A community of 30,000 US Transcriptionist serving Medical Transcription Industry
*RED ALERT* Doctors are GOING BROKE! - Reader
Posted: Jan 05, 2012
Citing industry experts, we TOLD YOU this was coming. But you kept INSISTING that it wasn't true as you continued drinking the Obama Kool-Aid.
Read it. WEEP. Weep because these are the PEOPLE WE WORK FOR.
With doctors going BROKE and closing their doors, this means FEWER OPPORTUNITIES for MTs.
This isn't Fox News, either -- it's CNN's Money Report. And if you believe (as claimed by one quoted in this article) that -- SUDDENLY -- physicians lack business acumen, then you deserve whatever you get.
NEW YORK (CNNMoney) -- 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.
"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.
MDs going broke - Saw this - read the article
[ In Reply To ..]x
Average physician salary $175,000 - Cry me a river
[ In Reply To ..]In the article the guy whines that he might have to quit--what is he going to do then, become homeless? Wish I could afford to quit! And the oncologist raking in all that money because he profits on prescibing cancer drugs?
One guy says he may have to use his "own" money. It doesn't look like they have a clue as to what "being broke" really is.
Docs in India make about $1,000 a month - Maybe they should work there
[ In Reply To ..]I guess they need to learn the lessons that the destruction of the middle class and people without insurance hurts their business, too.
No, they still have MD after their name, but they - may actually quit
[ In Reply To ..]practicing medicine and do something else. I have seen physicians leave and go to insurance companies or even go to a salaried job. While most would think coming out of school with a 175,000 salary is great, some don't think about the upwards of 200,000 dollars in education debt they walk out with. If you live in a rural area with a lot of Medicaid and uninsured, the salaries are much lower than that. The doctor I used to work for would get 50.00 an hour for rural ER work. For someone with 12 years of education, I really don't think that is great money, not in comparison to what the nurses are making.
Are they the last group to wake up? - sm
[ In Reply To ..]Small business, small farms, etc., have all been gobbled up by the corporate machine. You look around and Main Street is gone--you go to WalMart, Home Depot, your food comes from "Tyson Farms" or Con-Agra. The small-business trascription service is now Medquist, etc. The small town docs need to get with the program, I guess.
My doctor left to go work for insurance. She was a - turncoat. Shame on her. nm
[ In Reply To ..]x
Education costs - good deal
[ In Reply To ..]I think $200,000 is cadillac. If they don't party too much and study hard, I think they can finish for about $150,000. The payments on 150,000 for 15 years comes to about $14,000 a year, so they are still making $160,000 a year the first years. Pretty good investment, I would say. I think they are either poor business people or greedy.
My SIL's paycheck would bounce when her doctor-employer would be out purchasing new convertibles.
I've worked for physicians for years. They even say it about each other - Doctors are very poor businesspeople
[ In Reply To ..]That's been the joke for ever since I can remember. Doctors are notoriously poor businessmen. I remember one who bought an extravagant set of lab and x-ray equipment to put in his office knowing that he didn't have the money to pay for it. His plan was to take bankruptcy, which he did, and seemed to be proud of that. Other doctors around our clinic talked about how disgusted they were about what he did, but they also joked around about most doctors not knowing anything about how to run a business and medical school didn't teach it.
Insurance companies have ripped us off for years - No sympathy for them
[ In Reply To ..]nm
No sympathy for who? Insurance companies or - doctors?
[ In Reply To ..]I don't have any sympathy for insurance companies either, but the insurance company ripping us has nothing to do with the doctor.
I'm too tired tonight to read the article, but I - already know this is happening
[ In Reply To ..]as I worked at an office that had to shut its doors. I have worked in multiple phyisican's office, and all of them have seemed to have had hard times. The office I work in now, business is probably less than half of what it was just 3 to 4 years ago. I can look back at old schedules, and it is just amazing. This is also a very respected doctor (specialist) in the community, but when times are hard, people do what they have to do to get by. I guess some have had to wait on medical care.
The system is broke and so am I! - very unhappy camper
[ In Reply To ..]I read the article earlier today. Glad that someone posted the link. Anecdotally, I have suspected this for a while. My uncle is a doc, double boarded, internal medicine and cardiology, Hopkins trained, 30 years experience. His income was cut by 1/3 about 4 years back due to declines in Medicare reimbursement, just like the article said. One of his friends, a surgeon, took early retirement...not worth the expense of working anymore. It was costing him too much in insurance, staffing, etc, and he was recouping so little in return. A chiropractor friend of mine has also seen slowing of traffic into his office, another just closed a satellite office, not worth the expense. I sometimes wonder if there are going to be enough docs to go around to take care of me as I get older. Scary thought....
System broke- unhappy camper - LeeLee
[ In Reply To ..]Aside from education, MDs have expenses none of us ever encounter. A physician I worked for paid malpractice insurance of $ 250,000.00 yearly and had never had a claim against him. This was because of all the frivolous lawsuits filed; malpractice spread the pain amongst all in that specialty because of treating "high-risk" patients. Reform would have been more appropriately conducted on tort reform, fraudulent payments, bogus lawsuits and investigation of waste. Not having govt determine that all MDs should be paid exactly the same (not all MDs are exactly the same in education, experience, knowledge, expertise). We actually had a stripper for the facility that I worked in, sue an MD for performing surgery, after which she felt her belly button was 1/16 of an inch "off" (he did not relocate it next to her ear, duhhh). Forget that he actually saved her life with the surgery he performed. She got a settlement of 1-mill. Fair, not hardly.
At least maybe this will keep the ESL doctors from coming - here. nm
[ In Reply To ..]x
ESL docs - LeeLee
[ In Reply To ..]I was told by an ESL, that even though USA docs are receiving cuts in income, the income is still far greater than what an ESL can make in their country. He stated far more will be coming to the US, not less, for that very reason. Since my accunts now have primarily 95% + ESL dictators (up significantly the last 2 years), I tend to believe him. Just passing along what was stated to me.
Well,hopefully the younger ones will be more fluent with - English, nm
[ In Reply To ..]x
Younger ESL - LeeLee
[ In Reply To ..]I'm with you girl. It has actually become comical...there are times when I finish my shift, I am actually speaking with their accent. Did not even realize I was doing this until everyone started laughing. Signs of the times :)
They blame it on lack of Medicare reimbursements - Piggybank
[ In Reply To ..]They say Medicare is going broke and the Republicans want to cut benefits to the elderly (we will all be old one day, hopefully). So the patients get less care and the docs go broke, and I have been paying into this program all my life. Perhaps the rich do need to pay their fair share.
It's not only low Medicare - alana
[ In Reply To ..]reimbursements. Most MDs I worked for in the past limited M-care patients. MDs notoriously are terrible business people and make really dumb deals. 20 yrs ago, one of he business rags had an article entitled "Dumb Doctor Deals" and was pretty remarkable. I've seen some really dumb doctor deals in my 30 years of working in their offices. Despite practices not doing well, they're still living in the most affluent towns, driving expensive cars, and their kids are attending ivy league schools.
Piggybank - half-billion cut
[ In Reply To ..]I am sure it was an oversight not to mention that the Dems have already cut half-billion from Medicare. Also Obamacare, passed by the Dems, significantly impacts the aged. You think that didn't hurt the elderly??
Well, since that system hasn't gone into effect yet, there is no correlation - nm
[ In Reply To ..]nm
Doctors going broke - mt2
[ In Reply To ..]First, how in the world is this Obama's fault? Give me a break!
Second, in PA doctors have been going broke for years. When you factor in education costs, malpractice insurance, and business expenses, many are not seeing a good return on the investment in themselves.
It's a reality. It's been a reality for some time now (and didn't just crop up in 2009), just like the legacy from the Bush era thankyouverymuch.
I am definitely no Obama fan, but I agree - with you on this.
[ In Reply To ..]We can't blame everything on Bush or Obama. Yes, the salaries and reimbursements have been dwindling for years.
The fall of US healthcare as we knew it - Alice
[ In Reply To ..]I've been around in this industry for a while now, and in my opinion, the pharmacological industry, the insurance industry, and INVESTORS have had the most negative impact on the healthcare industry in our country. It used to be that doctors determined your treatment, not some insurance company, and health insurance wasn't so darn expensive.
I don't know of anywhere where an employed, but uninsured person with a mediocre job, just above the poverty level (where you cannot qualify for Medicaid or free clinics or anything like that), can go to get treatment for a simple sore throat without paying at least $100. Thank you to some pharmacies where you can purchase simple prescriptions for only $4.00, but you have to see a medical person first, and that's where the expense comes in.
Maybe if some of these struggling doctors lowered their fees for the uninsured or even held office hours when it is more convenient for working people to come in, they would have more business and see a little bit more profit.
Just a thought.
Saturday doctor visits - pleasant surprise
[ In Reply To ..]I really did like an old doc of mine who I eventually lost to EMR. One day he was dictating a visit on a Saturday (he is a M-F clinic doc), and he said he was in that day to see a patient who had just started a new job and did not dare to ask for time off. I no longer cursed him out when he would mumble and redictate every sentence twice.
Most will give a discount for an uninsured patient, - but you absolutely cannot
[ In Reply To ..]go below Medicare reimbursement. Medicare will not allow it. If you have deductibles and copays with insurance, that is also something that is in the contracts between the doctors office and insurance companies. It's unfortunate, but it is what it is. If you search, you usually can find a doctor that will work with your schedule and be somewhat understanding with that, within reason.
But, I agree the pharmaceutical and insurance industries need a lot of work. They have been a big contributing factor to the downfall.
*REALITY ALERT* - oh...read ME
[ In Reply To ..]The only thing more infuriating than this myopic article is the way in which you brandish it as proof of your own small-minded agenda.
Let us remember, if you dare, that the healthcare delivery system has been floundering for decades - long before Mr. Bush or Mr. Obama set foot on the political scene.
Now that I got that off my chest, let's review.
In my book, "broke" is when my bank account says: $000.00. It's safe to say that a great many citizens have not seen a pay increase in at least five years while the cost of living has continued to rise. If there is a reason that MDs should expect to experience economic growth on a yearly basis, I would like to hear it.
I am not against MDs making money, and I do believe they should be paid well. I do NOT believe, however, that they should expect the economy to smile on them more favorably than the rest of the population - particularly when their definition of "broke" needs such serious adjustment.
The article states that many physicians have experienced a 9% loss of income. Nine percent. I am certain that the majority of the middle class would happily take that 9% loss in lieu of the actual financial losses they experienced. Nine percent of my salary would not pay for the corporate lunch tab for even one of my physicians.
MDs and hospital systems have been riding the reimbursement wave for a long, long time - the net result of which has been the continued dysfunctionality of the very healthcare system on which we - and they - depend.
If my physician closed her doors because profits were not high enough, I would be happy to see her go.
Oh, and by the way - just in case you think I'm sitting pretty - I AM among the recently unemployed. I HAVE been replaced by VR.
And, as I left my employ of over 12 years, I bid adieu to an entire staff of still-employed dumb bunnies who lack the skills and wherewithall to help run a doctor's office - but heck - they're cheap.
Dumb bunnies lose money for the practice on a number of levels. Yet, due to the culture of disrespect in which so many doctors are trained, it does not occur to them that paying a good salary to one capable person will cost their practice less than paying TWO people to do the same job poorly.
In the end, it's people like you - short on solutions, easily led, with a political agenda to advance - who will continue to confound healthcare reform.
Like!! - nm
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Hear! Hear! You hit it! - sm
[ In Reply To ..]And if I may add to that, the OP is an alarmist. Just about everything they post is "the sky is falling" type of article. I can just as easily find an article to refute the one cited by the OP. In MHO, those doctors "going broke" should get out medicine. It's supposed to be about helping people get well and stay well, but greed has snaked its way into this profession as well over the last 50 years.
My mom's cardiologist just bought a 400k Ferrari, has villas in Italy and a gigantic home here (Vegas) as well as homes all over the country. He, however, will see you even if you have no money. He will do house calls and take emails/phone calls anytime for his patients or their families. Now that is what practicing medicine is. These other doctors are like attorneys - show me the $$$
very well said, thank you! in total agreement. - anon
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Bravo - well said! nm - amen
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Well done you!!! I wish there was a "SUPER LIKE" button for this post!!!! NM - Denise
[ In Reply To ..]NM
5 dislikes for this post so far... - tell me why
[ In Reply To ..]I'm interested in the opinions out there.
Don't know about the "dislikes"...but - alias
[ In Reply To ..]get this, I had to listen to a recording the other day that had been left running accidentally after the dictation was complete. after 2 minutes of actual dictation, I got to listen to another 10 minutes of personal conversation between two docs over "lunch." One doc was complaining to the other that they had been forced to take a 17% pay cut through the clinic where he worked. 17% seems like a lot and I was envisioning the clinic closing its doors relatively soon if all 20 doctors had to take a 17% pay cut. I was feeling sympathetic towards them, as my own income has declined considerably over the past six months to nearly nothing. Feeling sympathetic until I heard the complaining doc saying that he salary was *reduced* to....wait for it..... are you ready for this?....... reduced to....$46,000 per MONTH!!!!!!!! I don't come close to that in a year, and he is complaining about $46k a MONTH!!! Get real, Doc! Physicians used to be paid in chickens and pies! Count your blessings! oh, I am a bit light this month and could sure use a loan! Not to mention a *job!*
interesting - thanks
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