Do residencies offer any incentives for top applicants?

[MedBoundForSure]

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Will getting into a top residency program bring any incentives like a higher resident salary, loan repayment or heck even coffee and fresh baked bagels every morning?

 

[45408]

No.

 

[J ROD]

sure....some get minimum wage/hr!!

 

[Morsetlis]

If only you actually got paid minimum wage.

 

[orthomyxo]

No.

Wow!!! No bagels for the residents?!?!?? Forget med school.

 

[organdonor]

If only you actually got paid minimum wage.

Just to do some quick math here
typical 100 hr work week
40-50k salary, lets say 45k
45/52=$865/week
$865/100=8.65

Wow. Without crunching the numbers myself I wouldn't have believed it lol. I will be making near minimum wage after medical school.

Although thanks to the FREIDA website, you can look at residency programs and see that you get pretty kick ass benefits. Some of the programs I've browsed through include: PDA's, parking, meal allowances, insurance (dental, health, etc) fully paid for you AND your dependents.



OP, there may not be "incentives" per se, but residency programs vary according to salary and benefits. To compare some, check out
https://freida.ama-assn.org/Freida/user/programSearchDispatch.do?method=clearAll

 

[orthomyxo]

Holy ****!!! I knew residents got paid like crap, but near-minimum wage??!? That sucks!!!

 

[Parts Unknown]

Holy ****!!! I knew residents got paid like crap, but near-minimum wage??!? That sucks!!!

Yes it does, but it's an improvement over how things were a few decades ago. The term "resident" derives from the fact that residents were only paid enough for food and clothing, and lived in hospital housing. Work was essentially all day every day. Monetarily, didn't start to change until there was a high profile instance where some residents applied for, and qualified for, food stamps. I'm sure you know the story behind the work hour restrictions.

While there is still obvious room for improvement in residency training, it might cheer you up to see the glass as half full. As a resident you can live independently, your health/dental insurance is heavily subsidized, you get life and disability insurance, and your malpractice insurance is paid for, all thanks to Medicare.

 

[J ROD]

Just to do some quick math here
typical 100 hr work week
40-50k salary, lets say 45k
45/52=$865/week
$865/100=8.65

Wow. Without crunching the numbers myself I wouldn't have believed it lol. I will be making near minimum wage after medical school.

Although thanks to the FREIDA website, you can look at residency programs and see that you get pretty kick ass benefits. Some of the programs I've browsed through include: PDA's, parking, meal allowances, insurance (dental, health, etc) fully paid for you AND your dependents.


OP, there may not be "incentives" per se, but residency programs vary according to salary and benefits. To compare some, check out
https://freida.ama-assn.org/Freida/user/programSearchDispatch.do?method=clearAll

I can get that combo SUPERsized now....😎

 

[schrizto]

Will getting into a top residency program bring any incentives like a higher resident salary, loan repayment or heck even coffee and fresh baked bagels every morning?

A hospital I used to volunteer at had a special lounge with fresh bagels and drinks for the doctors.

 

[Suenya]

What I've heard from chatting with the residents at my job is that some of the different programs in town (Boston) have different amounts of pay and different amounts of call. As far as I can tell, it seems completely unrelated to prestige, as some of the less prestigious programs definitely are a bit better off money wise compared to the more prestigious ones.

I imagine it's NOT related to this concept, because the pay really seems somewhat random from what I've heard, but I certainly haven't seen enough to really draw conclusions. But I know at prestigious medical centers, sometimes pay for attendings is lower, because of the non-pay benefits you get by working there (such as training awesome residents, etc).

 

[tiedyeddog]

Hey, in the 1960's my dad worked ~110 hours a week as an ortho resident and made something like 100 dollars a week while trying to support 5 kids and a wife.

Things could be worse.

 

[whoknows2012]

According to AAMC the average salary for PGY-1 is around 47-50,000 depending on where you're located (northeast, midwest etc.) By 3rd year of residency average is in the low 50's which is a tough pill to swallow.

 

[typhoonegator]

Pay differs by region according to cost-of-living metrics. Boston has one of the higher PGY-based salary scales in the country, because it is expensive to live here. There are no merit based perks, but if you are appointed chief resident, you are allowed a tiny bit of extra salary to offset the constant griping of co-residents and never-ending barrage of administrative garbage on top of your regular job.

The money's not so bad, relatively speaking. If you defer your loans, you can live fairly comfortably. It's not like you have much time to spend your earnings, anyway.

I just try not to think about the fact that I went to 4 years of college, 4 years of medical school, 4 years of residency, and 2 years of fellowship (and counting) to make 60 grand. But at least I have a job.

 

[Geekchick921]

Would you mind if we kept you here on pre-allo? I am loving your posts, even if it's just because they're polite and articulate, and informative to boot.

Yes it does, but it's an improvement over how things were a few decades ago. The term "resident" derives from the fact that residents were only paid enough for food and clothing, and lived in hospital housing. Work was essentially all day every day. Monetarily, didn't start to change until there was a high profile instance where some residents applied for, and qualified for, food stamps. I'm sure you know the story behind the work hour restrictions.

While there is still obvious room for improvement in residency training, it might cheer you up to see the glass as half full. As a resident you can live independently, your health/dental insurance is heavily subsidized, you get life and disability insurance, and your malpractice insurance is paid for, all thanks to Medicare.

 

[mordounhas]

Some perks can vary from place to place. Many of the students at my school prefer to do their transitional year at a local hospital that offers free food and parking to residents rather than do it at the university, even when they plan on continuing their training at the university (so optho, rads, etc.) That being said, I don't think the pay is very different between the two (less than $1,000 based on their websites), just some hospital provided benefits (and I think there might be less call). These are, however, provided to all residents, and not just some of them.

 

[Parts Unknown]

Would you mind if we kept you here on pre-allo? I am loving your posts, even if it's just because they're polite and articulate, and informative to boot.

Where there is fellowship senioritis and procrastination, you will find me...

 

[surftheiop]

Just to do some quick math here
typical 100 hr work week
40-50k salary, lets say 45k
45/52=$865/week
$865/100=8.65

Unless your in some malignant program in a select couple specialties, the 80hr/week will be followed on average (not to say some weeks won't be >80).

Nobody works 52 weeks a year, at the least your getting 3 weeks vacation and some holidays.

(45,000/49)/80= $11.50/hr , while obviously not a ton, its well above minimum wage most places. Also as you mentioned, you usually get health insurance from the program.

But like people have pointed out, residency salary is pretty much meant to allow you to feed yourself/kids while you complete your training, its not like your going to be living off that salary for the rest of your life

 

[45408]

The money's not so bad, relatively speaking. If you defer your loans, you can live fairly comfortably. It's not like you have much time to spend your earnings, anyway.

More like forebear your loans, these days. It's going to be a big number.

 

[Morsetlis]

As long as you don't expect a $1mil mansion in WeHo your first year attending I don't think you'll be disappointed.