As discussed in this article about “Medicare for All”, physicians should take note of possible coming changes to reimbursement and income.
There should be no doubt that the imposition of national Medicare will drop physician and hospital income. Medicare reimbursement is already at the bottom of most health care providers’ pay schedules, and removing private payors will have a large impact.
Remember that if you have an office overhead of 50%, a 10% drop in income might actually drop your income by 20% unless you can effectively trim overhead significantly.
Hospitals that increasingly employ physicians already are using their leverage to drop salaries in many locales. Decreased reimbursement to hospitals nationwide should be expected to increase pressure on employed physicians’ income.
I’m not saying this will pass-but that as physicians we should recognize the threat. What should we do?
First, I suggest educating patients on the many negatives of a government-controlled health care system. How many of your patients would like to have all their health care only at the VA?
Second, physicians should be saving money aggressively-keeping their options open towards financial independence, retirement optional.