Concierge Care for Everyone
Patrick Keane@pkeane
+5.8%
since Sep 29
The idea
I believe concierge medicine, the doctor-who-knows-you, membership model, stops being a luxury and becomes the normal way people get care over the next decade. I own it in three layers: the membership front doors selling this directly, the software rails that let any practice run this way, and the payment companies getting paid to keep people healthy instead of per visit, plus big healthcare anchors as ballast. Positions are spread out rather than concentrated in any one name, and I keep a small cash reserve to add if the sector weakens, since this is a years-long shift, not a quarterly trade.
What it owns
- Giants that each own a major stake in membership care and give the take steady ballast. · Amazon.comIt owns One Medical, the best-known membership primary care brand, and is most likely to make care subscriptions feel as normal as Prime., UnitedHealth GroupThrough Optum it already owns more doctors and value-based contracts than anyone, so it profits from the payment shift while pure plays compete., CVS HealthIt is the physical front door with clinics on every corner plus Oak Street's value-based senior care, owning both layers of the shift.26%
- Companies paid to keep members healthy, plus the health savings accounts funding the memberships, the less-crowded piece of this bet. · HealthEquityIt holds the health savings accounts that give ordinary Americans the cash to pay membership fees directly without insurance., Oscar HealthIt is a tech-first insurance plan built around keeping members healthy and engaged rather than processing claims., Astrana HealthIt organizes physician groups to take on responsibility for patient outcomes, spreading the paid-to-keep-you-healthy model across ordinary practices., Alignment HealthcareIt sells seniors a Medicare Advantage plan that behaves like a membership with a care team paid to keep them out of the hospital., Evolent HealthIt sells the software and services that let health plans and doctors run value-based care, so it wins if the payment shift happens regardless., Agilon HealthIt moves primary care doctors onto contracts where they are paid to keep seniors healthy, the payment shift at the heart of this take.25%
- The clinics and apps selling concierge-style care directly to regular people at subscription prices. · Hims & Hers HealthIt sells membership-priced care straight to ordinary people without an insurance card, the clearest version of this take., Privia HealthIt gives regular doctor's offices the tools to run like concierge practices, which is how the model reaches everyone instead of the wealthy few., Teladoc HealthIt is the workhorse for easy access, enabling visits from home instead of waiting rooms for routine care., LifeStance HealthIt makes seeing a therapist as routine as seeing a dentist, applying the membership-access idea to mental health.22%
- The scheduling, billing and network plumbing that lets any doctor's office run like a concierge practice. · Waystar HoldingIt handles the billing plumbing that has to get simpler for membership and value-based payment to actually work at scale., DoximityIt is where the doctors themselves live online and profits as care goes digital regardless of which front door wins., PhreesiaIts check-in and intake software lets any practice feel smooth and personal without concierge prices., GoodRx HoldingsIt makes cash-pay drug pricing normal, which matters because membership care often lives outside traditional insurance.19%
- Cash8%