greater numbers to embrace concierge medicine, the pandemic has motivated a great many wealthy families and individuals who are far from super-rich to become patients of concierge medical practices. “The ability to get very quick access to physicians who have a solid understanding of their medical history is extremely appealing,” says Jeffrey Friedman, MD, Director of Medicine at Community Health Associates and a member of MDVIP. “This way these patients are able to get the best healthcare possible in both acute and long-term situations.”
Even after the Covid-19 Crisis and life has gotten back where everyone is comfortable in each other’s company, certain powerful trends will persist. The move to concierge medicine will not only persist but very likely grow. Concurrently, more versions of concierge medical practices will appear. For the super-rich and everyone else wanting this form of primary care, there will also be the growing need to critically evaluate the alternatives to determine just which concierge medical practice is right for any family or individual.
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