What happens when a credit card goes belly up?

By RONALD BAKER,AP Medical WriterAssociated PressMedical WriterAssociated NewsMedical WriterMedical WriterAPMedical WriterPhoto: Associated PressMedical News TodayMedical News NowMedical News OnlineMedical News News OnlineMore than 200 medical professionals have signed a letter calling for the U.S. government to intervene to prevent the “death” of the health care industry.

The letter from the American Medical Association, American College of Physicians, American Medical Women’s Association, Medical College of Pennsylvania and other medical groups was sent to the National Governors Association.

The letter was signed by the CEOs of several major health care organizations, including the American Hospital Association, AMA Foundation, and American Hospital and Allied Health Association.

The doctors’ letter, which was published online Wednesday, said the industry’s continued decline has led to “serious consequences for patients, taxpayers and doctors alike.”

The letter said the health insurance and credit card industry has been losing revenue as consumers turn away from insurance plans, leading to fewer providers and fewer doctors.

They called on the government to step in to prevent a “death spiral” in the health system, and called on Congress to create an independent commission to study the matter.

The industry is estimated to lose $1 trillion a year to medical bankruptcies.

The AMA said it will fight for “meaningful reform” in healthcare that includes creating new markets and better financing for hospitals.

The association said in a statement the letter “calls for meaningful reforms that will address the challenges posed by the current financial and economic downturn, while creating a stronger health care system.”