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Education and Other Debt-Load Risks
[By Staff Writers]
Managed care is a prospective payment method where medical care is delivered regardless of the quantity or frequency of service, for a fixed payment, in the aggregate.
Desperate Students Doctor’s and Healthcare Professionals
Among the many reasons why doctors are financially unhappy, some might even say desperate today, is because a staggering medical student loan debt burden of $100,000-$250,000 is not unusual for new practitioners. For example, the federal Health Education Assistance Loan (HEAL) program reported that for the Year 2002-03, student numbers and default totals include*:
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Allopathic Medicine 194, $20,495,446
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Chiropractic 926, $74,781,238
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Clinical Psychology 40, $3,051,546
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Dentistry 342, $40,158,139
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Health Administration 4, $285,543
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Optometry 29, $2,481,808
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Osteopathy 39, $4,988,389
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Pharmacy 33, $1,320,457
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Podiatry 127, $17,797,564
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Public Health 7, $569,733
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Veterinary Medicine 1, $32,602
Total for all disciplines: 1742, $165,962,465
And, the totals are even higher in 2008
Source: www.defaulteddocs@hrsa.gov
Other Debts
Significant miscellaneous debts incurred by doctors usually include “excessive-wants” more than “actual-needs”. Such extravagances include automobiles, homes, vacations, clothes and depreciating assets or “toys.”
Often, doctors even reckon they are immune from typical small claims debts, or court collection actions, by virtual of their education and career. For example, alleged non-payment of the following de-minimus private debts have allegedly been freely admitted by these doctors for illustrative purposes, despite prior threats of credit agency reporting and other perfectly legal fair debt collection tactics:
Public Non-Payment Rebuke:
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Mark Hill, MD; Pulaski, New York
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Tom Pfennigwerth, DPM; Seneca, PA
Assessment
Of course, one wonders, perhaps ironically, about the billing and AR collection practices of such miscreants in their own medical offices; ethics, legality, morality?
Conclusion
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- FINANCE: Financial Planning for Physicians and Advisors
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- Dictionary of Health Economics and Finance
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- Dictionary of Health Insurance and Managed Care
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One Can Only Wonder?
If proven true, one can only wonder if the physicians and allied healthcare personnel above are sent to collections, or reported to credit agencies like Trans Union, Equifax, Fair-Issac, Dunn and Bradstreet, etc. How about national, regional, state and local medical societies, state and specialty boards, banks and mortgage companies, and the like?
• Does the AMA/ADA care?
• Are they banned from Medicare, Medicaid, MCOs, HMOs or PPO, etc?
• And, doesn’t this hurt credibility in cases of medial malpractice or related liability questions?
Too bad we can no longer depend on moral suasion, or just “doing the right thing”? Cheese!
Sharon
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List Published of Docs, Dentists Who Owe Gov’t Thousands for Student Loans
There are 846 doctors and dentists in 43 states who have been named by the U.S. Department of Education on a public list in a desperate effort to get them to repay their defaulted student loans.
http://abcnews.go.com/Health/doctor-owes-government-thousands-dollars-unpaid-student-loans/story?id=26376289&utm_source=Copy+of+Copy+of+10.23.14&utm_campaign=11713&utm_medium=email
And, because the loans were federally guaranteed, it’s taxpayers who are left with the bill.
Major
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