Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

Adapting to health care’s financial maze: Anesthesiologists tackle AI, competition, and soaring costs

Deepak Gupta, MD
Physician
May 17, 2023
5 Shares
Share
Tweet
Share

In the health care business, as in other industries, there are marginalized and privileged payers. The number of patients covered determines which health care payers can sell at wholesale pricing, benefiting themselves while expecting providers and institutions to make up for lower reimbursements with patient volume. Uninsured patients typically pay retail prices unless they can secure rare waivers from providers or institutions. These waivers are uncommon due to the complex nature of health care economics, which even providers and institutions may not fully understand. As a result, self-funded patients seldom avoid entanglement in these complexities.

The responsibility falls on marginalized payers and their customers to bear the brunt of society’s health care costs. Health care providers seeking fair wages and institutions aiming to balance their books cannot rely solely on privileged payers’ low reimbursements or on waivers for uninsured patients. Privileged payers adopt a “take it or leave it” approach, while marginalized payers, conceding to this behavior, might think, “someone’s got to pay.” This is especially true for anesthesia providers, whose billed dollars are reimbursed at significantly lower rates by privileged payers, while marginalized payers compensate at much higher rates.

As the dynamics evolve, anesthesiologists face challenges. They must compete with non-physicians whose lower costs offer an alternative to increasingly expensive health care in a potentially unsustainable economic climate. Additionally, they must confront the existential threat posed by artificial intelligence (AI), which could render them irrelevant. To address this, humans may need to reconnect with others to counter AI’s non-human effects or collaborate with AI to develop emotional intelligence.

In the meantime, anesthesiologists may need to personally perform anesthesia services to compete with certified registered nurse anesthetists (CRNAs). Although CRNAs are generally exempt from overtime pay, some states and jobs may consider them non-exempt, making them eligible for overtime pay without losing their cost advantage. Anesthesiologists could negotiate higher overtime rates during physician shortages, especially as locum physicians. By mixing their schedules, they can prepare for a future in which AI and CRNAs force them to perform anesthesia services exclusively. Alternatively, they can pivot to administration, education, or innovation in anesthesiology or become consultants for emergent anesthesia consultations in-person or via telehealth.

In summary, history shows that diseases among the privileged become privileged themselves, as do the sufferings of the privileged. However, health care payers that cover large populations of marginalized individuals may inadvertently exacerbate marginalization if health care providers and institutions turn away from wholesale-priced health care, despite the ethical and legal implications of such decisions.

Deepak Gupta is an anesthesiologist.

Prev

The myth of wealthy doctors: Why business education is vital for every physician

May 17, 2023 Kevin 1
…
Next

From cancer survivor to health care advocate: a touching tribute to an irreplaceable radiologist [PODCAST]

May 17, 2023 Kevin 0
…

Tagged as: Anesthesiology

Post navigation

< Previous Post
The myth of wealthy doctors: Why business education is vital for every physician
Next Post >
From cancer survivor to health care advocate: a touching tribute to an irreplaceable radiologist [PODCAST]

More by Deepak Gupta, MD

  • Decoding name displays in health care: Privacy, identification, and compliance unveiled

    Deepak Gupta, MD
  • The battle for authorship: humanity vs. AI

    Deepak Gupta, MD
  • When AI rises: the great reversal of human privilege and its impact on society

    Deepak Gupta, MD

Related Posts

  • How social media can help or hurt your health care career

    Health eCareers
  • How inflation fueled health care costs

    Ricardo Chujutalli, MD, MBA and Jessica Yoong
  • How to structure financial incentives in our health care system

    Taylor J. Christensen, MD
  • How health care is like a convoluted financial investment scheme

    Smart Money, MD
  • Confronting the financial barriers to health care has to be a centerpiece of any COVID-19 strategy

    Daniel X. Pham
  • Why the health care industry must prioritize health equity

    George T. Mathew, MD, MBA

More in Physician

  • A mentor’s legacy in medicine, leadership, and embracing evidence-based care

    Arthur Lazarus, MD, MBA
  • Breaking free from restrictive covenants to combat burnout

    Raya E. Kheirbek, MD
  • From medical student to intern: Discovering a deeper connection with patients

    Johnathan Yao, MD, MPH
  • A physician’s typical day, as envisioned by a non-clinician health care MBA: a satire

    Jennifer Lycette, MD
  • Decoding name displays in health care: Privacy, identification, and compliance unveiled

    Deepak Gupta, MD
  • Master time management with 7 productivity strategies for optimal results

    Farzana Hoque, MD
  • Most Popular

  • Past Week

    • Boxing legends Tyson and Foreman: powerful lessons for a resilient and evolving health care future

      Harvey Castro, MD, MBA | Physician
    • We need a new Hippocratic Oath that puts patient autonomy first

      Jeffrey A. Singer, MD | Physician
    • A physician’s typical day, as envisioned by a non-clinician health care MBA: a satire

      Jennifer Lycette, MD | Physician
    • Is chaos in health care leading us towards socialized medicine? How physician burnout is a catalyst.

      Howard Smith, MD | Physician
    • Decoding name displays in health care: Privacy, identification, and compliance unveiled

      Deepak Gupta, MD | Physician
    • Unlocking resilience: a powerful journey from trauma to transformation [PODCAST]

      The Podcast by KevinMD | Podcast
  • Past 6 Months

    • It’s time to replace the 0 to 10 pain intensity scale with a better measure

      Mark Sullivan, MD and Jane Ballantyne, MD | Conditions
    • “Is your surgeon really skilled? The hidden threat to public safety in medicine.

      Gene Uzawa Dorio, MD | Physician
    • Unveiling the hidden damage: the secretive world of medical boards

      Alan Lindemann, MD | Physician
    • Breaking the cycle of racism in health care: a call for anti-racist action

      Tomi Mitchell, MD | Policy
    • Revolutionize your practice: the value-based care model that reduces physician burnout

      Chandravadan Patel, MD | Physician
    • An inspiring tribute to an exceptional radiologist who made a lasting impact

      Kim Downey, PT | Conditions
  • Recent Posts

    • Unlocking resilience: a powerful journey from trauma to transformation [PODCAST]

      The Podcast by KevinMD | Podcast
    • Overcoming the lies of depression: Senator John Fetterman’s struggle with mental health

      Harvey Max Chochinov, MD, PhD | Conditions
    • Master the ABIM Certification exam with effective strategies: insider tips for success

      Farzana Hoque, MD | Education
    • A mentor’s legacy in medicine, leadership, and embracing evidence-based care

      Arthur Lazarus, MD, MBA | Physician
    • Breaking free from restrictive covenants to combat burnout

      Raya E. Kheirbek, MD | Physician
    • Fixing the system and prioritizing patient care [PODCAST]

      The Podcast by KevinMD | Podcast

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

Leave a Comment

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

CME Spotlights

From MedPage Today

Latest News

  • New Data in NSCLC Bolster Support for Perioperative Immunotherapy
  • Breathing Support Type Matters for Preventing Extubation Failure in the PICU
  • Second-Line Axi-Cel Bests Standard in Relapsed/Refractory Large B-Cell Lymphoma
  • New Agents for Relapsed/Refractory Myeloma Impress in Early-Stage Clinical Trials
  • Kratom Linked to Outsized Proarrhythmic Risks

Meeting Coverage

  • New Data in NSCLC Bolster Support for Perioperative Immunotherapy
  • Second-Line Axi-Cel Bests Standard in Relapsed/Refractory Large B-Cell Lymphoma
  • New Agents for Relapsed/Refractory Myeloma Impress in Early-Stage Clinical Trials
  • CAR-T Tops Standard Care in Heavily Pretreated Lenalidomide-Refractory Myeloma
  • T-DXd Proves Mettle in Multiple Solid Tumors
  • Most Popular

  • Past Week

    • Boxing legends Tyson and Foreman: powerful lessons for a resilient and evolving health care future

      Harvey Castro, MD, MBA | Physician
    • We need a new Hippocratic Oath that puts patient autonomy first

      Jeffrey A. Singer, MD | Physician
    • A physician’s typical day, as envisioned by a non-clinician health care MBA: a satire

      Jennifer Lycette, MD | Physician
    • Is chaos in health care leading us towards socialized medicine? How physician burnout is a catalyst.

      Howard Smith, MD | Physician
    • Decoding name displays in health care: Privacy, identification, and compliance unveiled

      Deepak Gupta, MD | Physician
    • Unlocking resilience: a powerful journey from trauma to transformation [PODCAST]

      The Podcast by KevinMD | Podcast
  • Past 6 Months

    • It’s time to replace the 0 to 10 pain intensity scale with a better measure

      Mark Sullivan, MD and Jane Ballantyne, MD | Conditions
    • “Is your surgeon really skilled? The hidden threat to public safety in medicine.

      Gene Uzawa Dorio, MD | Physician
    • Unveiling the hidden damage: the secretive world of medical boards

      Alan Lindemann, MD | Physician
    • Breaking the cycle of racism in health care: a call for anti-racist action

      Tomi Mitchell, MD | Policy
    • Revolutionize your practice: the value-based care model that reduces physician burnout

      Chandravadan Patel, MD | Physician
    • An inspiring tribute to an exceptional radiologist who made a lasting impact

      Kim Downey, PT | Conditions
  • Recent Posts

    • Unlocking resilience: a powerful journey from trauma to transformation [PODCAST]

      The Podcast by KevinMD | Podcast
    • Overcoming the lies of depression: Senator John Fetterman’s struggle with mental health

      Harvey Max Chochinov, MD, PhD | Conditions
    • Master the ABIM Certification exam with effective strategies: insider tips for success

      Farzana Hoque, MD | Education
    • A mentor’s legacy in medicine, leadership, and embracing evidence-based care

      Arthur Lazarus, MD, MBA | Physician
    • Breaking free from restrictive covenants to combat burnout

      Raya E. Kheirbek, MD | Physician
    • Fixing the system and prioritizing patient care [PODCAST]

      The Podcast by KevinMD | Podcast

MedPage Today Professional

An Everyday Health Property Medpage Today
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

Leave a Comment

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...