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
Let me know if you would like to be on or off the ping list
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.