Private Wealth mag: "Mayo Clinic Targets Ultra-Wealthy"
Here's some from an interesting article headlined "Mayo Clinic Targets Ultra-Wealthy" posted a couple of weeks ago by Private Wealth magazine. The piece was written by Raymond Fazzi.
The Mayo Clinic, one of the nation’s most prominent hospitals, is starting to flex its muscle in the field of medical concierge services for the wealthy.
The Rochester, Minn.-based hospital this year started to ramp up efforts to market its Preferred Response service—a membership program that provides medical transportation and emergency services all over the world—to business travelers, travel clubs for the wealthy and other segments of the ultra-affluent market. The expansion of Preferred Response comes three years after the hospital launched its Medallion program, a concierge medical service that devotes a team of doctors to its subscribers’ primary medical care needs.
The push comes at a time when some of the nation’s top hospitals are looking to the well-heeled to increase revenues and make greater use of their more expensive, high-tech medical capabilities. Johns Hopkins Hospital in Baltimore, for example, has offered a similar concierge transportation service for years.
"Prominent hospitals are looking at any ways they can to leverage expertise to generate revenue streams," said Dr. Clayton T. Cowl, Preferred Response medical director. "Access [to medical care] is going to be the key."
The drive to market Mayo Clinic Preferred Response to the wealthy is based heavily on the public’s desire for medical access. The program has been part of the Mayo Clinic for more than a decade, originally as a service for dealing with in-flight medical emergencies. The program has since grown more expansive, with the ability to coordinate care and transportation when members are facing a medical emergency far from home.
"The idea is, we want to create a relationship—not just a doctor visit or two a year—no matter where you are in the world," Cowl said.
Cutting The Line
As President Barack Obama’s health reforms start to kick in, bringing millions more people into the health system, increased waiting times for appointments and treatments are expected to become larger issues with patients.
The selling point for Preferred Response and other medical concierge services is that they allow those who can pay a premium to basically cut in line, according to industry experts.
"Ultimately, we’re in an era right now where lots more people are going to have insurance and the key I think is going to be access and connectivity," Cowl said. "In a time of need, you don’t want to be fumbling around asking which of these 14 numbers I need to dial."
The base membership fee for Preferred Response is $650 per year for individuals and $800 for families. The fee does not include hospital and doctors’ fees, according to a hospital spokesman.
With two around-the-clock medical teams, Preferred Response deals with emergencies throughout the world, ranging from instances where a subscriber fell down a flight of stairs in Turkey to another where a member suffered from a heart attack while vacationing in Cancun, Mexico. In one recent episode, a member suffered a punctured lung while on a bicycle tour in China. Preferred Response arranged for his treatment and transportation a few days later to the Mayo Clinic in Rochester, Cowl said.
I remember when Mayo Clinic launched its relationship with NetJets back in 2003.
Mayo Clinic will now provide in-flight medical advice and assistance to people flying NetJets airlines.
The agreement, announced this week, gives NetJets employees and passengers access to Mayo Clinic support all day, every day. People on a NetJets flight can call a dedicated phone number to speak to a critical-care flight nurse or physician.
Additionally, all NetJets flight crews have received instruction in the use of special, Mayo Clinic-designed emergency medical supplies.
NetJets, based in New Jersey, is the largest provider of fractional aircraft ownership offerings in the world. NetJets currently manages 512 aircraft. This year, NetJets fractional aircraft owners will fly more than 250,000 flights to more than 140 different countries.