A recent article posted on the American Medical Association’s website caught our attention. The article was titled “Big Medicare pay fixes are needed to save this solo practice.” The piece focuses on Dr. Jesse Goldman’s solo practice and the struggles he faces to keep his practice afloat amid rising inflation and reduced payments from Medicare.
Dr. Goldman is an AMA member, president-elect of the American College of Physicians and represents that medical association in the AMA House of Delegates, so he is clearly a very knowledgeable and trusted physician, and even he is having a hard time keeping his head above water with his solo practice. The piece highlights a few key metrics that show just how tough it continues to get for solo practitioners:
- Physicians stand to see a 2.83% cut for 2025 in the Medicare payments that help them support their practices and their care teams.
- The Centers for Medicare & Medicaid Services (CMS) projects another 3.5% rise in the Medicare Economic Index, which measures the cost of running a medical practice.
- This year marks the fifth straight year of cuts in Medicare pay.
- AMA research shows that Medicare physician payment, when adjusted for inflation, has dropped by 33% since 2001.
“Sometimes you can only squeeze so much blood from a stone before there’s nothing left and the practice has to close,” Dr. Goldman said, noting that all of these financial pressures on physicians who just want to care for patients also leads to burnout and decreased wellness for doctors.
Dr. Silverman Comments
After 20 years of providing the unique care that has come to define the Silverman difference, my wife and I faced the tough decision to close Silverman Ankle & Foot. The realization hit me hard a year ago, especially after losing my best friend to cancer. It was a moment of profound loss both personally and professionally. The challenges were clear, even before the pandemic, but the recovery afterward was beyond our reach.
Eventually, my road led me to Resurgens Orthopaedics. While I’ve had to give up some autonomy, joining this exceptional team has been rewarding. It’s certainly a better alternative than the path many doctors have had to take by completely giving up their practice.
Much of what Dr. Scott touched on in the AMA blog hit home with our practice. Medicare cuts and rising costs are making it harder and harder for smaller practices to survive. Private practices only get a fraction of what is billed to Medicare, and after rent, staff wages and other overhead expenses are accounted for, it’s getting harder for it to make financial sense to take the risk to make it as a solo practitioner, no matter your skill or experience.
But don’t get me wrong, I am incredibly excited about the new opportunity. As they say, “A rising tide lifts all ships,” and I think being around some of the best and brightest minds in the industry will only bring out the best in me. Working together to solve complex problems and being able to provide patients with more on-site diagnostic and treatment options will only make it easier to ensure patients get the care they deserve. Here’s to new beginnings and continuing to make a difference in foot and ankle care.
~ Dr. Lance Silverman