Bruce Malone, MD, president of the association, said the cut could force elderly people to seek other physicians. Dr. Malone shared the results of the association survey of physicians while asking federal lawmakers to revamp the payment formula for physicians; without action, reimbursements will experience a 29.6 percent cut starting Jan. 1.
In Texas’ Tarrant County, 48 percent of physicians said they would consider opting out of Medicare if such a reduction took place. The formula is intended to control Medicare costs by reducing reimbursements to physicians if the program’s previous year’s spending exceeds target levels. This first happened in 2001, and spending has continued to surpass targets each year, but Congress has delayed cutting reimbursements until now.
Meanwhile, Medicare debt has grown to $350 billion, according to the report.
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