I am a doctor in private practice. Because the insurance companies have dropped their reimbursement rates and failed to make most of their p...

Question

I am a doctor in private practice. Because the insurance companies have dropped their reimbursement rates and failed to make most of their payments in a timely fashion, I have needed to borrow money to stay in practice. I have been advised that private doctors have no way to leverage to get proper reimbursement. What can I do to avoid bankruptcy and keep my business? Is it advisable to liquidate and become an employee? I have a very busy practice and a very clean record and my patients want me to keep the practice and keep seeing them. Being an active member of the medical society, there are a large number of other doctors in the same situation making it seem to be a global problem. We have attempted to form a legal ACO with one tax ID # and a large group of physicians to create more leverage and this has failed. What options are left?

Answer

I don't think there are any quick and easy answers to this issue as you probably have gleaned already from your own experience.

I would be happy to discuss it with you in more detail and see if perhaps I have any insights to offer, but at this point I probably have more questions than answers.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

[email protected]/* */

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Answer

There are organizations and recruitment firms which specialize in the provision of partnership opportunities to professionals in the medical, legal and accounting fields. I, for one am related by blood and family/community relationships to a huge number of practicing physicians. I may be of help if you provide your area of specialty and practice location with hospital affiliations, if any. You never know and it can not hurt.