Insurance Drives Physical Therapists out of Business

New York, NY (PRWEB) April 26, 2009 -- HIP/EMBLEM insurance announced to its Physical Therapy participating providers a 20% reduction in reimbursement rates to be in effect May 1, 2009. Physical Therapists who do not agree with the reduction have the choice to leave the provider panel. Dr. Kostopoulos, spokesperson for Hands-On and Physiocare suggested that: "It appears that such a decrease in reimbursement serves to offset HIP's deficit for the new salaries to its officers". The New York Sun on 4/22/2008 reported that: "...Anthony Watchon president of HIP doubled his salary to $4.79 million". The same paper reported that $4.79 million is enough to provide healthcare for 12 months to nearly 1,400 people at $3,500 each. The newspaper stated: "This is just a foretaste of what will happen if the state allows it to convert to for-profit corporation"..

Click on the link (originally posted by MrManipulator) to read the full article

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