Lawmakers Hear Grim Outlook From Private Practice Physicians on Rising Costs

Lawmakers heard testimony on May 23 from medical professionals about the strain on private practice physicians, which is causing a decrease in the quality of care for many Americans. Both the chairman and ranking member of the House Ways & Means Health Subcommittee voiced their concerns about the declining number of private practices. The chair, Rep. Vern Buchanan (R-Fla.), pointed to statistics showing that overall cost increases were stifling doctors. Almost 90 percent of medical groups reported an increase in operational costs in 2023, according to the Medical Group Management Association, and physician costs increased by more than 63 percent between 2013 to 2022. As Mr. Buchanan pointed out, this makes it “harder to run a business, let alone own a practice, so how can we get doctors to afford to stay in private practice, with costs skyrocketing and reimbursement rates continuing to get cut?” he asked. “Many times physicians are forced to sell their practice or consolidate with a larger system to stay afloat.”...