Wealthy families are increasingly turning to their family offices for help with their healthcare needs, according to a new study.
The report by Rothstein Kass Family Office Group found that 83 percent of single-family offices surveyed use concierge healthcare providers to serve their clients' healthcare needs.
In 2009, similar research found only 36 percent of single family officers used concierge healthcare services, according to Rothstein Kass.
The report, which surveyed 151 single-family office executives, found that 94 percent of the executives said the need to manage severe medical conditions among their clients was the top reason for using concierge services.
Providing clients with second opinions from leading physicians (84%) and access to top quality healthcare while traveling (75%) were also cited as reasons for using concierge services.
Immediate access to emergency care and remote patient monitoring were also cited as important needs by single-family office executives, but only a minority are utilizing such services, according to the survey.
"Due to the uncertainty surrounding healthcare systems in the United States and around the world, families are increasingly turning to single-family office executives for assistance with long-term healthcare concerns," said Rick Flynn, principal and head of the Rothstein Kass Family Office Group. "Though most single-family offices now offer some level of concierge healthcare support, the scope and quality of service can vary greatly."