Published Sep 2, 2016 |
245 Pages |
Pub ID: KLI15102705
Kalorama has been watching the retail clinic industry for several years and in 2016, there are some changes and noticeable data that has challenged some of the assumptions previously made about these clinics. This report, Retail Clinics 2016,looks at these clinics' impact and growth over the next five years. The report forecasts the growth of stores with clinics, the sales of the clinics and takes a look at changing consumer opinion of clinics. It also looks at the sales that pharmaceutical and diagnostic companies may make through retail clinics.
In this market research report, Kalorama outlines many of the factors that will determine the future of the retail clinic concept:
- Top Competitors and Number of Clinic Locations
- Markets for Vaccines to Retail Clinics
- Markets for POC Diagnostic Products to Retail clinics
- Calculations of the Indirect Revenue that Clinics Can Add to Store Income
- Patient Satisfaction Surveys
- Patient Traffic Trends
- What Consumers, Physicians and Legislators Think About Retail Clinics
- 'Out of Pocket' Healthcare Spending and its Impact on Retail Clinics
- Health Care Reform and Retail Clinics
- Revised Projections for Future Growth of Clinics Based on Market -Developments
- Company Profiles of Major Retail Clinic Companies
Although different operators employ slightly different approaches, the overall business model for retail clinics is quite consistent. It involves the provision of basic healthcare services at a low cost, in a facility conveniently located in a busy retail outlet, with broad hours of operation. Locations such as drug stores, food stores and other popular retail outlets with pharmacies enable patient accessibility and make it easy for patients to get their prescriptions filled nearby. They can also encourage customers to stay longer at the store and make more purchases, providing indirect income to the retail outlet.
The retail clinic concept has shown potential to provide affordable, accessible and quality medical care to consumers who otherwise would have to wait hours, days, or even weeks for care. They also provide an alternative to costly, time-consuming emergency room care for sicknesses that could have been prevented if basic health care services had been available. Rising rates of utilization, for these reasons, are leading to substantial profits for providers, which is, in turn, driving further expansion.
Although different operators employ slightly different approaches, the overall business model utilized by convenience clinics is actually quite consistent. It involves the provision of basic healthcare services at a low cost, in a facility conveniently located in a busy retail outlet, with broad hours of operation. Care is intended to supplement that provided by the patient’s primary care provider, particularly for common illnesses where the diagnoses are clear-cut and the therapies are proven. Locations such as drug stores, food stores, mass merchandisers and other popular retail outlets with pharmacies enable patient accessibility and make it easy for patients to get their prescriptions filled nearby. Most of the clinics are open seven days a week – twelve hours a day from Monday to Friday and eight hours each on Saturday and Sunday. This schedule is considerably more convenient than a traditional physician’s office. Waiting times are kept short, with most visits taking 10 to 15 minutes.
Ownership of convenient care clinics varies. Some are privately held, and others are owned by retail chains or run through health systems or non-profit organizations. As of early 2016, none were publicly traded although some, such as MinuteClinic, are owned by publicly traded parent enterprises.
Once again for this edition of Kalorama's report on retail clinics, Kalorama surveyed U.S. adults this year on their affinity for and exposure to retail clinics. Questions asked included:
Have you visited in retail clinic
What was your reason for visiting, do you have a physician?
And other questions.
Information for this report was gathered from a wide variety of published sources including company reports, catalogs, materials and public filings; government documents; trade journals; newspapers and business press; analysts reports and other sources. Interviews with company representatives were conducted to capture the perspectives from industry participants point of view and assess trends, and form the basis of the forecasting and competitive analysis. Dollar figures represent the U.S. market and are expressed in current dollars. period and forecasts are provided through 2020. The size of each market segment refers to manufacturers revenues.
How do you differentiate a Retail Clinic from an Urgent Care Center?
They are not in freestanding locations like urgent care centers are. They are in a retail host store, always. They should not usually have an entrance to the parking lot, as that would defeat the purpose of them. Urgent Care centers are freestanding or in a retail strip mall. Urgent Care centers offer complex services such as suturing, X-rays and casting. Retail Clinics are staffed by nurse practitioners and treat colds and flus, earaches, conduct physicals or vaccinate patients. Their size is much smaller. A retail clinic might be one fifth to one tenth of the size of an urgent care center. They are generally 400 sq. feet.
How Has the Concept Grown Over the Years?
There's been a lot of media stories creating awareness of retail clinics and the concept has been embraced by major chains, to the point that there are over 2,000 retail clinics in the United States today. More than double ten years ago. Our report details what that growth means and whether there will be that kind of growth in the future.
Do Customers Like Them?
Patient visits increase each year that we've studied retail clinics, and that's been over 9 years. In addition, surveys show that generally patients are satisfied with their visits and only a very few are dissatisfied. Repeat visits are a growing trend.
Are Retail Clinics a Threat to Physician Practices?
That's a controversial issue and there's a lot to consider. There's data to support the argument that it is and the argument that RCs actually add to physician business. It's something that we take up in the report, Retail Clinics 2016.