Personal Health Is Your Most Valuable Asset

The benefits of private concierge medicine

Throughout the years, many families and fiduciaries have asked, “What is a Virtual Family Office (VFO)?”

In the world of investing and finance, most people simply focus on wealth creation and preservation. Yet what is often overlooked and neglected is our most valuable asset—an asset so critical that without it, we are unable to enjoy the fruits of all of our other asset classes combined. The asset is you and your health.

Insurance and Health Do Not Guarantee the Best Care

Health is often taken for granted and we believe that insurance is the instrument that provides us cover in the event of medical problems. The reality is that healthcare insurance is a financial hedge against unforeseen medical (financial) loss. Health insurers don’t really care about you—they care about quarterly revenue and profit margins. Insurance is for hospitals, not doctors. If you want a medical expert, advocate, and co-pilot concerned about what matters to you as much as what is the matter with you, it’s time to take a serious look at the private medical marketplace. This is especially true given that the medical industry is in a state of turmoil with the transition from The Affordable Care Act (ACA) to the American Health Care Act (AHCA), which likely will reduce access. Wealthy people often know folks at the “Concierge-Suite” of hospitals and think that knowing these executives will ensure good care. Yet numerous studies highlight the well-known “VIP syndrome” in which there are many experts but no quarterback directing a VIP’s care, leading to poor outcomes.

Additionally, as medicine gets more complex, it is difficult for doctors to stay ahead of the curve of new innovations and rapidly evolving treatment paradigms. Medicine has always suffered from a long learning curve to execute new diagnostic and treatment protocols. The bench to bedside timeline—or from discovery in the lab to clinical trials to the standard of care—typically takes years. This would never happen in financial markets where a hedge fund and quantitative traders’ arbitrage in microseconds can exploit the smallest market inefficiencies.

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_{Oppenheimer & Co. Inc. does not provide legal or tax advice, but will work with your other advisors to assure your needs are addressed. The opinions of the author expressed herein are subject to change without notice and do not necessarily reflect those of the Firm. Additional information is available upon request. Investors should review potential investments with their financial advisor for the appropriateness of that investment with their investment objectives, risk tolerances and financial circumstances.}