It probably comes as no surprise to physician practices plagued by declining reimbursements, increased bureaucracy and more and more patients not paying their increasing share of the cost of providing care.
But the reporting by
CNN Money on the increasing number of physician practices considering or actually filing for bankruptcy and its impact on the careers of the affected physicians may give the public more insight into the business struggles doctors face.
The article notes that none of the profiled physician practices faced large malpractice awards that might merit a bankruptcy filing. In each instance, the cost of doing business went up to the point where the practices literally couldn’t afford to keep the doors open without restructuring.
Accompanying the coverage are
profiles of physicians who’ve walked away, choosing careers ranging from artist to gun shop owner.
The reasons for the bankruptcies ran the gamut – inability to afford to furnish expensive in-office drug treatments, declines in elective services and fewer cash payments to primary care doctors.
Our own nonscientific
Part B News poll shows that 31% of practices who responded collect copays at the time of service less than 90% of the time, including 8% who say they collect it at the time of service less than 10% of the time. One way physicians can increase the revenue coming into their practices is to collect copays efficiently. Find out how with tips and guidance in an upcoming issue of
Part B News.