If people only knew the number of physicians who are cutting back or shutting down completely they’d be shocked. Right now most of the physicians I know are collecting less than 45% of what they bill out. Insurance companies have cut back their reinbursement and medicare is now cutting their by a third which will cut their reimbursement back to 40% or less. And the paperwork is tremendous.
What physician is going to work 70 hours a week, pay their staff, take call, pay malpractice insurance and then get paid 40% for what they do? With taxes their take home will be .25 or less cents on the dollar.
My GP just sent notice he is retiring, he is nowhere near retirement age. I guess he just wants to protect his nest egg and not put up with Obamacare.
My GP just sent notice he is retiring, he is nowhere near retirement age. I guess he just wants to protect his nest egg and not put up with Obamacare.
My GP just went to a concierge service only practice. The doc is about 60 and came to the U.S. from Canada in the late 80’s after they installed socialized medicine. He saw the same thing was happening here and last year opted to take 150 or so patients for a fee of $4000 annually. He can be reached 24/7 and no appointment is needed. He also does not have Medicare to mess with now.
While I can see many doctors closing shutters, I also see some going the concierge route just to avoid the headaches of Zero’s death panel Gestapo. It’s a sad day all around when a doctor is forced to shut down or limit what his business could do without interference from government.
My son graduated from medical school in 2010 and just quit his medicine residency. He is reassessing his career choice.
And yes he was American trained.
The void will be filled with foreign medical grads.