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61% of consumers would pay for a premium patient experience
Data showing consumer interest in paying for a premium patient experience could be a boon for the concierge medicine industry.
More than half of healthcare consumers would be willing to pay for a better healthcare experience than they're currently getting, a new survey finding Qualtrics researchers indicated could be driving the concierge medicine trend.
The survey of 10,000 U.S. consumers asked whether they would be willing to pay more for a better, "premium" experience across numerous service sectors, including in primary care. Overall, 61% of healthcare consumers said they'd be willing to pay extra for a premium experience.
This is essential as healthcare expands its understanding of patient loyalty. An industry defined by its slim margins, boosting patient loyalty is of utmost importance for generating revenue.
"Companies that deliver great experiences prioritize the human connection with customers," Isabelle Zdatny, head of thought leadership at XM Institute, said in a press release. "This is a critical time for CX leaders, with outsized rewards for those that get it right. During uncertain times, consumers gravitate toward brands they already know and trust, creating a huge opportunity for organizations to build even stronger connections with their customers."
Notably, healthcare was the industry with the fewest consumers saying they're willing to pay extra for better service. Consumers were more willing to upgrade for air travel, rideshare services or using an investment management service than they were for healthcare.
This finding could indicate that patients are already generally satisfied with their primary care experiences. However, it could also indicate that patients have a baseline assumption of premium healthcare as their right and are unwilling to pay for an upgrade.
Still, healthcare consumers flagged a number of opportunities where their primary care offices can improve. Those areas include addressing medical needs, care or treatment affordability and starting the appointment on time.
Healthcare consumers said that addressing medical needs and ensuring healthcare affordability are leading areas where primary care providers can delight patients. Likewise, consumers indicated that primary care offices should focus on their provider directories or provider search functions, helping patients to find a clinician who fits their needs.
Is a push for premium experiences behind concierge medicine?
The Qualtrics researchers indicated that these findings could be behind the growth of concierge medicine.
According to Medicare, concierge care is when a medical group charges a membership fee in order to accept patients into the practice. The membership fee gives patients access to more services or amenities, like more timely appointment access or the premium care described in the Qualtrics report.
Indeed, the concierge medicine market is slated to see a 10.3% compound annual growth rate between 2025 and 2030, according to a Market Analysis Report from Grand View Research.
However, the data is mixed on whether concierge medicine actually benefits the patient or member.
Some experts have noted that concierge medicine members are able to book appointments more quickly and easily, and they get to spend more time with their doctors. But some assessments have also found that concierge medicine jacks up healthcare costs with little impact on patient outcomes.
Sara Heath has reported news related to patient engagement and health equity since 2015.