Copied from ODwire from 8-23-11
"The Future Surplus of ODs Will Be Immense
"The Future Surplus of ODs Will Be Immense
In prior posts I pointed out that both the RAND study (1995) sponsored by opthalmology and the Abt. study (2000) sponsored by AOA predicted surplus numbers of ODs. The Abt study even underestimated by assuming that in 1999 there was no OD surplus and future numbers of graduates would remain at 1,100 (vs today's rate of 1,665).
There is no question a surplus exists that will only increase more rapidly when the new schools at Worchester, MA and Grundy, VA are in place.
How large will the future surplus be?
The average OD receives their degree at age 26 and retires at age 66 which is a 40 year career.
The future total number of practicing ODs (T) will peak and then stabilize once the number graduating per year equals the number retiring each year. An average career length of 40 years means that 2% (0.02) retire each year.
Thus the future peak and then stable number of ODs (T) will exist when, each year:
Annual Losses due to retirmeent = new graduates or,
(0.02)T = 1,665
Solving for T gives T= 83,250 ODs (not including graduates of Worchester and Grundy)
Our profession has no hard facts on the current number of licensed ODs but the Abt. report estimated 26,000 in 1999 (based upon licenses) and a good guess for today is about 32,000.
This means that while the US population will only creep higher, the number of US ODs will more than double.
There is no escaping the conclusion our profession is heading towards an even greater surplus since the earlier studys assumed a graduate rate of "only" 1,100 vs today's 1,665.
The OD degree may become yet another college credential that qualifies one to earn a low paying service position.
Why? Because academics can not resist reproducing and creating career opportunities. But some of our schools are now hedging their bets by adding lesser degrees to their revenue streams as optometry education is a venture capital business with only 1.4 applicants per seat when once there were 7-9 per seat.
Medical Schools do not wag the "medical dog" the way ours do since the independent residency training programs and Federal Government (Medicare) operate and control the training of medical specialists and their numbers have been the same for years. Medicine, dentistry and podiatry have planned parenthood and we do not.
By the way, medical schools are essentially two years of didactics taught by Ph.D.s and two years of clinical rotations operated by practicing MDs based at teaching hospitals. It is the latter than control the medical profession rather than the medical schools.
If things are worrisome now with 32,000, what about 83,000?
"
There is no question a surplus exists that will only increase more rapidly when the new schools at Worchester, MA and Grundy, VA are in place.
How large will the future surplus be?
The average OD receives their degree at age 26 and retires at age 66 which is a 40 year career.
The future total number of practicing ODs (T) will peak and then stabilize once the number graduating per year equals the number retiring each year. An average career length of 40 years means that 2% (0.02) retire each year.
Thus the future peak and then stable number of ODs (T) will exist when, each year:
Annual Losses due to retirmeent = new graduates or,
(0.02)T = 1,665
Solving for T gives T= 83,250 ODs (not including graduates of Worchester and Grundy)
Our profession has no hard facts on the current number of licensed ODs but the Abt. report estimated 26,000 in 1999 (based upon licenses) and a good guess for today is about 32,000.
This means that while the US population will only creep higher, the number of US ODs will more than double.
There is no escaping the conclusion our profession is heading towards an even greater surplus since the earlier studys assumed a graduate rate of "only" 1,100 vs today's 1,665.
The OD degree may become yet another college credential that qualifies one to earn a low paying service position.
Why? Because academics can not resist reproducing and creating career opportunities. But some of our schools are now hedging their bets by adding lesser degrees to their revenue streams as optometry education is a venture capital business with only 1.4 applicants per seat when once there were 7-9 per seat.
Medical Schools do not wag the "medical dog" the way ours do since the independent residency training programs and Federal Government (Medicare) operate and control the training of medical specialists and their numbers have been the same for years. Medicine, dentistry and podiatry have planned parenthood and we do not.
By the way, medical schools are essentially two years of didactics taught by Ph.D.s and two years of clinical rotations operated by practicing MDs based at teaching hospitals. It is the latter than control the medical profession rather than the medical schools.
If things are worrisome now with 32,000, what about 83,000?
"
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