Paramedic + Doctor and financial concerns

[makeitbrahs]

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Just out of curiosity, does anyone ever bother do this?


Also I keep seeing articles about how being a doctor isn't smart financially... I know I enjoy medicine, but this is making me second guess myself. Are the articles true? (Doctors don't make much money compared to how much work they do, private practice physicians going broke, stuck under crushing debt...)

They almost make paramedics seem to have decent pay. (Though they aren't paid jack for what they do)

 

[RTC19]

Just out of curiosity, does anyone ever bother do this?


Also I keep seeing articles about how being a doctor isn't smart financially... I know I enjoy medicine, but this is making me second guess myself. Are the articles true? (Doctors don't make much money compared to how much work they do, private practice physicians going broke, stuck under crushing debt...)

They almost make paramedics seem to have decent pay. (Though they aren't paid jack for what they do)

I am going to go ahead and set the record straight and say that a medical education is a great investment. Essentially all doctors make six figure salaries and are more than able to pay back what they owe. I had this concern in high school as well. The doctor presenting at my career day(Emergency Medicine, very middle of the road compensation-wise) said he does direct withdrawal and barely notices the money used to pay his loans gone each month.

I think about medical school debt like a mortgage. People take out hundreds of thousands of dollars in loans to buy houses. Does this make buying a house a bad financial decision? No! Provided you have the money to pay it back, buying a house can be a great financial decision. You will have plenty of money to pay back your med school debt and still live extremely comfortably.

Paramedics make peanuts.

Don't not become a doctor because of finances. If you do, I guarantee it will be the worst mistake of your life.

 

[superpom_7]

I completely agree with what @RespectTheChemistry19 said. Don't become a doctor because of money, and don't let the debt discourage you from becoming a doctor.

 

[IlDestriero]

Many of these articles use best case for non physician careers and worse case for physicians, and even then, they get creative with the math. The debt is manageable, the hours doable, and the job security is probably unmatched. Incomes may drop in the future across the board, and you'll still be doing great.

 

[styphon]

When I first started college, I was a computer science major but started to do EMS as a hobby. I loved it so much, that I switched majors and changed my life direction. I continued EMS, doing 12-30 hours a week of volunteering for a 911 service. But paramedics do not make alot when compared to other health professions at their level (Which are RN's, LPNs).

 

[alpinism]

I am going to go ahead and set the record straight and say that a medical education is a great investment. Essentially all doctors make six figure salaries and are more than able to pay back what they owe. I had this concern in high school as well. The doctor presenting at my career day(Emergency Medicine, very middle of the road compensation-wise) said he does direct withdrawal and barely notices the money used to pay his loans gone each month.

I think about medical school debt like a mortgage. People take out hundreds of thousands of dollars in loans to buy houses. Does this make buying a house a bad financial decision? No! Provided you have the money to pay it back, buying a house can be a great financial decision. You will have plenty of money to pay back your med school debt and still live extremely comfortably.

Paramedics make peanuts.

Don't not become a doctor because of finances. If you do, I guarantee it will be the worst mistake of your life.

When I first started college, I was a computer science major but started to do EMS as a hobby. I loved it so much, that I switched majors and changed my life direction. I continued EMS, doing 12-30 hours a week of volunteering for a 911 service. But paramedics do not make alot when compared to other health professions at their level (Which are RN's, LPNs).

While private paramedics generally make very little, fire dept paramedics can make upwards of 100K/yr.

Not too shabby for an associates level education, and even more than some PA/NPs.

 

[styphon]

While private paramedics generally make very little, fire dept paramedics can make upwards of 100K/yr.

Not too shabby for an associates level education, and even more than some PA/NPs.

Most fire dept paramedics, at least that I know of, are on rotations. They rotate thru the fire service, back to the ambulance, etc. Also - to get into medium/large city FD's is not just applying and getting a job, there is a civil service test, which you get a rating, then get interviews based on your ratings. In the city I was an EMT in (100k population) the list for an open FF/paramedic spot was +300 applicants, talk about competition! This is not something you just pick up as a hobby (city FF/paramedic).

 

[osteohack10]

Just out of curiosity, does anyone ever bother do this?


Also I keep seeing articles about how being a doctor isn't smart financially... I know I enjoy medicine, but this is making me second guess myself. Are the articles true? (Doctors don't make much money compared to how much work they do, private practice physicians going broke, stuck under crushing debt...)

They almost make paramedics seem to have decent pay. (Though they aren't paid jack for what they do)

As a paramedic who is now shifting gears into medicine….. You can use the medic to get the experience, but I honestly don't know how those that have 35+ year careers in EMS do it.

 

[RoadNurse33]

So I worked in one of those areas where EMS makes a lot before switching to a helicopter to finish my last year of prereqs. The lieutenants at my department pulled in around 120K/year easily (working little overtime). All the departments surrounding mine had similar figures. The big kicker was the pension, however, since a defined benefit pension is incredibly rare. I was hired at 23 and could have retired as early as 48.

I worked at an incredibly progressive agency with some great people...but it still wasn't enough. If you enjoy medicine, I wouldn't stop at EMS. If you like EMS you can always go back as an OMD or a flight physician. The medical directors at my fire department were the reason I pushed on for medical school...that and I was more interested in the continuum of care/what happened to a patient once they hit the doors.

Plus there is the physical aspect: I herniated my first disc at 19; 2 more at 26 and I have degenerative disc disease. My back hasn't felt this good in years...and it began improving about a week after I stopped wearing the SCBA and jumping off of a fire truck.

 

[ems2doc]

Just out of curiosity, does anyone ever bother do this?


Also I keep seeing articles about how being a doctor isn't smart financially... I know I enjoy medicine, but this is making me second guess myself. Are the articles true? (Doctors don't make much money compared to how much work they do, private practice physicians going broke, stuck under crushing debt...)

They almost make paramedics seem to have decent pay. (Though they aren't paid jack for what they do)

This is a generalization and I say this from experience (EMT with well over 2000 hours of volunteering). It depends on the part of the country. Where I come from all of the rescue services are community-based volunteer (generally 50-60 on a squad) programs with only 1-10 paid employees that have added responsibilities. Paramedics here are paid dirt-cheap and generally have second jobs as Emergency Room Technicians (EMTs and Paramedics can get jobs in many emergency rooms so volunteers can actually make money on the side 🙂 ). In other parts of the country EMS (emergency medical service) is controlled by for-profit corporations. These paramedics are paid around $15-$20 per hour depending on seniority, IV success rates, etc. In other parts of the country, paramedics are highered by municipalities (cities) and earn a salary (paramedics starting salary in some places is higher than $60,000 per year and climbs to over $100,000 after 5 years experience). In municipalities they also receive pensions (retirement), medical, dental, etc. In summary: It really depends where you are.


I've talked with paramedics in some other states. Here's an interesting profile of a California paramedic I've talked to:

Associates Degree
2 years as an EMT followed by 6 years as a paramedic
Salary: $110,000 (twice the national average)
Works 48 hours per week, 4 days per week (EMS shifts are usually 12 hours)
401k with employer contributions
30 days PTO (paid time off)
Medical and Dental Insurance fully covered (incl. family)

It's rare, but it does happen. Also to be fair California taxes are really high, but they have good local schools and public transportation.

Feel free to ask me if you have any questions about EMS, EMTs, Paramedics, etc.


Completely forgot to mention:
EMTs and Paramedics are paid premium overtime, and the guy I mentioned received free breakfast and lunch while at work. EMS personnel can also be promoted to administrative positions sometimes. Our state department of health hires EMTs as ambulance inspectors, teachers, and other positions.