Covering overhead costs, paying staff members, purchasing supplies and equipment, and paying the office lease are tougher for physicians right now. The economic recession afflicting the country is having an effect on physicians' ability to meet operational costs while continuing to provide high-quality, life-saving care. To stay up and running, some physicians are taking out lines of credit and obtaining loans.
This installment of Podcast TMA examines the effect the economic recession is having on physicians' practices. The cover story of the September 2009 issue of Texas Medicine magazine tells the story of a young physician who obtains a loan to open a new practice and the daily financial challenges that face two established physicians. Today, Lindsay Irvin, MD, a San Antonio pediatrician who owns Alamo Heights Pediatrics, and Carlos Diaz, MD, a Boerne ophthalmologist who opened Diaz Vision Center last year, share their stories and some tips other physicians can use to weather this economic recession. This installment covers:
- Measures physicians have taken to ensure the financial viability of their practices;
- How the economic downturn has affected some Texas medical practices;
- The impact of the recession on patients; and
- Advice for medical practices struggling to survive the economic downturn.
Want to Subscribe to Podcast TMA through iTunes?Here's the link. It takes you to the iTunes store. Subscription is free.