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Hakksar, nice post.
The only problem I see with your argument is that grad school is elective education, whereas a residency is required to become board certified; further, it's completely possible to acquire a PHD while holding down a full time job, which illustrates even further the disparity between the comparison. (And, not all grad programs provide stipends) I believe it's difficult to use one job profession, lawyer or grad student, as a way to show the shortcomings in another. So, for sake of arguement, let's just define residency as full time job, because that's the capicity in which residents are used.
Now, given the fact that hospitals know med school grads need a residency to practice medicine, why should they offer a salary higher than 35k a year? The only thing driving competition in residency are the specialty professions themselves. It's price fixing at it's very best. You'll notice that most residencies are comparative in salaries, even though many hospitals are significantly better funded than others, which should translate into a higher stipend for the 'students'? Right? (In this regard grad school stipends are much higher at better funded schools) The answer is obvious. Residency stipends are fixed across the board because hospitals don't have to compete for residents. And, call it a stipend or a salary or whatever you like, the hospital is still billing an insurance company the same amount weather a resident does the procedure, a nurse, a guy off the street, or an attending. The only thing I can attribute to the low ball pay is that the hospital pays the malpractice insurance of the resident, which I'm not certain about.
I personally don't have an issue with fixing the residency stipend amounts, just make them commisurate with expereince and time investment. 35 - 40k is ridiculous for a resident putting in 80 - 100 hours a week. (I'm still at a loss as to the justification of a 100 hour week for doctors? This is somehow supposed to benefit the patient?) I digress! Something has to change, either lower the amount of hours, which we know will never happen, or raise the average salary of residents. A starting resident should start at about 60k a year and maybe top off at about 70 - 75k a year. That way a resident doesn't have to live in poverty for four years and can start paying off thier loans sooner than later.
I love these "you have no right to talk about money if you want to be a doctor" statements. Here's a piece of advice: Money is part of everything you do, you need it to survive, you need it to live, you need it to start and support a family, you even need it when you die. Nobody should be a slave to money, but you need to get over it and accept the fact that it's not going away. Nor should you criticize those who want to examine and debate every facet of a career choice. I respect your right to live in some third world country dispensing medical help to those who can't afford it, however, you should respect those people who choose to practice medicine with the hope of living comfortably and wanting to raise a family.
-J
The only problem I see with your argument is that grad school is elective education, whereas a residency is required to become board certified; further, it's completely possible to acquire a PHD while holding down a full time job, which illustrates even further the disparity between the comparison. (And, not all grad programs provide stipends) I believe it's difficult to use one job profession, lawyer or grad student, as a way to show the shortcomings in another. So, for sake of arguement, let's just define residency as full time job, because that's the capicity in which residents are used.
Now, given the fact that hospitals know med school grads need a residency to practice medicine, why should they offer a salary higher than 35k a year? The only thing driving competition in residency are the specialty professions themselves. It's price fixing at it's very best. You'll notice that most residencies are comparative in salaries, even though many hospitals are significantly better funded than others, which should translate into a higher stipend for the 'students'? Right? (In this regard grad school stipends are much higher at better funded schools) The answer is obvious. Residency stipends are fixed across the board because hospitals don't have to compete for residents. And, call it a stipend or a salary or whatever you like, the hospital is still billing an insurance company the same amount weather a resident does the procedure, a nurse, a guy off the street, or an attending. The only thing I can attribute to the low ball pay is that the hospital pays the malpractice insurance of the resident, which I'm not certain about.
I personally don't have an issue with fixing the residency stipend amounts, just make them commisurate with expereince and time investment. 35 - 40k is ridiculous for a resident putting in 80 - 100 hours a week. (I'm still at a loss as to the justification of a 100 hour week for doctors? This is somehow supposed to benefit the patient?) I digress! Something has to change, either lower the amount of hours, which we know will never happen, or raise the average salary of residents. A starting resident should start at about 60k a year and maybe top off at about 70 - 75k a year. That way a resident doesn't have to live in poverty for four years and can start paying off thier loans sooner than later.
If money means that much to you go to Law School. We need less premeds obsessed over money.
I love these "you have no right to talk about money if you want to be a doctor" statements. Here's a piece of advice: Money is part of everything you do, you need it to survive, you need it to live, you need it to start and support a family, you even need it when you die. Nobody should be a slave to money, but you need to get over it and accept the fact that it's not going away. Nor should you criticize those who want to examine and debate every facet of a career choice. I respect your right to live in some third world country dispensing medical help to those who can't afford it, however, you should respect those people who choose to practice medicine with the hope of living comfortably and wanting to raise a family.
-J