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December 9, 2009

The Career Path for Obamacare Doctors: Earn Less, Owe More

Just where are the doctors for more patients going to come from?

The six-figure salaries typically ascribed to doctors do not fall into their medicine bags right after they graduate from college. Medical residents earn less than $46,000 a year but the schooling to get that opportunity is quite expensive. In 2008, the average U.S. medical school debt was $155,000.... The U.S. Department for Health and Human Services estimates that 7,000 additional primary-care physicians currently are needed in under-served areas. By 2020, the U.S. is looking at a shortage of 66,000 primary care doctors nationwide. In fact, medical groups have concluded the U.S. will need between 85,000 and 200,000 additional physicians in general by then. -- Grand Rapids Opinion

Here's some chilling numbers that might chill the fire to become a doctor:

"If present trends continue and physician incomes increase at 3 percent per year, by 2033, the average physician will be earning $40,000 per month after expenses, from which he or she will have to pay $18,000 in combined federal, state, and payroll taxes, leaving $22,000 for personal spending. If borrowers use the standard 10-year repayment period, they will be spending half of this remainder to retire their medical education debt. If they opt for the more manageable 25-year repayment period, they will pay approximately $6,000 per month for educational debt service, and they will be in their fifties by the time the loan is paid off."
This assumes of course that, under Obamacare, physician incomes actually do increase. But even if they don't the debt service will not.

Posted by Vanderleun at December 9, 2009 10:58 PM. This is an entry on the sideblog of American Digest: Check it out.

Your Say

Where will the med students who will then become the doctors come from, after we have fully and completely embraced National Health Care, bestowed upon us by those who know better than us, what is good for us?

Probably the same place they get them in Britain these days. Third world countries - the students will be given grants-in-aid and/or subsidized by Aunt Samantha (Uncle Sam having long since departed, to be replaced by a benevolent and all powerful Nanny).

They will also probably shorten med school from 4 years to 3. And reduce post-med school residency/training.

After all - why not?

20 years from today, the physician who gives you the little blue pain pill instead of approving you for (tightly rationed) Chemo for your prostate cancer, will be from Bangladesh. Or "Pahkeestahn," as the Won would say it. If you are very fortunate, he will spend a few extra moments commiserating with you, in his barely understandable broken English.

And then, please just die old man. The CO2 you are exhaling is a pollutant, and we really need that bed.

Thank you, and Gaia bless.

Posted by: southernjames at December 10, 2009 4:34 AM

This was left recently as a comment on my blog post relevant to this topic:

For the past quarter-century, the American Medical Association and other industry groups have predicted a glut of doctors and worked to limit the number of new physicians. In 1994, the Journal of the American Medical Association predicted a surplus of 165,000 doctors by 2000.

"It didn't happen," says Harvard University medical professor David Blumenthal, author of a New England Journal of Medicinearticle on the doctor supply. "Physicians aren't driving taxis. In fact, we're all gainfully employed, earning good incomes, and new physicians are getting two, three or four job offers."

http://www.usatoday.com/news/health/2005-03-02-doctor-shortage_x.htm


In his classic book Capitalism and Freedom, Milton Friedman describes the American Medical Association (AMA) as the “strongest trade union in the United States” and documents the ways in which the AMA vigorously restricts competition. The Council on Medical Education and Hospitals of the AMA approves both medical schools and hospitals. By restricting the number of approved medical schools and the number of applicants to those schools, the AMA limits the supply of physicians. In the same way that OPEC was able to quadruple the price of oil in the 1970s by restricting output, the AMA has increased their fees by restricting the supply of physicians.

http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high

Posted by: Donald Sensing at December 10, 2009 7:22 AM

Recently I needed to visit an ear/nose/throat doctor regarding ear troubles (that have thankfully cleared up but that's another matter). This particular physician spends several months per year volunteering his services in Poland. He told me that in Poland, patients begin lining up at the clinic before dawn, and he sees those patients SIX AT A TIME! There is no privacy in the examination room or during treatment, or while your medical history is being taken, there are so few doctors and so many patients that you feel lucky to be one of the six at a time who gets in for treatment. At the end of the day if you did not get in, tough luck. Come back tomorrow.

Posted by: Boots at December 10, 2009 8:22 AM

BTW the physician referenced above is at a clinic in Poland's capital city, Warsaw. Cannot imagine what the physician shortage looks like in the countryside.

Posted by: Boots at December 10, 2009 8:25 AM

""""" For the past quarter-century, the American Medical Association and other industry groups have predicted a glut of doctors and worked to limit the number of new physicians. """"

Thanks, Donald. I was about to make the point that some med schools (supposedly) were PAID to NOT graduate doctors, or something. You know, like soybeans? When I read that about a decade ago, I shook my head in disbelief. It was known at the time that 1) we are an aging country, and 2) our population was still growing. Where in Hell did these 'smart people' get such a stupid notion?

Posted by: Don Rodrigo at December 10, 2009 2:38 PM

During the last New Deal, farmers were paid to burn their food crops to ashes...Even as Americans were lined up for soup.

Posted by: monkeyfan at December 10, 2009 3:16 PM

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