CNN Money has an article today (probably "yesterday" by the time you read this) about Doctors increasingly seeking the dubious protection of Chapter 11 Bankruptcy. Most of the piece is largely fluff- all emotion and "analysis" without ever really touching on the subject. I will leave the speculation of why that's so to others, but I think I have some hints.
Here's the first one:
Five years ago, Plantation, Fla.-based bankruptcy attorney David Langley didn't have a single doctor as a client. Since then he's handled at least six bankruptcy cases involving doctors. Two current clients -- an orthopedic surgeon and an OB/GYN -- also are in bankruptcy.
Hmmm... What could possibly have happened between 5 years ago and today? I got nothin'.
Now, don't pay attention to this, as it's a Red Herring:
The weak economy has taken a toll on doctors' revenue, as consumers cut back on office visits and lucrative elective procedures, said Guy, a bankruptcy attorney in Nashville with Frost Brown Todd LLC.
Why do I say it's a Red Herring? Because all of the actual doctors cited in the article are doctors not known for their "lucrative elective procedures." Mentioned are: an orthopedic sugeon, an OB/GYN, an Oncologist, and "Primary doctors." Not listed? Cosmetic/Bariatric sugeons. If "cut[ting] back on... lucrative elective procedures" had anything to do with it, don't you think people who specialize in "lucrative elective procedures" would be at the forefront of bankruptcy filings?
So, back to finding hints about why CNN Money might have written a piece which was largely "human interest" and very light on actual facts.
Hint number 2 is here:
Doctors also blame shrinking insurance reimbursements, changing regulations, and the rising costs of malpractice insurance, drugs and other business necessities for making it harder to keep their practices afloat.
I should note that in the linked article, those words "insurance reimbursements" (meant to make you think BlueCross, Aetna, and United are paying your doctor less) are a hyperlink to an article titled: "Medicare doctors' pay to be cut." That article blames the (by then already) largely averted Sequester. In reality, you can blame lower Medicare reimbursements on ObamaCare.
Wait, I said I wasn't going to speculate. Whoops.