- http://money.cnn.com/2012/01/05/smallbusiness/doctors_broke/index.htm
- http://money.cnn.com/galleries/2012/smallbusiness/1201/gallery.doctors-broke/index.html
- http://money.cnn.com/2012/01/16/smallbusiness/doctor_money_mistakes/index.htm
Provide names of other journalists involved.
Parija Kavilanz
List date(s) this work was published or aired.
Jan. 5, 2012 Jan 10, 2012 Jan. 16, 2012
Provide a brief synopsis of the story or stories, including any significant findings.
These three stories shed light on the financial problems that doctors are experiencing but don’t like to discuss openly. The first story (“Doctors going broke”) was sparked by a reader comment to CNNMoney. The reader, responding to a story about potential cuts to Medicare reimbursements, said the cuts would be devastating to doctors, many of whom are already taking out loans just to pay their employees and keep their practices running. CNNMoney followed up and posed this question directly to readers: “Are you a doctor with a solo practice or group practice and have had to borrow money to make payroll?” That question drew numerous candid responses from practicing physicians, and specialists, many of whom admitted that they were indeed taking out small business loans, or tapping into their personal assets, to keep their practices afloat. It was an eye-opening reality because of the perception that doctors are “rich.” While doctors cited shrinking reimbursements, business insurance costs and other factors for their money problems, industry experts pointed out one another factor: Doctors’ lack of business acumen. The Doctors going broke story featured three doctors — a cardiologist, an oncologist and a family physician — who all outlined their financial struggles. Since the story first published, we’ve learned that one of the doctors has had to shut his practice. The second story in the series (“Doctors: Why we can’t stay afloat”) invited doctors to explain in their own words why becoming a doctor is no longer a surefire path to financial security that it once was. Six doctors, ranging from primary care physicians to an oncologist and a dentist, candidly spoke about their financial struggles, providing even greater insight into why many physicians are struggling to make ends meet. The third story (“Doctors’ money mistakes”) looked at why doctors may not be the savviest at running a business. Interestingly, some of the doctors we interviewed admitted to shortcomings, such as not having the time to study the basics of business, or not knowing when to seek out financial advisers.
Explain types of documents, data or Internet resources used. Were FOI or public records act requests required? How did this affect the work?
No FOI was filed or public records were used.
Explain types of human sources used.
Several practicing physicians were interviewed. Financial specialists who advise independent doctor practices about their finances were also interviewed.
Results:
This series about doctors and their financial challenges hit a nerve with readers. Specifically, the first story in the series generated substantial feedback of 5,548 reader comments and more than 1 million page views.
Follow-up (if any). Have you run a correction or clarification on the report or has anyone come forward to challenge its accuracy? If so, please explain.
No.
Advice to other journalists planning a similar story or project.
Listen to your readers. We got tipped off to a great reporting thread by mining reader comments.