I 2nd Mr Burns' opinion, especially if you decide to do any clinical work requiring those wonderful malpractice premiums in addition to a heavy debt burden (BTW, I've heard MD's have a staggeringly high rate of default on student loans).
<a href="http://www.mnplan.state.mn.us/issues/scan.htm?Id=1413" target="_blank">http://www.mnplan.state.mn.us/issues/scan.htm?Id=1413</a>
I know this is only one case involving a hopsital, not individual physicians and that it is a few months old but it's still part of an overall trend. I especially liked the 3rd paragraph:
The largest malpractice insurers for physicians are raising premiums by as much as 30 percent in some states. Insurers owned by doctors and hospitals, which have typically kept their prices low, are increasing premiums about 10 to 18 percent. At some hospitals, insurance providers are not just increasing premiums, but are reducing the amount of coverage available. Last year one Chicago hospital paid the St. Paul Companies $1 million for $40 million in coverage, with a deductible of $15 million. This year the insurer increased the premium to $1.8 million, reduced the coverage to $10 million and doubled the deductible.
ouch!
-X
•••quote:•••Originally posted by Mr. Burns:
•it comes to comfort though, realize that academic physicians are paid substantially less then private practice physicians (one of the reasons that MSTP is a fully funded program with a stipend), so if academic medicine is your true goal, I would aim to minimize debt as much as possible. To give you an example of the difference in income, a University GI doc starts at ~80,000; whereas a private practice GI doc currently starts at ~350,000. 80,000 isn't poor, but it definitely helps if you don't have a massive chunk being taken out every month for debt and interest payments.•••••