Insolvent.
In the red.
More liabilities than assets.
That's where Japanese medical providers (and physical therapists) are financially.
No, it's not due to the current financial crisis.
It's due to Japan's chronic under-spending on health care.
| Spending on Health Care | ...as a per cent of GDP |
|---|---|
| Japan | 8% |
| US | 16% |
| Medicare | 8% |
| Note: Medicare pays for half of US health care consumption | |
The take home message is that US health care providers rely too much on Medicare.
Currently, most US health care providers are solvent.
However, a 21% cut in the Physicians' Fee Schedule on Jan 1, 2010 threatens the largest, quickest-paying revenue stream for many physical therapist private practices.
The Obama administration has affirmed its intent to embrace Electronic Medical Records (EMR) as a means of of cutting costs in the Medicare program.
What does that mean for physical therapists?
Medicare is desperately trying to cut costs before the wave of aging Baby Boomers washes over our heads and drowns us in red ink.
Can physical therapist private practices cut costs faster than Medicare cuts theirs?
Will electronic medical records help physical therapists cut costs?
What do you think?
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