A new article from CNN Money tells a worrisome tale. More doctors are going broke. Doctors in private practice, which number nearly half of all physicians, can’t seem to sustain their practices in today’s operating environment. Many cite Medicare cuts as a major reason.
Families of loved ones with severe psychiatric disabilities should take note. Most individuals with severe mental illness are disabled and unable to work. As recipients of Social Security Disability Insurance and Supplemental Support Income, many rely for their health insurance from Medicare and Medicaid. Yet the number of psychiatrists accepting these forms of payment is ever declining, in large measure because of Medicare’s low rates, burdensome regulations, and onerous paperwork.
Excerpt from the CNN Money article:
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. “A lot of independent practices are starting to see serious financial issues,” said Marc Lion, CEO of Lion & Company CPAs, LLC, which advises independent doctor practices about their finances. Doctors list shrinking insurance reimbursements, changing regulations, rising business and drug costs among the factors preventing them from keeping their practices afloat.
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