Doctors Driven To Bankruptcy

 

 

 

” 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 spiked in March, noted Bobby Guy, co-chair of the American Bankruptcy Institute’s health care committee. “Eight filings in three weeks is very unusual,” said Guy.

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.