It’s been a rough couple of years for patients and doctors, with industry group The Physicians Association finding that the U.S. has lost an estimated 16,000 medical practices since 2020.
Into that gap step concierge doctor services that are reinventing care delivery, some with a white-glove approach that injects more hospitality into hospital-type services.
In the latest sign of strong vitals for this concept, members-only medical service Sollis Health announced on Monday (Jan. 24) it just closed a $30 million Series A funding round with plans to expand its network of upscale private urgent care clinics and at-home physician services.
In a press release, Co-founder Andrew Olanow said, “At Sollis Health, our vision is to provide Americans with unique hospitality-infused healthcare so that they can receive expert medical care, while being treated with dignity, respect and empathy.”
Sollis currently operates private 24/7 urgent care clinics offering “emergency medical concierge service” at its locations in Los Angeles, New York and the Hamptons, Miami/Palm Beach, with a San Francisco site opening soon. It also offers a selection of medical services via house call.
Per the release, “Each member has access to a dedicated member concierge and patient advocacy team to help them navigate the complex medical system, including expedited access to leading hospitals. Since 2019, Sollis has seen a revenue CAGR of 150% and has a long-run average of 90% adjusted renewal rate for members. The company currently serves more than 8,000 patients nationwide, with plans to serve more than 12,000 within the next year.”
The pandemic is driving increased interest in concierge medical memberships.
As concierge practice Specialdocs CEO Terry Bauer recently told Medical Economics, “Older patients with multiple chronic conditions were especially appreciative of the personalized attention they received from their concierge physician in a year filled with uncertainty.”
He added that “they were increasingly joined by Millennials and Gen Xers drawn to personalized care, health and wellness in addition to the technology-driven convenience of telemedicine, online appointments, and the ability to text and call a physician on their personal cell phone.”
Payments and pricing transparency is one of the key challenges to wider expansion and uptake of concierge healthcare delivery models. Some providers are making that a 2022 focus.
Doctor On Demand CEO Hill Ferguson told Karen Webster, “We have a very robust mental health practice and a very robust primary care practice, and now with our merger with Grand Rounds, we have a concierge that can get you an expert medical opinion. It can provide you with healthcare navigation across the whole spectrum of your questions around health care, whether it’s how much a patient’s deductible is to what’s the best place to get a hip surgery and how much it will cost.”
Out-of-pocket costs and insurance reimbursement for on-demand concierge medical services vary, and memberships to access this level of care tend to be steep.
In a blog post, medical concierge PartnerMD said concierge membership rates range “from $1,200 to as high as $10,000 per year,” pegging the average membership cost “between $1,500-$2,500 per year.” A PartnerMD membership runs for $150-$185, the company said.
See also: Why It Took A Pandemic To Bring Healthcare Into The Connected Economy
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