In making a decision about your education, you would be foolish not to consider cost.
Osteopathic institutions that do not have a medical school hospital, research grants and or faculty practice plans, must derive most of their income from other sources, specifically tuition and fees. This is why tuition is so high at these institutions.
The distribution of sources of revenue for medical schools nationwide includes: State and local government (1-16%), Tuition and fees (3-5%), Endowment (1-3%), Gifts (2-3%), Parent university (1%), Medical school hospitals (14-16%), Grants and contracts (26-30%), and practice plans (33-35%).
JAMA. 1999;282:847-854
Once you complete your residency or fellowship you will have only so many choices:
1. private group practice (solo practice is almost non-existent),
2. Managed care organization (HMO)
3. government (VA system, militiary, department of HHS, etc.),
4. academic (university or university-affiliate faculty practice)
5. industry (difficult positions to get unless you have strong research background)
6. non-traditional position.
Academic positions do not pay well. Assistant professors can start out at 45 -60K at allopathic institutions, although this varies depending on the institution.
The FDA postions for a medical reviewer begin at around 75-80K.
Managed care organizations hire predominantly primary care physicians with a target number of around 130-150 physicians per 100,000 people. Some states have over 200 physicians per 100,000 people. The salaries vary but one of my colleagues in Chicago started out at 80K as an internist.
Important points to remember:
? Financial planners suggest that your first year salary should be greater than your total tuition debt.
? Several organizations have forecasted a physician surplus in the future, despite this several new Osteopathic schools have opened.
? A physician surplus will make higher paying practice opportunities more competitive.
? Medical school debt is one of the primary reasons physicians do not go into research. (Institute of Medicine)
? Choose a medical school that is right for you, but also consider cost.