How Doctors Could Be Like Wall Street Banks

May 8, 2010

Andrew Villegas, from Kaiser Health News, posts on NPR:

What do doctors and dentists have in common with Wall Street lenders? Maybe more than you think. Health professionals worry they could be regulated like bankers under financial overhaul legislation that aims to clamp down on lending abuses. One provision of a bill pending in Congress would give broad oversight to a new regulatory agency — the Consumer Financial Protection Agency — to make sure banks and other financial institutions don’t extend credit inappropriately.

That's where doctors, dentists and other health care providers start getting a little nervous. Say you're an orthodontist and you'll let the Smiths pay Johnny's $5,000 braces' tab on the installment plan. Technically, you might be seen as a lender. And that label, some health care provider worry, might make them subject to the new consumer agency’s regulations.

Physicians and dentists see paperwork ahead — and lots of it. Michael Graham, managing director of government affairs for the American Dental Association, says that it's not clear yet how bad things might be because the regulations haven't been written. But, one thing's for sure, complying would cost money.

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