In the face ever-shrinking insurance reimbursements, physicians are attempting unusual business strategies in order to maximize their profit by attempting. In a strategy designed to cut patient wait times, Joseph Zebley, M.D. is trying an interesting approach: He plans to charge patients a $1,500 annual fee, transforming his 3,500-patient practice into a small boutique practice with only 600 patients. In return, his patients will enjoy short wait times and same-day care. Zebley will also be able to see patients for a longer time since he will be treating only 8 people a day.
Michael Randolph, and internist at Baltimore's Union Memorial Hospital, is using a different tactic. He's increasing his patient flow by utilizing a real-time check in system that allows staff to efficiently move patient out of the waiting room and into the exam rooms. Randolph also uses an electronic system to quickly access medical records and write prescriptions. As a result, he sees as many as 25 patients a day, and none of them wait more than 15 minutes to be seen by the doctor.
This kind of boutique medical practice is in its early stages now, but it seems likely to expand dramatically--and not just among rich patients, but even time-strapped two-job families who can't afford to spend all day at, say, the pediatrician's office. What's surprising is that this alternative didn't begin to blossom right away with the growth of HMOs, in fact.
- read this Baltimore Business Journal article for more