How much does your doctor really get paid? Do you know?
Just recently I came across a review of some very interesting studies I’d like to share with you. These studies have been done over the last five years to understand patients’ perception of how much their orthopedic surgeons are reimbursed. It is a privilege and a joy to care for patients and I would not trade this work for any other regardless of what we are paid. Nonetheless, these researchers’ findings were really interesting.
How much is it worth to have your knee or shoulder made better? To return to productive work? To sleep through the night without pain? To restore athletic function for a lifetime of fitness and health? If you have had orthopedic surgery, do you know what the insurance company paid your doctor for your surgery and the three months of included follow up appointments? What would you say? What is fair?
Orthopedics Today recently reviewed a number of studies about patient perception of reimbursement for knee and hip replacement, arthroscopic knee and shoulder surgery, and spine surgery. Click here to read the article. One finding was universal. Patients thought their orthopedists were paid much more than they actually are. Patients in several studies thought their doctors were paid more than 10x what was really paid by insurance companies. Most patients don’t understand that much larger fees usually go to hospitals/surgery centers and device/implant companies. There seems to be an overwhelming perception that orthopedic doctors receive much higher fees than we actually do. It’s flattering that patients perceive that much value in the orthopedic care that they receive. Yet, the reality is that payment to doctors for procedures is much lower than patients think is fair and those payments are also decreasing steadily.
In a world where there is more and more discussion about the cost of healthcare, it is important for lawmakers and others to understand what patients really think about the value of the care they receive from their orthopedic doctors. Healthcare is not a free-market economy. If it were, patients could freely choose their care by comparing prices and judging if they are willing to pay a certain price for specific care; just like you would judge at the store whether the price of an item is fair to you. Maybe it would be better that way. Given where we are as a country, the best we can do in our office is to help our patients understand costs and provide the best care we can in a cost-efficient way.
The cost of medical care is often obscured in a blizzard of insurance mumbo jumbo. It is really hard for a person to decipher all the bills from hospitals, labs, doctors, therapists; let alone explanations of benefits from their insurance companies. Rarely are all these bills clear. I share your frustrations with all of this, which is why we have developed our financial policies as we have.
Our goal is to let patients know upfront what their costs will be. The traditional process of medical billing in which patients receive a confusing bill after they have already had a surgery or procedure should be left behind. If you ever have questions please ask us. We value you and we are pleased to know from these studies that you value us and the benefits orthopedic care can produce. Contact us today for an appointment.
