This reads as an unlikely headline, but recently a number of doctors have been struggling to keep their medical practices financially sound. According to the American Bankruptcy Institute’s Health Care Committee, Chapter 11 bankruptcy filings by physician practices have recently spiked. In recent weeks, there were at least eight filings, which is unusual for the industry.
In many cases it is not major medical malpractice lawsuits leading doctors to file bankruptcy, it is the struggling economy that has been blamed for this growing trend. Patients are cutting back on doctor visits and elective procedures due to their own financial hardships. Doctors attribute their financial struggles to shrinking insurance reimbursements, changing regulations and the rising cots of malpractice insurance, drugs and other business necessities.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.