Although most of us in medicine know the struggles of running a private practice, it is still disconcerting – albeit not surprising – to hear that some doctors are having to file for bankruptcy.
In an article on CNNMoney.com, some physicians talk about having to get business loans or use personal funds to keep their practices afloat. In some cases it is a matter of sudden changes in reimbursement policy, such as cuts in oncology pharmaceuticals; in others, it is the slow death of decreased revenue in the face of increasing costs.
For the rest of practices that are in a somewhat better situation, the annual drama in Washington DC over Medicare reimbursement has led to a paralysis in strategic planning of any kind. Doctors cannot plan for growth, for expansion, or for investment in new technology with the spectre of 30% fee cuts constantly looming over their heads.