Saving money by combining Modern Internal Medicine with High-Deductible Insurance or Medical Sharing Plans*
- 50-90% discounted prices for medications, lab tests, imaging tests as compared to average retail prices
- Greater than 3x more face-to-face time with physician per appointment
- No waiting room time
- Email/phone/home and worksite visits that save you time and money
Purchasing a high-deductible insurance plan such as the bronze plan or a medical sharing plan and combining with Modern
Internal Medicine saves thousands in medical costs yearly. Here is how it works:
- Insurance plans often cost more than $1000 monthly per couple and it usually costs several hundred dollars more per month to lower the deductible.
- Modern Internal Medicine membership costs as little as $108 monthly for a couple.
- Most couples do not spend enough in health care costs to hit the higher bronze level deductible yearly, nor do they spend enough to cover the several hundred additional dollars monthly (3470 yearly) to justify purchasing the lower deductible gold plan. With Modern Internal Medicine discounts on medications, labs, and imaging tests it is at least 3 times less likely for the above to occur. Add a Health Savings Account/Flexible Spending Account and save an additional 30% on average on those items.
- Insurance and Medical Sharing Plans are necessary in case a severe accident, cancer, surgical condition, or other major medical problem occurs requiring expensive treatment. These are rare events.
- Modern Internal Medicine can take care of 90% of the healthcare needs for most members at approximately 10% of your insurance cost. Primary Care treatments are mostly predictable and relatively inexpensive (just as gas and oil changes are for cars) and therefore do not need to be covered by high priced insurance.
Conclusion: Pair high-deductible health insurance or medical sharing plans (for the rare catastrophic event) with Modern Internal Medicine (for nearly all other health care issues) for the most savings and value.
Chart Legend - Figures provided for a couple in their 40s.
Gold Plan - Maryland Health Connection Blue Cross PPO plan $1750 deductible, $13330 max out-of-pocket
Bronze Plan - Maryland Health Connection Blue Cross PPO plan $7900 deductible, $15800 max out-of-pocket
Bronze and MIM - Combining the above Bronze Blue Cross Plan with Modern Internal Medicine membership
Face-to-Face Time with doctor - Modern Internal Medicine offers members more than 3 times more face-to-face time with the doctor per appointment than the average traditional medical clinic (the chart calculates 1/3 of this time included in membership, the extra 2/3 is shown as added value in this column.)
No Waiting Room time - Studies suggest the median wage earner loses $43 per appointment for time spent at the physician's office waiting to see the physician.
Total Additional Value is a measure of the value beyond the paid value of Modern Internal Medicine membership shown at $1296 per couple. Discounts on labs, meds, imaging, and extra visits contribute $1778 of additional value. This value could be much higher if a couple needs more than two total meds, more than one imaging exam, more than two lab draws yearly each, or more than three total visits each for the year (we offer 10!) Physicians providing more than 3 times the face-to-face time with patients at Modern Internal Medicine as compared with traditional providers accounts for $2700 of additional value. This is based on the referenced study showing the average physician spending 8 minutes face-to-face with patients per appointment for the assessed fee. Assuming at least three times that amount of face-to-face time per appointment at Modern Internal Medicine yields the value shown. Please note that the average Modern Internal Medicine appointment is less expensive than the average traditional out-of-pocket expense, yet you are offered at least three times the amount of face-to-face time with your doctor. Not having to wait in the waiting room adds an additional $301 annually of value for the median income earner. These aspects combined yield an additional $4779 of value above and beyond the amount of the paid membership to Modern Internal Medicine as compared to receiving care at a traditional medical clinic.
Not shown is the additional value that phone, email, video, and home/worksite visits can provide (as opposed to in- person visits.) These visits eliminate both waiting room and travel time. Additionally, not shown is that in order to get three times the number of minutes with a traditional doctor you must go three separate times as traditional physician schedules are based on 15 minutes blocks to cater to insurance reimbursement schedules. Traditional insurance rewards doctors most for short level 3 and 4 appointments (8 minutes on average spent with patients) and they pay very little additional money for level 5 appointments that would take more than 2 to 3 times longer. The savings in waiting room and travel time by speaking over the phone or by having one longer appointment instead of three shorter ones provide an even greater value for Modern Internal Medicine.
Face-time and Waiting room time values are based on the following published studies referenced in financial publications:
http://money.com/money/4063039/time-money-doctor-visit-healthcare/
* Please discuss with your accountant, financial planner and/or insurance agent for financial advice. If any questions arise please contact us to provide clarification about Direct Primary Care.