Bruising Piece On Declining Reimbursements Neglects Impact of Legal Counsel

An article was published earlier this month about physicians in small private practices “going broke” due to a number of factors which include the evolving healthcare system, declining reimbursements, and a lack of business acumen. This article details the changes and includes a couple of anecdotes, including that of a respected oncologist.

http://money.cnn.com/2012/01/05/smallbusiness/doctors_broke/index.htm

I am inclined to agree with most experts, citing a lack of business acumen as a leading reason for the decline. However, there is also an important element left from the piece. While the article cited a change in a few laws, it did not emphasize the lack of continuous and/or effective counsel in guiding the physicians through these changes over the decades. While business acumen is important, it wasn’t always necessary to help these practices continue to thrive over the years. On many occasions, a physician’s knowledge, expertise, and exceptional quality of treatment administered among his/her patients was more than enough to not only sustain a practice, but to help it grow and expand. It brought new business and repeat business. On the same token, no amount of business expertise, marketing advice, paid advice by consultant firms, etc. could compensate for inferior care and substandard treatment.

Granted there may be a bias that this is coming from an attorney, but physicians and healthcare institutions, now more than ever, need legal counsel! Every way that a practice is being reimbursed is subject to review and reform by Federal and state government. This even includes reimbursement for prescription drugs. The passing of the Patient Protection and Affordable Care Act is not the end of this chapter. Many of its provisions will be taking effect over the next several years and will have a major impact on private practices. Those that are constantly informed and counseled will stand a better chance of weathering the storm over those who wait until something happens and require counsel for damage control. This article is especially illustrative about how even those physicians who are well respected in their locale and medical community are not safe if they are not made aware of the changes. Many of these incidents may have been prevented with a healthcare attorney advising the practice on a regular basis.

Midwest Legal Partners, LLC

Posted by Attorney Saif R. Kasmikha

Midwest Legal Partners, LLC