Are Dentists going broke like many Physicians?

[IrecaH216]

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I just read a few moments ago on a CNN article that it has be reported that there are many physicians going under or struggling to keep their heads above the water where it comes down to keeping their private practice open. There was no mention of any specific fields but is this occurring a lot in dental practices too? There was even mentions of these private doctors taking out loans just to make payroll. I am just wondering how to go about planning for my soon to be future in this field so this is why I am asking.
Thanks,
Ireca🙂

 

[hellopeople]

I just read a few moments ago on a CNN article that it has be reported that there are many physicians going under or struggling to keep their heads above the water where it comes down to keeping their private practice open. There was no mention of any specific fields but is this occurring a lot in dental practices too? There was even mentions of these private doctors taking out loans just to make payroll. I am just wondering how to go about planning for my soon to be future in this field so this is why I am asking.
Thanks,
Ireca🙂

Ahhh falling insurance reimbursement, the student loan driven proliferation of corporate dentistry, the introduction of mid-level providers, and/or the general commoditization of dentistry resulting in rapidly falling standards of living among dentists. I love sdn. 🙂

Gotta stop coming here during work.

 

[DrJeff]

Some are, most aren't (as long as you live within your means!)

Also, unlike medicine, we in the dental world have been for the most part pretty successful at avoiding the insurance debacle with HMO's, etc that hit our medical colleagues. This is where presenting an organized front, and actually getting out of our offices on occasion and actually meeting and talking with our various elected officials is very important!! (and yes they're actual people who are interested in hearing what we say).

 

[OhioDMD]

Check the government stats:
http://www.bls.gov/oco/ocos072.ht

 

[IrecaH216]

Thanks for the reply. It was purely a curious question. You are correct that people should live within their means too. Thanks again

 

[yappy]

The article gave three stories of physicians but didn't provide any statistics about how many are going under or struggling. Though, I dont doubt that the margins are thin as there is this perpetual downward spiral of medicare cutting their reimbursment then privite insurance adjusts too and then it repeats again.

I hope that it doenst effect dentistry too much but I also hope physicains are able to come out on top. I think it would be interesting to see if a large majority stopped seeing medicare or medicaid patients and demanded cash only - cut out most all third party payers. No one should have to work for free - you know the people who benfit from medicare didn't during their careers.

 

[AwesomeTeeth]

I think it would be interesting to see if a large majority stopped seeing medicare or medicaid patients and demanded cash only - cut out most all third party payers.

I actually know a couple clinics that do this already. They're always packed too. I've always wondeedr what kind of income they're generating.

 

[yappy]

I read an article about an interal medicine doctor who reduced their patient base by 2/3 but retained about 1k patients. The screen to select patients was based on their ability to pay a retainer fee. The doctor cut their overhead (less staff needed to process patients and insurance claims) and went from seeing around 20-30 patients a day to 10 and maintianed an income of 230k. As a result they were able to spend around 45 min with each patient. I cannot find the article again but it was an interesting concept.

BUT - you could not imagine the comments below the aritlce lol. People felt the doctor who be FORCED to see medicare and caid patients and thought it was ill of them to turn non-payers away. Some even called for laws that would mandate physicians to see all patients - scary these people can vote!

I actually know a couple clinics that do this already. They're always packed too. I've always wondeedr what kind of income they're generating.

 

[hifive]

I read an article about an interal medicine doctor who reduced their patient base by 2/3 but retained about 1k patients. The screen to select patients was based on their ability to pay a retainer fee. The doctor cut their overhead (less staff needed to process patients and insurance claims) and went from seeing around 20-30 patients a day to 10 and maintianed an income of 230k. As a result they were able to spend around 45 min with each patient. I cannot find the article again but it was an interesting concept.

BUT - you could not imagine the comments below the aritlce lol. People felt the doctor who be FORCED to see medicare and caid patients and thought it was ill of them to turn non-payers away. Some even called for laws that would mandate physicians to see all patients - scary these people can vote!

Lets say you were one of these medicare patients in dire need of help and a doctor turned you away? Not so crazy coming from the other side of the wall. What is scary is that 1% of the people hold 40% of the wealth.

 

[yappy]

Save your monies: kidding aside - of course there should be some safety net. But they have not moved the medicare age up to the degree that life has been extended. It also covers way too much and the system is going broke. As a result their solution is to pay people less as the most wealthy generation-to-date is about to retire.

Yes, it is crazy.

Lets say you were one of these medicare patients in dire need of help and a doctor turned you away? Not so crazy coming from the other side of the wall. What is scary is that 1% of the people hold 40% of the wealth.

 

[yunowu]

First, insurance companies decrease insurance reimbursement. Second, Healthcare providers made the mistake of assuming that the economy would turn around soon. Then they borrow more from the banks to go further in debt. Finally, the banks pulled the rug out beneath them.
Live within your means..
Bank of America severing some small-business credit lines
http://www.latimes.com/business/la-fi-credit-cutoff-20120103,0,3538902.story

Check out the comment section..

 

[DrJeff]

Lets say you were one of these medicare patients in dire need of help and a doctor turned you away? Not so crazy coming from the other side of the wall. What is scary is that 1% of the people hold 40% of the wealth.

Lets say that the government mandates that one has to take care of a certain number of medicaid patients at a fiancial loss, not a charitable decision to do so at a loss, but a mandated requirement. Now that's very scary! 😱

 

[yappy]

+1. When ever I read an article about some doctor, despite the challenges, servicing a paying patient base instead of the entitlement-non-paying base the comment section is full of people who think the doctors recertification should be tied to seeing a certain number of medicare/caid patients.

SCARY

Maybe doctors can make a social agreement with society that they too can receive all goods and services at 1/2 market value lol.

Lets say that the government mandates that one has to take care of a certain number of medicid patients at a fiancial loss, not a charitable decision to do so at a loss, but a mandates requirement. Now that's very scary! 😱

 

[m1817]

If American Doctors Are Going Broke, Who Is Really Responsible?

http://www.forbes.com/sites/rickung...rs-are-going-broke-who-is-really-responsible/

First off, it is important to recognize that not all physicians in the health care system are facing financial crisis. About 50 percent of the nation's doctors are employed, typically by hospitals, and receive a salary in exchange for their service. So far, these practitioners do not appear to be in any significant financial danger.

The financial problems are typically experienced by a portion of the remaining 50 percent who wish to operate their own private practices and, as a result, find themselves suffering from the financial stresses faced by so many small businesses in these difficult times.

Yet, even among this 50 percent, not all private practices areas are in trouble. For example, surgeons and dermatologists seem to be doing just fine while cardiologists and oncologists, whose business models necessarily make them more susceptible to trouble, are feeling the pain.

 

[IrecaH216]

Thanks to all the comments even though one or two strayed from the topic. All info and/or opinions are food for thought as to how I should plan ahead for my future in the field. The more input the better. I like observing people's different points of view.👍🙂

 

[OU11BB]

only the ones spending more than they make...