MDVIP and similar concierge medicine companies are attracting patients willing to pay for improved access to physicians
Concern about healthcare reforms and lower reimbursement are motivating ever more physicians to consider practicing concierge medicine. This is a practice model where the patient will pay the physician an annual retainer in return for greater access and more personal attention from the physician.
Pathologists and clinical laboratory managers may be surprised to learn that the number of doctors who have moved to the concierge medicine practice model rose fivefold in the last five years! That statistic was published in a New York Times article about the growth of the concierge medicine marketplace.
Consumer products giant acquires 100% ownership of concierge medicine company
Clinical laboratories and pathology groups may soon be serving physician practices owned by Procter & Gamble (P&G) (NYSE:PG). That’s because the consumer products giant now owns 100% of MDVIP, a nationwide concierge practice of 350 doctors in 28 states.
The deal is noteworthy because it further expands Procter & Gamble’s presence in healthcare. In 2006, P&G invested $325 million in a joint venture with Inverness Medical (NYSE:IMA). The joint venture announced its intention to develop and market diagnostic test kits for use by consumers that can be sold in retail outlets. At the time, The Dark Report wrote that, “P&G’s interest in consumer self testing is based on its belief that consumer demand for health services and healthcare products will soar in the coming decades.” (See The Dark Report, June 4, 2007, “ Inverness Buys Biosite, Has New Venture with P&G” )