Monday, September 14, 2015

Why your Physician is Not as Well off as You Think

This post is meant for two groups of people

1. Medical Students
2. Patients

It's not easy being a doctor. Not only will   you work long hours, and in today's world of shrinking reimbursement, and regulatory  constraints there will be a finite limit on  your income. Unless  you began financial planning while in late college or early medical school, you have realized the slippery slope you are now on.  Depending where you are you may decide it is not worth it financially to become a physician and bear the responsibilities you will face. In fact after all is said your net spendable income for many years. may not be more than a good accountant, nurse, or plumber/electrician.

The debt you accumulate may be equivalent to a mortgage on a small to moderate home. Real estate is also an asset, it can appreciate over the terms of your payout on your medical school debt. Medical school debt is just a liability. And it will affect how you may borrow after graduation.

A medical degree is no longer a ticket to financial freedom or success. With it  comes significant liabilities for medico-legal insurance, rising overhead, and burdensome regulatory and licensing mandates.

You will be required to participate in many non-reimbursable duties, and I do not mean charity patient care, but hospital committee meetings and post graduate medical education which  also consumes  a portion of   your  income, and time away from your business (seeing and caring for patients.)

And like in so many other businesses federal and state regulations have grown enormously, intruding into medical affairs where no sane person would go, without much concern and no liability for  poor outcomes due to restrictive regulations.

If all of the above has not dissuaded you from our noble profession then you may be fit to become a

How to Get Rid of Your Med School Debt
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