Below, is a link to an interesting article published by CNN, discussing the recent spike in doctors who are declaring bankruptcy. The reasons cited for filing Chapter 11 bankruptcy include consumer cutbacks (e.g. office visits and elective procedures), “shrinking insurance reimbursements, changing regulations, and the rising cost of malpractice insurance, drugs and other business necessities.”
Interestingly, none of the doctors said they filed bankruptcy because of malpractice lawsuits. Perhaps this is because the Congressional Budge Office estimates that less than 2% of overall healthcare spending is related to medical malpractice cases. Additionally, the Government Accountability Office has stated that malpractice cases do not significantly affect healthcare costs in the United States.
To read more, visit CNN’s website, or try clicking on the below link: