Yeah, seriously, most students going to private schools will be about 300K in the hole when all is said and done. Over time, however, physician incomes will rise, just not at the rate of inflation necessarily. In other words, by the time we finish, paying this won't be as bad as you think. Also keep in mind that we are lucky to be in a profession in which you can make more simply by working more. Not a bad deal IMO.
LOLOLOLOLOLOL
Lemme tell you how it really works and how things are progressing:
You see 25 pts/day, and make $200K. Not bad, you say to yourself, but I want more. Imma see 30 pts per day. No, Imma see 40, I can do it. Hours increase by 20/week, stress increases by 75%, family contact decreases by 30%, paycheck increases by.... 5%? WTF?
See, to work those extra hours and see more patients, you need more staff. And you have to pay them from your profits. You need more people to handle the rooming of pts, paperwork, and especially telephone calls and billing. And with more bills going out, more get denied. You go after the big bills, but more small bills get left in the dust. $20 not paid? Not worth it to go after. $1000 not paid? Go after it. But it takes time and money to collect. After a while, that $30K AR has risen to $200K. Most of it becomes functionally uncollectable. $200K of work you will never get paid for.
Yes that happens. It happened to me. I lived it.
At the same time, business expenses rise every year. Malpractice goes up. Rent goes up. Utilities go up. Health insurance for you and staff goes up. Staff salaries go up. Etc.
And payment for your services? Going down or remaining flat. CMS sets the standard. We are once again facing a big drop in payment. Every year, they delay it a few months, giving us a 0.5% or so increase - less than inflation, less than CoL increases. Eventually, kicking the can down the road will stop, and that 30% or more decrease will hit.
Then there is bundling. CMS loves to bundle. Last year they paid you $100 to do a procedure and $50 for the fluoro to do it. This year they bundle the two and pay you $120 total. They've done that to many of our procedures over the past few years.
Then the private insurances bring in "denial". First you do a procedure, then they deny payment saying it wasn't preauthorized. You lose out. You cannot bill the pt. So the next time you pre-authorize a procedure, do it, and they deny it saying it is not a "covered benefit." You can try to bill the pt, good luck collecting.
Then they start denying the pre-auth, saying "Not medically necessary." You write a LoMN and they still deny it. You do a "peer-to-peer" telephone call with a pediatric endocrinologist who contracts with their company to make extra money by denying you the ability to make money, and they say the pt needs 6 weeks of PT first. You do that and they still deny it.
And then, just when you think you've seen it all, Uncle Obama steps in and says "You doctors make too much money! Imma raise your taxes and lower your payments. You are not contributing your 'fair share!' Yes, I know you already pay more taxes than 95% of the population, but that's not enough. Tort Reform? Hmm? What? What's that? Sorry, I couldn't hear you over the sound of how awesome a job I'm doing!"
Not enough for you? Add in MoC. That wonderful Board Certification you'll get in a few years needs to be maintained. $600 per year to your academy, another $600 to the board. 30 CMEs per year, plus SAE's, PIPs and other acronyms. All cost money and the costs keep going up.
That $300K student loan debt you leave medical school with can easily balloon to $400K during residency and fellowship, as you will most likely not be able to afford $1600 per month payments when you are bringing home $2000 per month, so you go into deferment. Then you will pay $2500/month for 30 years, making that $300K education cost close to $900K.
Medical school is rapidly becoming a sucker bet leading to indentured servitude.