Malpractice/Is it worth it?

[623135]

Hey all,

I am a first year pre-med student and have obviously looked at the pros and cons of becoming a doctor a lot before I made the decision to be pre-med. However, lately I have heard from a couple of doctors that they are barely making enough money to support their families because malpractice insurance has gotten so high. I was wondering if anyone has anything to say about this. Is it smart to be a pre-med student in this generation or will I be so in debt from med school and not be able to pay it off?

Thanks

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[mimelim]

Nonsense.

Super helpful.

Hey all,

I am a first year pre-med student and have obviously looked at the pros and cons of becoming a doctor a lot before I made the decision to be pre-med. However, lately I have heard from a couple of doctors that they are barely making enough money to support their families because malpractice insurance has gotten so high. I was wondering if anyone has anything to say about this. Is it smart to be a pre-med student in this generation or will I be so in debt from med school and not be able to pay it off?

Thanks

As with most complaints, there is some truth and then some fiction. It is true that malpractice insurance has gone up across the board for almost everyone. It is also true that tort reform has been progressively pushing through most state legislatures over the past couple decades making it more difficult for patients to collect very large awards. A couple of things to keep in mind.

#1 We need doctors. We will for the foreseeable future need physicians in every specialty. If the risk/reward goes too high, people will naturally shy away from going into it and while it will take time, there will be an increase in compensation or changes in the risk profile to bring more people in. It is the natural progression of most professions.
#2 Every specialty is different and has different risk profiles. There is a very big difference between OB/Gyn and outpatient internal medicine. There are big regional difference. Where/how you practice is going to largely dictate what your malpractice premiums, ranging from absurd to nearly negligible.
#3 If you are a good physician, you are going to have a job. It may not be the exact one that you want and if you aren't a strong student, it may not even be in the specialty that you desire, but you will almost assuredly have a job when you finish your training. Medicine is one of the safest fields as far as staying employed.
#4 Doctors are people. Keep in mind that doctors are a lot more like everyone else than they think they are. Just as there are people who are bad with money in the general public, doctors have the same (some would even say more so). Just because someone is struggling financially and are blaming someone or something in particular, doesn't mean that that is the driving reason. Overspending, careless planning will kill finances faster than malpractice insurance.
#5 You are not going to make as much money as physicians used to. Your typical physician is not going to make as much as physicians used to. There are a lot of unknowns with the ACA and other more global factors, but you can assume that you will make less than your parent's generation's physicians did.

 

[623135]

Thank you @mimelim

 

[ridethecliche]

Battle of the residents!!!

@Tired vs @mimelim

ROUND 1

FIGHTTTT!!!

 

[lifetothefullest]

One of the doctors I know (who has his own surgical practice and is one of the few actually who have resisted the massive consolidations going on) said that his malpractice insurance is indeed going up along with the price of everything else he uses. But even then, he's still got his own practice and is making six figures a year, so he's not complaining.

 

[Goro]

Troll post or no, it's a teaching moment.

 

[NeuResurgens]

Either those doctors are overly dramatic or they're not smart with their money.. Doctors make more than enough to make ends meet even with high malpractice. It's the classic "doctors will be paid like teachers" overreaction.

 

[Winged Scapula]

Please keep your responses civil and professional.

 

[Spinach Dip]

http://www.gomerblog.com/2014/11/quitting-medicine/

Don't be this guy.

 

[Snakes]

Work for the state. Sovereign immunity!!

 

[PikminOC]

they can't all be winners

 

[Warderino92]

Work for a state where you have sovereign immunity available or move to Texas and practice EM where its far harder to be nailed with a lawsuit because of their tort reform.

 

[Flashfan]

I was going to say practice in Indiana. Tort reform, caps on awards adn a malpractice pool. Of course, you will be in Indiana, so there is an obvious trade-off.

 

[mik30102]

I was going to say practice in Indiana. Tort reform, caps on awards adn a malpractice pool. Of course, you will be in Indiana, so there is an obvious trade-off.

But then we can meet Leslie Knope?

 

[NickNaylor]

I agree with @mimelim's post and will only add that while debt is certainly something to consider and be aware of, you will be able to pay off the debt. That isn't a concern. The question is more over what time period. Things like your interests, the field you go into, the type of practice you end up doing, etc. will also play a role in that determination. It's difficult to figure those things out when you're accruing the debt, but if you decide to go into medicine they are things that I think should at least be on your mind. For example, accruing $400k in debt with the intention of working in a setting that provides minimal reimbursement is obviously not going to be the best time financially. That doesn't mean that you shouldn't go into medicine, but you should set your expectations accordingly. On the other end of the spectrum, having minimal debt and going into a lucrative specialty will give you more financial freedom and/or the ability to practice in different settings with less financial stress.

Answering questions like this in general terms is impossible because every person's situation, goals, expectations, etc. are different. The best you can do is to try and do research, do some soul-searching, be honest with yourself, and make the best decision you can. Changes happen, and there's nothing you can do about that. You can try and account for them, sure, but no one has a crystal ball and no one knows what the future of medicine looks like. However, only you can decide if your interest in being a physician is compatible with the costs of training or the realities of practicing in the future. To determine that, you need to educate yourself and figure out what you want from your life. No one can make that decision for you.