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Healthcare Costs - A major concern 23 years PRIOR to ObamaCare
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<blockquote data-quote="Bagels" data-source="post: 1116905" data-attributes="member: 43436"><p>First off, as I mentioned earlier, the student debt issue is blown out of proportion. A medical school graduate, on average, accures about $20K-$30K (depending on the source) more debt than an MBA graduate -- despite the fact that the medical school graduate has borrowed against two additional years of schooling (average total = $60K) and living expenses. [As I mentioned earlier, this is because most medical school graduates received scholarships that covered much of their undergraduate studies.] And $20K-$30K is nothing against the MBA considering doctor's higher earning potential. Considering that college tuition has tripled, and even quadrupled, in most areas over the past 10-15 years, student loan debt is not a concern strictly related to any single profession.</p><p></p><p>Secondly, PCP's earning potential is affected by their willingness to work. Doctors who are zealous in building a comprehensive practice & working long hours can easily bank $300K-$500K annually. My brother-in-law owns a practice in which few patients are referred out -- he has his own x-ray equipment, diagnostics lab, a shared interest in mobile CT imaging, etc. He spent most of his 30s building & investing in the practice, working 12+ hours six days each week. He's now in his 40s and works 1.5-3.5 days per week (depending on the season) -- most of his patients are seen by a collection of doctors working for him -- and his business banks him over $1M each year. The reality is that most young persons entering the profession aren't interested in working long hours... they want to drive Porsche cars while in residency, then work as few hours as possible for a business. But statistics show that even those people earn an average of $250,000/year (after 10-years in the profession...which seems to be the watermark).</p><p></p><p>Lastly, despite the scare tactics of the Right, there is no shortage of young people desiring to be doctor's -- in fact, there's zero slots to go unreserved into medical schools each year. There is, and has always been, a shortage of medical schools -- driven by a lack of qualified educators. Few doctors are interested in the meager pay days earned from teaching compared to earnings potential by practicing medicine. We could slightly remedy this by increasingly integrating a virtual learning environment. But we resist. Just like we resist integrating physicians's assistants and nurse practitioners into our every day hospitality environment, which would eliminate the shortages that have always existed.</p></blockquote><p></p>
[QUOTE="Bagels, post: 1116905, member: 43436"] First off, as I mentioned earlier, the student debt issue is blown out of proportion. A medical school graduate, on average, accures about $20K-$30K (depending on the source) more debt than an MBA graduate -- despite the fact that the medical school graduate has borrowed against two additional years of schooling (average total = $60K) and living expenses. [As I mentioned earlier, this is because most medical school graduates received scholarships that covered much of their undergraduate studies.] And $20K-$30K is nothing against the MBA considering doctor's higher earning potential. Considering that college tuition has tripled, and even quadrupled, in most areas over the past 10-15 years, student loan debt is not a concern strictly related to any single profession. Secondly, PCP's earning potential is affected by their willingness to work. Doctors who are zealous in building a comprehensive practice & working long hours can easily bank $300K-$500K annually. My brother-in-law owns a practice in which few patients are referred out -- he has his own x-ray equipment, diagnostics lab, a shared interest in mobile CT imaging, etc. He spent most of his 30s building & investing in the practice, working 12+ hours six days each week. He's now in his 40s and works 1.5-3.5 days per week (depending on the season) -- most of his patients are seen by a collection of doctors working for him -- and his business banks him over $1M each year. The reality is that most young persons entering the profession aren't interested in working long hours... they want to drive Porsche cars while in residency, then work as few hours as possible for a business. But statistics show that even those people earn an average of $250,000/year (after 10-years in the profession...which seems to be the watermark). Lastly, despite the scare tactics of the Right, there is no shortage of young people desiring to be doctor's -- in fact, there's zero slots to go unreserved into medical schools each year. There is, and has always been, a shortage of medical schools -- driven by a lack of qualified educators. Few doctors are interested in the meager pay days earned from teaching compared to earnings potential by practicing medicine. We could slightly remedy this by increasingly integrating a virtual learning environment. But we resist. Just like we resist integrating physicians's assistants and nurse practitioners into our every day hospitality environment, which would eliminate the shortages that have always existed. [/QUOTE]
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