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Posted: Sat 19:09, 07 Dec 2013 Post subject: a bankruptcy attorney says.Bobby Guy |
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Recession cited for increases in U.S. physician bankruptcies
NASHVILLE, April 9 () -- The recession took a toll on U.S. doctors' revenue because consumers cut back on office visits and lucrative elective procedures, a bankruptcy attorney says.Bobby Guy, co-chairman of the American Bankruptcy Institute's healthcare committee and a bankruptcy attorney in Nashville with Frost Brown Todd LLC, said he noticed a spike in Chapter 11 bankruptcy filings by physician practices. Physicians often carry a good deal of debt due to the costs of opening an office, diagnostic machines, etc., so a prolonged downturn in revenue can have serious repercussions. "Eight filings in three weeks is very unusual," Guy told CNN/Money. Doctors also blame shrinking insurance reimbursements,[url=http://www.tinfoti.com/]Christian Louboutin Outlet[/url], changing regulations and the rising costs of malpractice insurance and drugs -- especially chemotherapy drugs -- adding to shrinking bottom lines. Dr. Dennis Morgan, had a profitable solo oncology practice in Enfield, Conn., for years,[url=http://www.huh456.com/]christian louboutin online shop[/url], but when reimbursements for treatment and drugs to oncologists started shrinking,[url=http://www.moncleroutleto.co.uk/]moncler outlet[/url], he had trouble meeting expenses and instead of keeping patients alive, he tried to keep his practice alive. For two years, his job was "that of a captain of a sinking ship managing the allocation of life boats until rescue arrived," he told CNN/Money. He redirected his patients to other doctors and hospitals, but early last year, he stopped practicing medicine.Dr. Morgan Moor, an internist with a solo practice in Brentwood, Tenn.,[url=http://www.huh456.com/]christian louboutin outlet[/url], said the recession badly hurt her once-thriving practice and by 2010, she had lost almost half of her active patients,[url=http://www.godsdrama.com/]true religion outlet[/url], her annual revenue dropped nearly 30 percent and she had to lay off half her employees.
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