The second article was eye-opening. It would be terrifying to do your job that well and end up $32 million in debt because of illogical political forces beyond your control.
With Obamacare, what percentage of physicians might we expect to see employed by hospitals?
With more physicians being employed by hospitals in the future, will salaries go down in the profession and ultimately, will the number of people graduating from medical school go down?
Article two and three are two sides of the same coin. During the past 10 years practices that were profitable (and valuable) are now essentially worth almost nothing when the physician-owners try to sell it to another doctor. The days are about gone where primary care physicians can run a solo practice and expect to earn a substantial living. Many doctors are finding this out (especially young ones) and going to work for someone else. They can still make a very good living, but don’t have the problems of running a business. The economic conditions that are making the old solo practice business model obsolete are not unlike the ones that make the solo grocer obsolete; the solo clothing store owner obsolete, etc. Physicians have been sheltered from these forces far longer than most occupations due to a convoluted system of third-party payments and a medical association that has been rather successful at erecting barriers to entry.
The sad truth is that many rural communities will find they just have nothing to offer a doctor in the way of culture, living conditions, or income sufficient to entice physicians to practice there. The community where I grew up has to heavily subsidize medical professionals to get them to live there.
I am surprised the percentage is only 20%. Before I recently retired doctors in my area were having their practices taken over all the time. It will only increase.
1. Young doctors coming out of residency/fellowship are often not even looking for private practice. They have been indoctrinated by our education system to believe in socialized medicine or at least institutional medicine.
2. The hospital owned practices offer paying down education debt. Indentured service?
3. Pay for now is attractive without fighting all the battles of third party and expenses, but once the private alternative is not there the pay will decline and job satisfaction will be less.
Only a free market will give professional satisfaction but we are moving rapidly away from that.
The second article was eye-opening. It would be terrifying to do your job that well and end up $32 million in debt because of illogical political forces beyond your control.
With Obamacare, what percentage of physicians might we expect to see employed by hospitals?
With more physicians being employed by hospitals in the future, will salaries go down in the profession and ultimately, will the number of people graduating from medical school go down?
Will doctor shortages become a reality?
Article two and three are two sides of the same coin. During the past 10 years practices that were profitable (and valuable) are now essentially worth almost nothing when the physician-owners try to sell it to another doctor. The days are about gone where primary care physicians can run a solo practice and expect to earn a substantial living. Many doctors are finding this out (especially young ones) and going to work for someone else. They can still make a very good living, but don’t have the problems of running a business. The economic conditions that are making the old solo practice business model obsolete are not unlike the ones that make the solo grocer obsolete; the solo clothing store owner obsolete, etc. Physicians have been sheltered from these forces far longer than most occupations due to a convoluted system of third-party payments and a medical association that has been rather successful at erecting barriers to entry.
The sad truth is that many rural communities will find they just have nothing to offer a doctor in the way of culture, living conditions, or income sufficient to entice physicians to practice there. The community where I grew up has to heavily subsidize medical professionals to get them to live there.
I am surprised the percentage is only 20%. Before I recently retired doctors in my area were having their practices taken over all the time. It will only increase.
1. Young doctors coming out of residency/fellowship are often not even looking for private practice. They have been indoctrinated by our education system to believe in socialized medicine or at least institutional medicine.
2. The hospital owned practices offer paying down education debt. Indentured service?
3. Pay for now is attractive without fighting all the battles of third party and expenses, but once the private alternative is not there the pay will decline and job satisfaction will be less.
Only a free market will give professional satisfaction but we are moving rapidly away from that.