Nearly every high-net-worth individual has a team of attorneys, accountants, wealth managers and advisors overseeing any and all aspects of their personal and professional lives. But one of the most complex aspects of American life is often overlooked: healthcare.
A healthcare concierge advocate is a key component of a holistic financial strategy for high-net-worth individuals that not only addresses financial aspects of healthcare but prioritizes a client’s time and well-being. It’s been estimated that managing a family’s healthcare needs requires more than 100 hours per year. If time is money, why waste it online researching specialists, in line at the pharmacy, on the phone scheduling appointments with doctors’ offices, deciphering medical bills and reviewing health insurance coverages?
Many high-net-worth individuals are individually insured and must navigate the same complex state exchange plans as those who do not have access to employer-sponsored health insurance. Doing so effectively requires a high level of expertise and persistence—which is exactly what a healthcare concierge advocate brings to the table.
An Advocate, Not A Doctor
A healthcare concierge advocate is just that, an advocate. A healthcare concierge advocate is one point of contact to navigate the entire healthcare system to address any healthcare concerns that may arise—with a focus on the “administration” side of healthcare.
Continuity is key to providing a seamless experience so family members never have to reintroduce themselves or explain their situation multiple times. That’s why each individual, and their family, should work with a single dedicated advocate who will learn the ins and outs of everyone’s healthcare status and manage it completely. The ultimate goal of the healthcare concierge advocate is that the only thing any family member has to do is show up for the appointment.
Today’s U.S. healthcare system is not user-friendly. It’s more important than ever for private families to have a dedicated healthcare advocacy team to navigate an increasingly intricate landscape. Financial advisors and family office managers know the importance of a holistic financial strategy, but a crucial piece is missing if a healthcare concierge advocate isn’t a part of it.
To give an example, one concierge client was searching for an in-network dermatologist and the insurer’s database was severely out of date. The advocate discovered that six of the eight dermatologists they called were no longer in the network. No private citizen has the time or desire to do this kind of leg work. The knowledge and relentless persistence of a health concierge advocate results in better health outcomes across the board for individuals and their families.
Meeting The Unique Needs Of HNWI
Some individuals may require access to a broader network of specialists, demand a higher degree of personalization or need coverage that accommodates a unique lifestyle. For example, many high-net-worth individuals split time between multiple homes in different states or even countries.
A healthcare concierge advocate can easily navigate these unusual situations that may confuse insurance or provider representatives and make sure care and medical billing are streamlined. In addition to finding the best health plan and providers for a particular family, a concierge partner can screen potential providers, advise on elder care, assist with Medicare and supplemental plans and research specific conditions and individual treatment options.
Anyone who has received care in the U.S. knows that headaches tend to arise with insurance and coverage. A healthcare concierge advocate handles these situations quickly and easily so they never become a distraction. For specialty drugs, an advocate will secure prior authorizations, appeal denied claims and negotiate on a client’s behalf.
Don’t Count Out Cost
Faced with the tedious task of convincing an insurer to cover a given drug or procedure, many individuals with sufficient means will simply pay a much larger bill than they should have to. Since a healthcare concierge advocate is immersed in the world of healthcare insurance and billing, they are able to resolve these issues quickly.
As a result, the cost of a healthcare concierge advocate is often quite reasonable and, in many cases, pays for itself by ensuring fair and accurate billing, proper plan selection and holding insurers accountable to the benefits offered.
Some healthcare concierge advocate partners also have on-staff clinical pharmacists to provide an objective third-party review of all medications, checking for drug interactions, potential alternatives, and cost optimization. A healthcare concierge advocate is also steeped in the regulatory landscape, medical coding and payment integrity, reviewing every bill with a keen eye.
Building, protecting, maintaining and growing your family wealth is a full-time job. Managing a family’s healthcare needs can certainly feel like one. Entrust the well-being of your loved ones to a healthcare concierge advocate who can expertly navigate the opaque landscape that is the American healthcare system, and keep your time for yourself.
Scott Wilson is the vice president of concierge services at Emry Health, where he oversees the processes, expansion and success of its comprehensive suite of healthcare concierge and navigation services. Emry is part of the Goodroot community of companies.