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I have read quite a few posts on this forum debating the implication of Obamas newly proposed healthcare plan, specifically in regard to how it would effect physician salaries.
I think it is clear that, under the proposed plan, physician salaries are going to get slashed. I know there has been rather harsh debate here about whether doctors actually deserve the amount of money they get paid, whether they should get more, or whether should be willing to accept less given the current economic condition of this country. No matter what you think, I think there is an important point missing from this debate (and perhaps someone has mentioned it and I have missed it).
I think most people would agree that we want our top minds in medicine. Our society could benefit the most from revolutionary medical advances, new treatments and technologies, thus we want the best and brightest to go to medical school. Under the current structure though, I feel as though this reality is dying a slow death (if it even is reality anymore). Sure, some of the smartest people still go into medicine. More and more students, however, are slowly questioning whether medicine is worth it and have transitioned to finance, law, or other lucrative professions.
I am sure many of you had similar experiences to me. I went to a top university, at which many of the best banks and consulting firms recruit. I watched, throughout 4 years, as many premeds who I know and who had done very well in the premed classes they had taken, decide that they would give up the desire to become a physician for other jobs, most notably banking, trading, and other finance jobs that offered high first-year salaries and great financial opportunity.
Personally, while this was upsetting, it was also completely understandable. While my desire to become a physician was strong enough to not be lured by the opportunity that finance or other jobs offered, it is reasonable that many wanted to forego the prep for medical school, endless training, and the continuously decreasing salary that physicians make. I realize some of you will say that Well, if that is why they decided they didnt want to be doctors, then they werent in it for the right reasons anyway. I say that is ridiculous. Medicine, in my opinion, offers endless opportunities and what is perhaps the most rewarding career one could have. This alone, however, is not enough.
Simply put, there needs to be incentives to enter a career in medicine. How else should we expect to lure the best and brightest into a career that requires 4 years of medical school, 4-6 years of being overworked on minimum-wage salary as a resident, not to mention 200-300k worth of debt? Simply hoping that students will enter medicine out of the goodness of their heart, their desire to help people, or their curiosity in the human body will ultimately not be enough. Part of formulating appropriate incentives is looking at what else is our there. Of course, doctors salaries will never equal that of investment bankers or commodity traders however, given the current scheme of things, a 150k/year salary is clearly out of proportion (especially with so much debt at about age 30). While it may stand up next to teacher's salaries or the normal person's salary, it doesn't come close against those real competetive careers.
Were trying to develop a more effective healthcare system that can offer better medical care at a lower price. I understand that one way to cut cost right off the bat is to drastically cut physician reimbursement. However, this is merely a short-term solution that will have potentially devastating long-term consequences. I fear that the United States will slowly lose many of its best minds to other jobs and fields. This will ultimately be to the detriment of the system, as a whole.
Simply put, salaries and incentives have a direct influence on the quality and quantity of the doctors in this country. This is not just simple economics, its common sense. Nevertheless, it seems a reality that is seldom brought up throughout this healthcare debate (and seemingly in these forums).
I think it is clear that, under the proposed plan, physician salaries are going to get slashed. I know there has been rather harsh debate here about whether doctors actually deserve the amount of money they get paid, whether they should get more, or whether should be willing to accept less given the current economic condition of this country. No matter what you think, I think there is an important point missing from this debate (and perhaps someone has mentioned it and I have missed it).
I think most people would agree that we want our top minds in medicine. Our society could benefit the most from revolutionary medical advances, new treatments and technologies, thus we want the best and brightest to go to medical school. Under the current structure though, I feel as though this reality is dying a slow death (if it even is reality anymore). Sure, some of the smartest people still go into medicine. More and more students, however, are slowly questioning whether medicine is worth it and have transitioned to finance, law, or other lucrative professions.
I am sure many of you had similar experiences to me. I went to a top university, at which many of the best banks and consulting firms recruit. I watched, throughout 4 years, as many premeds who I know and who had done very well in the premed classes they had taken, decide that they would give up the desire to become a physician for other jobs, most notably banking, trading, and other finance jobs that offered high first-year salaries and great financial opportunity.
Personally, while this was upsetting, it was also completely understandable. While my desire to become a physician was strong enough to not be lured by the opportunity that finance or other jobs offered, it is reasonable that many wanted to forego the prep for medical school, endless training, and the continuously decreasing salary that physicians make. I realize some of you will say that Well, if that is why they decided they didnt want to be doctors, then they werent in it for the right reasons anyway. I say that is ridiculous. Medicine, in my opinion, offers endless opportunities and what is perhaps the most rewarding career one could have. This alone, however, is not enough.
Simply put, there needs to be incentives to enter a career in medicine. How else should we expect to lure the best and brightest into a career that requires 4 years of medical school, 4-6 years of being overworked on minimum-wage salary as a resident, not to mention 200-300k worth of debt? Simply hoping that students will enter medicine out of the goodness of their heart, their desire to help people, or their curiosity in the human body will ultimately not be enough. Part of formulating appropriate incentives is looking at what else is our there. Of course, doctors salaries will never equal that of investment bankers or commodity traders however, given the current scheme of things, a 150k/year salary is clearly out of proportion (especially with so much debt at about age 30). While it may stand up next to teacher's salaries or the normal person's salary, it doesn't come close against those real competetive careers.
Were trying to develop a more effective healthcare system that can offer better medical care at a lower price. I understand that one way to cut cost right off the bat is to drastically cut physician reimbursement. However, this is merely a short-term solution that will have potentially devastating long-term consequences. I fear that the United States will slowly lose many of its best minds to other jobs and fields. This will ultimately be to the detriment of the system, as a whole.
Simply put, salaries and incentives have a direct influence on the quality and quantity of the doctors in this country. This is not just simple economics, its common sense. Nevertheless, it seems a reality that is seldom brought up throughout this healthcare debate (and seemingly in these forums).
I think the best combination is a more complete student: best students+compassion+communication=best doctors. I have been more than impressed by many of my peers, and am very confident that they are not just good students. They will make great doctors, so I don't put up with people trying to shortchange America by saying we need dumber doctors that can show some sympathy--We need the whole package!) This is true in any profession, and particularly true about a career in medicine. Being a quality physician requires more than just the processing of information--it requires compassion, it requires the ability to communicate, and it requires the ability to not condescend to coworkers and patients.