Opportunity or threat to private practice?

Bill Maloney from Mercer Healthcare Consulting posed this question to the audience at PREFERRED’s annual conference in Scottsdale this past May. His response, along with the audience’s agreement was, “BOTH.”

In a nutshell, CDHC shifts the cost of healthcare; therefore giving more of the purchasing decisions to the consumer through high-deductible plans, typically accompanied by a Health Savings Account (HSA), or Health Reimbursement Arrangement (HRA), from which the individual pays medical expenses directly. The theory behind CDHC is that people will make smarter healthcare choices if it's their own money at stake, and they would have an economic incentive to take measures to PREVENT catastrophic illnesses, reducing the overall cost of healthcare throughout that individual's lifetime.

This is a trend to watch. Although still in its infancy, CDHC plans are estimated to represent close to seven percent of the market, or 12 million enrollees by the end of 2007. Patients will scrutinize not only the cost but also the quality and necessity of healthcare services. There is a potential opportunity to expand your referral base if you're proactive. CDHC incentivizes healthier lifestyles. If it makes sense to your business model, consider diversifying and incorporating wellness and prevention related programs into your practice.

Make sure you do your homework, think outside the box, and stay ahead of the game. Enhance your visibility - a web site is a must! Before someone decides to spend their healthcare dollars on your services, they want to know what you do, how well you do it, and what it will cost them...and the Internet is the resource of choice for consumer self-educating. Market directly to consumers and educate them on the benefits of your services.

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