South Florida Extra - Pacesetter
The business: A fast-growing network of concierge-style physicians' practices. Some 95 physicians in Florida and 14 other states provide personalized care with an emphasis on prevention and early detection to more than 15,000 patients.
Recognition: Inc. magazine ranked MDVIP No. 30 among the 500 fastest-growing private companies in November 2005.
Interest: Summit Partners, a well-known private equity firm, made an investment in 2004.As a longtime family doctor-turned-healthcare executive, Edward E. Goldman did not like the direction he felt managed care was taking his practice and patients. His prescription: Concierge medicine.
At MDVIP Inc., patients shell out $1,500 to $1,800 a year for prevention services.
In turn, their doctor -- who limits his practice to a maximum of 600 patients instead of the 2,500 in a typical practice -- delivers more personalized care. That means devoting time and attention to knowing a person's health in detail and providing lifestyle coaching on everything from managing stress to diet and exercise.
Patients, who go through an extensive risk assessment, get on-time appointments, unrushed office visits and better continuity of care, says Goldman, co-founder, president and chief executive of MDVIP.
Launched in Boca Raton, MDVIP provides doctors the operating and management support to change their practices to the concierge model. It has grown to 95 doctors and is adding practices at about five a month.
Sales grew 1,841% in three years through 2004. Now Goldman is focused on scaling the business. He may eventually take it public, he says. The model, he claims, is leading to fewer and shorter hospital stays -- and that means lower costs.
"The focus is on prevention and early detection," says Goldman. "We put physicians in the coach-confidante mode, not just the treatment mode."
While MDVIP is aimed at the well-heeled, Goldman says its physicians do offer "scholarships" for a few patients. Doctors transitioning into concierge medicine may decide certain patients are "best off staying with them"-- even though they can't afford the $1,500 or so extra a year -- so they'll waive the fee.