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A service for the high-net-worth market might be based on a “family office” concept. It might provide a range of high-touch services to maximize quality, mobility and independence. It might go beyond a “concierge service”, offering access to the best medical specialists, regardless of network or location. It might include non-medical services such as, care planning and advocacy, transportation and mobility services, personal training, and other personal services that go beyond medical care to increase levels of support for mobility and independence.
Each segment suggests different needs and costs, as well as different marketing and funding solutions. Serving either single or multiple segments is an important decision. Serving multiple segments is complex. It requires scale and high touch to execute well. Serving a single segment requires a willingness to pass up, or turn away business that doesn’t fit.
One way to increase the chance of success with either choice, is to take the discussion beyond just dollars and cents, and include independence and engagement. These concerns are shared across all financial segments.
They are intertwined both with a client’s financial capacity, and with each other. They often are two sides of the same coin. The trick is to strike and maintain a balance among all of three of them as conditions change.
J. Heywood E. Sloane is a principal of Diversified Services Group and co-founder of HealthStyles.Net.