One of the biggest issues I have is the amount of debt I'll be coming out of med school with. Was there any discussion of that?
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Re:Physician career advice from the panel
Date: 2007/02/25 19:22
By: Naoum
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Actually there was.
The discussion started with the moderator who asked if people felt that the amount of debt limited what training they would take on. He noted that the average med student graduates with about $120k in debt, and that the cost of med school has increased much faster than inflation, so in real dollars the cost is growing quickly.
A young pediatrician on the panel commented, somewhat humorously, that he was surprised when the loan companies found him after residency and wanted their money back.
But even in one of the lowest paying specialties, and huge loans from med school, the pediatrician still felt comfortable with his training and career path.
Another physician pointed out that he saw a lot of people follow the money after med school, and that wasn't really a good strategy. For example, when Medicare started paying for colonoscopies, a bunch of people became colonoscopists because they would get easy reimbursments. He pointed out that Medicare rules change all the time, and if you choose your specialty based on current reimbursement schemes rather than what makes you happy you'll soon be in an overpopulated specialty with risky prospects if reimbursement rules change.
One final note, in almost every case, you should consolidate your student loans. This extends the pay-back period, usually reducing your monthly payments, and possibly lower your interest rates. Since most med students have both private and federal student loans, it's important to NOT mix the two in consolidation. Hospital Ratings Medical Resource Group, LLC
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Re:Physician career advice from the panel
Date: 2007/03/02 01:29
By: Normative
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What I don't get is how expensive med school has gotten so quickly.
Talking to some older physicians it seems they paid almost $10k less a year in tuition then I am - and they graduated about 10 years ago. That's not that much time.
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Re:Physician career advice from the panel
Date: 2007/03/03 13:41
By: ohiomd
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I am a first year medical student and was very interested in seeing what was said about medical school debt. I know that some of my classmates were talking about the debt they would have after medical school even at our orientation. I think it is influencing what specialities they are considering but I agree that choosing a speciality based on potential income is a mistake.
Changes in technology and in delivery of care are always occuring and of course reimbursement methods can change. Those changes can significantly impact the income of the practione, so a person should enjoy what they are doing and ideally have a passion for it. I have met physicians with good and bad attitudes and it is obvious the ones with good attitude followed their interests when choosing a speciality.
Since I am interested in primary care, a strategy I will be doing is looking for scholarships that offer to pay tuition if you practice in an underserved area. I am also investigating loan forgiveness programs that pay off your debt (NHSC, NIH, etc). In addition, I have heard that certain communities will help in paying off debt if you serve in their community.
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