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The Next Big Growth Industry is…

Posted Mar 28 2013 12:00am

the ‘second opinions’ industry. Currently, many people have an almost religious trust in their doctor’s recommendation. “A 2010 Gallup poll found that 70% of Americans are so respectful of their doctor’s advice that they never get a second opinion or do additional research.” This finding is despite the fact that medical errors may cost the U.S. $20 billion per year.

The aversion to second opinions, however, is changing. The Wall Street Journal reports :


So ConsultingMD, a new second-opinion firm, offers access to otherwise unreachable, top-class doctors. It signs up medical luminaries by invitation only, making them remotely available to individuals and corporate clients. “Now, a doctor at home on a weekend,” Dr. Hofmann says, “can lend his expertise and be a ‘hero’ to a patient in San Diego, with a nearly real-time turnaround.” Say 72 hours, not two months…

In an estimated 60% of cases, an alternate treatment is recommendedoften one that’s more conservative and cheaper. At ConsultingMD, 6 out of 10 cases reviewed by doctors had been misdiagnosed or mistreated. At the Elizabeth Wende Breast Clinic in New York state, second opinions led to the cancellation of 73% of 1,053 surgeries in favor of less-invasive options.

The Wall Street Journal calls the second opinions business a “soon-to-boom business.”

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