Doctors going broke

CNN Money ^ | 1/5/12 | Parija Kavilanz

[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.

[DB]

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.

[vpintheak]

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.

[TigersEye]

Does anyone realize what this cut in Medicare reimbursements will do to the practice of medicine in this country?

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.

[lainde]

“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.

Regards

[TigersEye]

Isn’t the cost of everything higher in Alaska?

[Dysart]

Well, it's broader than Obamacare. Medicare/Medicaid as turd party payers have been squeezing physicians as reimbursements have been cut and costs have swelled. But their fees were not that great to begin with. The compliance burden is most untenable for many doctors in pvt practice, set in motion some years ago by well-meaning busy bodies upon all the industry, and has accelerated within the last 3 years under a largely Congress/ Marxist President. Plenty of Republicans supported centralized administration of HC, too, though. For primary care docs concierge based practices are a viable alternative and some are thriving, they just have to learn to operate like any prudent business person; unfortunately that model won't fly with surgeons, oncologists and the like. My BIL is a General Surgeon(only 55)-- detests the industry at this point; he's retiring soon and has steered his college-aged kids well away from medicine.

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!.

Stay healthy.

[DB]

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...

[DB]

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.

[dawn53]

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.

[21twelve]

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.

[TigersEye]

Really? My mother has paid into SS all of her life. She also pays for a Medicare supplement insurance that just went up 17%. It's over $3,000 per year. In her 84 years she has used that for two emergency room visits and one wrist fracture.

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.

[DB]

“My mother has paid into SS all of her life.”

So have the rest of us. We all got screwed in a Ponzi scheme.

[TigersEye]

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.

[Secret Agent Man]

There is already a huge shortage of GPs.

[Dysart]

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.

[DB]

You don’t get your money back in Ponzi schemes.

You get cheated.

Maybe her children will have to step up to the plate.

[TigersEye]

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?

[naxetevitan]

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.

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.

[Myrddin]

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.

[The Duke]

I despise Obama's totally unrealistic and destructive economic policies. With that said, however, I believe there is plenty of opportunity out there for new businesses - maybe even TONS of opportunity.

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!