The average primary care physician may face financial difficulties for 3-5 years after residency, with expenses exceeding income forcing the physician to delay savings and cut expenses, according to a study in the Nov. 2010 issue of Academic Medicine.
The study, titled "Economic Impact of a Primary Care Career: A Harsh Reality for Medical Students and the Nation," compiled data on physician income from various published reports, including surveys from the Medical Group Management Association, the Association of American Medical Colleges and the Bureau of Labor Statistics.
The study found that 87 percent of medical students had an average debt of $145,000 for students attending public medical schools in 2007 and an average of $180,000 for students attending private schools in 2007. Data also showed the percentage of medical students with debt has doubled from 2004-2008.
According to the study, if a graduate defers the payment for the loan for three years of residency training, the total debt is $199,159. Amortized over 10 years, the debt means a monthly payment of $2,261.
Read the abstract of the article in Academic Medicine.
Read more on compensation:
-10 Statistics on Non-Profit Hospital Compensation and Compensation Policy
-Tarrant County Hospital District Board CEO Gets $50K Raise
The study, titled "Economic Impact of a Primary Care Career: A Harsh Reality for Medical Students and the Nation," compiled data on physician income from various published reports, including surveys from the Medical Group Management Association, the Association of American Medical Colleges and the Bureau of Labor Statistics.
The study found that 87 percent of medical students had an average debt of $145,000 for students attending public medical schools in 2007 and an average of $180,000 for students attending private schools in 2007. Data also showed the percentage of medical students with debt has doubled from 2004-2008.
According to the study, if a graduate defers the payment for the loan for three years of residency training, the total debt is $199,159. Amortized over 10 years, the debt means a monthly payment of $2,261.
Read the abstract of the article in Academic Medicine.
Read more on compensation:
-10 Statistics on Non-Profit Hospital Compensation and Compensation Policy
-Tarrant County Hospital District Board CEO Gets $50K Raise