According to the practice administrator, the lease for the office had expired, and they were unable to secure a comparable location.
“We have relocated to a state-of-the-art facility in Iselin, [N.J.],” the administrator told Patch, adding that patients can also visit their other offices in Clifton and Fair Lawn — both in New Jersey.
Private practice physicians nationwide are facing mounting challenges that threaten their financial stability and ability to provide care, including declining reimbursements, rising operational costs, reduced bargaining power, and a shrinking patient base.
In 2024, 10 physician practices or clinics filed for bankruptcy—the highest number in six years—according to a report on Chapter 11 bankruptcy filings from healthcare restructuring advisory firm Gibbins Advisors. Additionally, Becker’s reported 22 physician practice closures that year.
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