Skip to comments.Doctors going broke
Posted on 01/05/2012 9:43:56 PM PST by Nachum
New York - Doctors in America are harboring an embarrassing secret: Many of them are going broke. This quiet reality, which is spreading nationwide, is claiming a wide range of casualties, including family physicians, cardiologists and oncologists. Industry watchers say the trend is worrisome. Half of all doctors in the nation operate a private practice. So if a cash crunch forces the death of an independent practice, it robs a community of a vital health care resource. (Snip) Doctors list shrinking insurance reimbursements, changing regulations, rising business and drug costs among the factors preventing them from keeping their practices afloat.
(Excerpt) Read more at money.cnn.com ...
The list, Ping
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Doctors arent’ the only ones going broke. All kinds of contractors are going broke. Insurance agents and real estate agents aren’t doing so good either.
I think this was the very design of Obamacare aka socialism. Why should a doctor, who spent years studying and monetary investments, make more money than pot smokers who spend all day protesting and defecating?
My insurance practice is on the ropes. . It is one reason why I started “the list” and my website.
We saw it coming, but there is no way to stop it.
Got to love the Obama economy!
The bad thing there is that would lead to less competent physicians generally through mandatory access to marginal students due to some specific personal characteristic.
“obamacare” - the newspeak expression for “death”
This is all part of the plan to eliminate private wealth. The feral goobermint wants EVERYONE to be an employee of some entity so that they are easier to control.
In medicine it is extremely difficult to collect what it costs you to do business because the insurance companies see what the FG is paying through mediscare and try to reimburse that paltry amount.
Meanwhile the trial lawyers continue to cause the cost of malpractice insurance to skyrocket if the state goobermint has not passed tort reform (most haven’t - especially BLUE states). Want to find an OB-GYN doc in some states in the northeast? Good luck with that.
owebamascare supposedly means “everyone” will have health insurance but what good will that do you if you cannot find anyone to provide health CARE? That is the real question.
Somebody at CNN is actually doing their job as a journalist. Put them on the “Endangered Species List” and hide them from the MSM flash mob.
Obamacare will kill this country. It must be repealed.
“Eventually there will be a shortage of high caliber doctor students in medical school.”
This has already happened thanks to affirmative action.
My mechanical contracting business has less than 6 months to live. I’ve been saying that for 3 years now, but this time its different. I am getting out. I’m not dumping any more of my own money into it just to keep it going. As soon as I get caught up on paperwork, I’m going to start selling off assets and winding down. Too many customers can’t pay me. Too many times I’ve settled for less than I should’ve. I know it tough out there for everyone and people are losing jobs. But, now its my turn. Obama and Bush (YES I BLAME THAT PIECE OF SHIT BUSH TOO) really did a number on this country. At least my house is paid for.
I am probably in disagreement with most freepers since I think we really do need to get out of these damn wars now. We are broke. Bad things happen to nations that continue to fight wars and continue to provide social services that they cannot afford. Just look at the weimar republic for an example.
This was always the intent of Obamacare.
Eventually everybody will become a function of the state, no matter what you do.
The Obammunist is way ahead of this problem.
His HHS Department is recruiting volunteers who are promised jobs in the medical field when his Socialized Medicine kicks in.
Also, nurses and technicians will be certified for most procedures now reserved for doctors.
Because of the constant barrage of class warfare rhetoric and class envy, privately many people don’t mind seeing doctors suffer financially. But all doctors in private practice are small businessmen and in many respects they are entrepreneurs.
Imagine if the government cut your small business’ gross income 27% overnight, as they are planning on cutting physician reimbursements 27%.
If a solo medical practice grosses $200,000 and the physician takes home 40% of it, he’s earning $80,000 per year (typical for many small town non-specialist physicians), while his business overhead is $120,000.
If his practice is tied to Medicare reimbursements and reimbursement is cut 27%, his gross drops to $146,000.
But his practice expenses still stay the same, $120,000.
In other words, a cut of 27% to his gross business income leaves his net income at $26,000, a 67% loss in personal income.
Does anyone realize what this cut in Medicare reimbursements will do to the practice of medicine in this country?
And. of course, they will be employees of the state.
About 18 years ago that economic genius Clinton was giving speeches that there were too many doctors and that was a driving factor to higher prices for healthcare.
Never mind that the simple economics of supply and demand says otherwise...
Now we have more demand because people don’t have to directly pay for what they consume and government price controls driving out doctors we’ll soon end up with European style healthcare - long waiting lists for lower quality care.
Not in Alaska. Getting raped by your doctors is a regular occurance. The docs up here charge 2.5x what they do in the lower 48.
Yes, it will utterly destroy it. Wipe it out. I have been saying that for years. It will do the same thing to the economy too. Essentially it will rip the fabric of society apart at every seam.
Eventually there will be a shortage of high caliber doctor students in medical school. This has already happened thanks to affirmative action.
However, the great equalizer is the Medical Board (Specialty boards etc). You’re a number in the testing system...Not a color or gender. If you pass you are competent and qualified as it should be.
Isn’t the cost of everything higher in Alaska?
His replacement, a Witch doctor from the Caribbean is poised to set up shop in a nearby hut, I understand. Oddly, he is said to shun the usual technological trappings of modern HC and only asks for access to beakers, potions, gauze, sewing kits, and dolls. Talk about leveraging efficiencies!.
We spend about 4.2% of GDP on our military. A constitutionally mandated function of the federal government.
Social spending is the problem and if not addressed it will continue to consume everything. Social spending is not mandated by the constitution. Much of it isn’t even authorized by the constitution...
I have a novel idea, seniors could start to pay for the services they use.
Socialism never works. You always run out of other peoples money.
My GP, who’s in his early 50’s, told me he has one more year and then he’s “Outta here!”
His private practice group has had to join a larger group just to keep their heads above water and comply with all the electronic data requirements.
I think because compensation per visit is so poor they’re piling in more and more patients on their schedules. I can’t get in to see my GP for 6 weeks...if an emergency comes up, I have to see the Nurse Practitioner.
Except you forgot the next step. Private doctors are obviously not able to handle things, so the government will provide the doctors. The goal wasn’t to have government INSURANCE - the goal is to have government HEALTHCARE. The insurance is just a step along the way.
Her meds are on a different policy that she pays separately for. Well, until I got her off of all of her meds. Then I dropped her insurance.
“My mother has paid into SS all of her life.”
So have the rest of us. We all got screwed in a Ponzi scheme.
Yeah, well, I have a novel idea. Give her back all of her SS payments and I will buy her private insurance. Oh, wait, 0bamaCare is making that cost too much. I guess I’ll tell her to get over that Alzheimer’s crap and get back to work.
There is already a huge shortage of GPs.
Six week wait time is awful. You must take the traditional HC route, which for catastrophic occurrences is vital; for most other levels of care, not always so great. I like the fact that my care decisions are determined by my doc and me, not some bean countin’ case mgr in an Alaskan cubicle. I pay for my health care on the concierge plan. I can call to tomorrow morning and get an appt in a couple of hours. I pay promptly and like to think I’m a good patient overall. Been seeing him for nearly 8 years now. The out-of-pocket cost is not as much as you might imagine, even for a Internal Med doc in a fairly prestige practice in Dallas. Everyone should seek out a good physician whom they’re willing to pay for services rendered. But that’s just my humble opinion based on my experience. Someone covered under Mediscare is proscribed from doing so for one thing.
You don’t get your money back in Ponzi schemes.
You get cheated.
Maybe her children will have to step up to the plate.
I am stepping up to the plate. I take care of her full time. Or I could go get a job and make one third of what it would cost to hire someone to take care of her. Medicare would cover that. Any other bright ideas?
Go read the article all the way to the end. It's practically screaming out for nationalized health care to solve the problem. The comments at the bottom are the icing on the cake.
My local PC repair shop is on the ropes too. He figures another 2 weeks of flat sales will close the doors. There’s nothing left to cut.
For example, as the dollar declines exports should increase. Meaning that there is opportunity in manufacturing and bringing new manufacturing facilities online.
For 30+ years we've been an economy based on disposable goods. That trend is about to be reversed .. so I believe there is opportunity for mechanics of all types, also blacksmiths, welders, electronic techs, etc.
Sure, some old debt-based businesses are going to fail, but new profit-driven businesses may actually thrive.
Basically it's the Law of Unintended Consequences - in this case maybe something positive might come even though the commies in the White House intend otherwise.
One can only hope!
“In medicine it is extremely difficult to collect what it costs you to do business because the insurance companies see what the FG is paying through mediscare and try to reimburse that paltry amount.”
Let’s return to capitalism. It’s the only way to save medicine and keep the government from collapsing under a system that already absorbs 17% of our economy. Get rid of all the nanny government oversight. Let people buy the meds they need at a pharmacy, without need of a permission slip from a doctor. If you want to go to a doctor, pay cash. If a doctor’s knowledge is not worth the cash it will cost you, then do without.
Doctors should not be dependent on insurance companies or the government for their pay. They should be like all partipants in a capitalist society—they should depend on the market for their services based on their own talents and abilities—not on the government giving them a monopoly on the use of essential medications and services.
there already exists a program that will pay for medical school in exchange for working on Indian reservations, or inner city, etc....
have to feel bad for the Kurds...they seem like the only ones that appreciated us...
I beg to differ with you, most people I know do not get cheated on S/S. I retired at 62 I have drawn a hell of a lot more than I ever paid in. It is just the way it worked out for me.
gone will be the days where you had "your" doctor...most of "our" doctors don't go to the hospital anymore because of their work load...
don't get me wrong...medicine is still a highly paid profession, but the hassles, the long hours, etc...it'd be better to be a teacher with easy courses and work 1/2 the year....never get sued...never have to worry about a pension or medical care...
That’s because you got to take out earlier in the Ponzi scheme.
Its the ones who come in later who get screwed.
The only “bright” idea I have is we have to get off the socialism merry-go-round. There’s this attitude that a little socialism is a wonderful thing and it isn’t, it poisons the well in an ever expanding nightmare of pain and dependency. We have to become self sufficient again and take care of our own while getting government off our backs.
If we don’t we’ll continue this decline into eventual poverty and total dependence.
And last but not least. I respect what you are doing. It is an exceedingly hard task. It is our job to take of our own parents the best we can not our neighbors. I too am taking care of my parents. It isn’t far from being much more difficult. But it is what it is...
Saw my doc last year. The name of the practice changed so I asked him why.
He told me that his practice and all the others in the area went bankrupt.
Had to join the “co-op”
He’s now a “hospitalist” in the co-op. The co-op gets 100% of what they charge to the insurance company now.
Previously, they got about 30%.
FWIW I have been told that Medicare would pay me for being her caregiver but I haven't pursued that. As my friends say though; "your Mom already paid for it." And she did.
[My insurance practice is on the ropes. . It is one reason why I started the list and my website.]
If it is any consolation, my real estate business is DOA. Reinventing myself for umpteenth time. Fortunately making progress and have assets, but it has been absolutely brutal.