Doctors going Bankrupt

[arce1988]

http://money.cnn.com/2013/04/08/smallbusiness/doctors-bankruptcy/index.html?hpt=hp_t2

Doctors driven to bankruptcy

[arce1988]

NEW YORK (CNNMoney)

As many doctors struggle to keep their practices financially sound, some are buckling under money woes and being pushed into bankruptcy.
It's a trend that's accelerated in recent years, industry experts say, with potentially serious consequences for doctors and patients. Some physicians are still able to keep practicing after bankruptcy, but for others, it's a career-ending event. And when a practice shuts its doors, patients can find it harder to get the health care they need nearby.

Chapter 11 bankruptcy filings by physician practices have spiked recently, noted Bobby Guy, co-chair of the American Bankruptcy Institute's health care committee, who tracks bankruptcy trends tied to distressed businesses. Guy said there were at least eight filings in recent weeks, which he said was "very unusual."

[arce1988]

Five years ago, Plantation, Fla.-based bankruptcy attorney David Langley didn't have a single doctor as a client. Since then he's handled at least six bankruptcy cases involving doctors. Two current clients -- an orthopedic surgeon and an OB/GYN -- also are in bankruptcy.
None of his physician clients had malpractice lawsuits that landed them in dire financial straits. All are "top-notch doctors," he said.
The weak economy has taken a toll on doctors' revenue, as consumers cut back on office visits and lucrative elective procedures, said Guy, a bankruptcy attorney in Nashville with Frost Brown Todd LLC.

[calfzilla]

Didn't read but I assume they are blaming it on Obama when the real cause is debt.

[arce1988]

Doctors also blame shrinking insurance reimbursements, changing regulations, and the rising costs of malpractice insurance, drugs and other business necessities for making it harder to keep their practices afloat.
Related Story: Doctors going broke
Oncologist Dr. Dennis Morgan had a profitable solo practice in Enfield, Conn., for years. Revenues began to fall, he said, when reimbursements for treatment and drugs to oncologists started shrinking. He made cutbacks, but he began having trouble meeting expenses, and his business debt grew. Critical chemotherapy drug and medical supplies providers "eventually cut me off," Morgan said.
In June 2011, his practice, in a medically underserved area, filed for bankruptcy. It had hundreds of chemotherapy patients at the time.
For the next two years, his role became "that of a captain of a sinking ship managing the allocation of life boats until rescue arrived," he said. He redirected patients to other doctors and area hospitals. Early last year, he stopped practicing medicine.

[Nomad]

http://money.cnn.com/2013/04/08/smallbusiness/doctors-bankruptcy/index.html?hpt=hp_t2

Doctors driven to bankruptcy

So you guys don't want socialized healthcare? That's cool, we will just pass a trillion laws that will force 99% of small healthcare business to fail.

[Nomad]

Didn't read but I assume they are blaming it on Obama when the real cause is debt.

Obviously 2000 pages of the new Healthcare bill had nothing to do with it.

[Archer77]

Doctors also blame shrinking insurance reimbursements, changing regulations, and the rising costs of malpractice insurance, drugs and other business necessities for making it harder to keep their practices afloat.
Related Story: Doctors going broke
Oncologist Dr. Dennis Morgan had a profitable solo practice in Enfield, Conn., for years. Revenues began to fall, he said, when reimbursements for treatment and drugs to oncologists started shrinking. He made cutbacks, but he began having trouble meeting expenses, and his business debt grew. Critical chemotherapy drug and medical supplies providers "eventually cut me off," Morgan said.
In June 2011, his practice, in a medically underserved area, filed for bankruptcy. It had hundreds of chemotherapy patients at the time.
For the next two years, his role became "that of a captain of a sinking ship managing the allocation of life boats until rescue arrived," he said. He redirected patients to other doctors and area hospitals. Early last year, he stopped practicing medicine.

Sounds like insurance companies are putting them through thr ringer.  Also sounds like they are in hock with their supplier which is an indication they are buying way to much on credit.

[Papper]

Thank god that healthcare is not exclusively private in Sweden. I would not like going to a busy doctor who is driven by monetary gains and on top of that risk that my clinic goes out of business if I become ill.

[Tapeworm]

Insurance companies.

[Archer77]

ok let me make a really dumb comment, wouldnt a conservative free marketer now say:

they didnt make it on the market, the market will fix this.

 

They would say its big government regulations.

[Emmortal]

ok let me make a really dumb comment, wouldnt a conservative free marketer now say:

they didnt make it on the market, the market will fix this.

 

Health care is not a free market in the US, it's heavily mixed with strong leanings toward centrally planned corporatism.

There's a plethora of issues that are driving costs, with regulations and litigation near the top.

[calfzilla]

Sounds like insurance companies are putting them through thr ringer.  Also sounds like they are in hock with their supplier which is an indication they are buying way to much on credit.

Exactly. Without that debt there would be no bankruptcy. Worst case their business would go under and they would have to go work for someone else.

[_bruce_]

The big ones will smile.

[Tapeworm]

http://money.cnn.com/2013/04/08/smallbusiness/doctors-bankruptcy/index.html?hpt=hp_t2

Doctors driven to bankruptcy

Brutal red eyeshadow and jungle print blouse.  Must have been forced to moonlight as an exotic dancer.

[Mawse]

ok let me make a really dumb comment, wouldnt a conservative free marketer now say:

they didnt make it on the market, the market will fix this.

 

they can't since we dont have a free market. The government, Ted Kennedy to be precise, set up a system where good employers pay insane premiums for their workers to have coverage.

those super high premiums mean that self employed and unemployed people can't afford decent insurance since they can't pay $10k a month for good PPO insurance.

Factor in the government paying medicare / medicaid and state programs also driving up the cost massively (and consider almost 10% of medicaid's total cost is HGH fraud. No kidding.. gives you some idea how useless the government is here at running healthcare.. and why they want HGH banned!)

Now factor in 30 million illegal aliens, just as many junkies, homeless, drunks, ghetto trash and white trash who use the healthcare system but don't pay anything for using it. The hospitals pass those bills onto the paying customers through their insurance , which raises premiums


Now add in Obamas stupid bill which will drive up costs another 20-35% and healthcare becomes almost unaffordable.

Unlike in 1950 when people paid cash to see their Doctor and it cost almost nothing compared to today

[Vince G, CSN MFT]

So you guys don't want socialized healthcare? That's cool, we will just pass a trillion laws that will force 99% of small healthcare business to fail.

Has nothing to do with Obama.  Medical Venture Capitalists and Insurance Companies have more to do with bankruptcies.  The venture capitalist try to buy out these clinics and if they refuse, they make it very hard for them to do business.  Insurance companies find every excuse to deny claims from paperwork to just plain old bullshitting. 

This has been going on for years which is why so many people want Obamacare

[CREALMADRID]

Now factor in 30 million illegal aliens, just as many junkies, homeless, drunks, ghetto trash and white trash who use the healthcare system but don't pay anything for using it. The hospitals pass those bills onto the paying customers through their insurance , which raises premiums

How they use the healthcare system if they dont pay?! i dont know very well the US system but as i know if you dont pay you cant even enter in the hospital if you have some injury!
i saw a documentary,a girl went to the insurance company and the employee couldnt tell her that her insurance policy does not have enough money to a life saving surgery!

[calfzilla]

How they use the healthcare system if they dont pay?! i dont know very well the US system but as i know if you dont pay you cant even enter in the hospital if you have some injury!
i saw a documentary,a girl went to the insurance company and the employee couldnt tell her that her insurance policy does not have enough money to a life saving surgery!

They go to the ER. ER has to treat people.

[jude2]

We have one thread with Drs making 50k a month and one with them going broke.

[SF1900]

We have one thread with Drs making 50k a month and one with them going broke.

 

LMAO!! 

Getbig is the ultimate paradox!

[Radical Plato]

In Australia we have MEDIcare, publicly funded universal health care system, - Doctors make a killing, they have got like a revolving door of patients coming and going and checks from the Government just rolling in.  Don't hear of doctors going bankrupt here.

[Roger Bacon]

they can't since we dont have a free market. The government, Ted Kennedy to be precise, set up a system where good employers pay insane premiums for their workers to have coverage.

those super high premiums mean that self employed and unemployed people can't afford decent insurance since they can't pay $10k a month for good PPO insurance.

Factor in the government paying medicare / medicaid and state programs also driving up the cost massively (and consider almost 10% of medicaid's total cost is HGH fraud. No kidding.. gives you some idea how useless the government is here at running healthcare.. and why they want HGH banned!)

Now factor in 30 million illegal aliens, just as many junkies, homeless, drunks, ghetto trash and white trash who use the healthcare system but don't pay anything for using it. The hospitals pass those bills onto the paying customers through their insurance , which raises premiums


Now add in Obamas stupid bill which will drive up costs another 20-35% and healthcare becomes almost unaffordable.

Unlike in 1950 when people paid cash to see their Doctor and it cost almost nothing compared to today

YES!!!^^^

[el numero uno]

We have one thread with Drs making 50k a month and one with them going broke.

And both threads by the same poster lol

[calfzilla]

ok.
how does the govt make a doc go bankrupt?

 

why arent then all doc bankrupt?

Good questions. Not the govts fault all though they make things difficult, problem is these docs are going into debt.