Post your comments about dental financing with IOUs to our blog.
Only 11% of dentists said they would accept a state IOU for dental care, found this survey, while 36% said, "No way!"
On the other hand, 41% said they would if their bank would take an IOU, and 13% said they would only accept an IOU for a poor patient.
"I’d trust IOU’s from my own patients who have fallen on tough times before I’d trust the government (at any level)," declared a Georgia orthodontist.
Patients need dental care
- "I would treat an indigent patient in pain for no fee. If my bank accepts the IOU and the money goes into my account, I am okay with it. If a state goes bankrupt, we are in deep doodoo." (California dentist)
- "Patients who need state care are not responsible for the state's problems and should not be penalized." (Texas dentist)
Will it go both ways?
- "The state won't take an IOU for my taxes!!!" (West Virginia dentist)
- "Would the government accept an IOU without interest from us?"
- "What about faculty members at state dental schools being paid with IOU's?" (California orthodontist)
Don't trust the government
- "What, are we replacing money with IOU's?!? Wonder if the Government would let me pay my taxes with an IOU!? If they can't manage their money any better (really our money they manage), then they deserve to all be fired!" (Colorado orthodontist)
- "Who could trust a state to cover past debts? What about if they legislate away past IOU debt, or if the state becomes insolvent and wipes out all debt?" (New Jersey dentist)
- "You mean to tell me that our state governments have done such a poor job and made so many political promises they can't keep we have to accept their liability. Unfortunately the whole system has to crash before government changes its behavior." (New Jersey dentist)
- "Just another form of theft….."
Not a lot of options
- "What choice would you have? Take nothing? That's all you're going to get. At least it might get paid. Someday." (Texas orthodontist)
- "I have lived in the state of confusion (California) most of my life; I must, by necessity, remain flexible on financial matters in order to survive the insanity. (Grins and laughs help too. )"
From Minnesota's front lines
"In Minnesota we have to pay a 2% provider (MN CareTax) on our revenue, which is a noble cause. We have to pay this tax on Medicare reimbursements (which is barely 30% of costs to provide care), any donated care is taxed on the value of the care.
Note: the public and legislators do not realize how much we donate care… let's start letting them know, so that they see we are more philanthropic than most other business owners!
This tax was supposed to go to help those without insurance or the means to pay. For the past many yrs, MN has seen this big fund as money they can confiscate to balance the General Fund, not to mention taking away the ability for many patients to use this fund. If this comes up in your state's legislature – be sure to secure the fund from being raided.
In summary, I feel I already have accepted IOU's which will never come true. Lesson, never let your state tax providers for their services, it will end up being a money tree in the legislature's back yard to take for other reasons. Thankfully, MN didn't raise the tax this year.
Again, frustrated in MN and hoping that it doesn't happen to you in your state or at the federal level. I can't believe it is even legal." (Minnesota dentist)
Note: Survey sample included 60 respondents.