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      02-16-2013, 10:15 AM   #82
HeartMD
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Quote:
Originally Posted by e92doc View Post
To the OP here's my two cents

1- my loans are 220k, I went to a state med school and my 30 year payoff is 2k a month for those 30 years. I drove a 5 year old ford focus at the time and looking back waiting to get a BMW was worth it - I used it as motivation to work really hard to better myself to eventually get an M

2- if you're going into medicine for money (which it doesn't sound like you're doing but if you are) stay the hell away. You can make at shit ton more in business or finance- work one tenth as hard and not sacrifice anything. As a resident working 100 hr weeks (the 80 hr rule is bs and many residencies don't follow it- hell my family medicine residency didn't follow it) for 3 plus years gets really old quick and you sacrifice time away from family and friends

3- Some of the doom and gloom that everyone is talking is true but hard work can payoff. Medicine is changing quickly and I agree with everyone that ObamaCare will kill off the current system but pay for procedure based medicine needs to be changed anyways. The cuts are going to redirect money away from specialty care and direct towards primary care (I hope). Either way love what you do and make sure you're doing it because you can't see yourself doing anything else


4- to summarize- work hard, don't go into medicine (ESP for the $), drive a shitty car for med school if you do, all of our reimbursements are being cut so our salaries are going down, win the lottery, the govt is always going to f&@k you in taxes, get a wife in radiology, then buy a M
Totally agree. You need to go into medicine because you love it. Hardwork does pay off in the end and like Larthal stated as a physician you will always make enough money to live comfortably. Now on the other hand any person going into medicine really needs to realize the amount of their future debt will be. Like you I went to a state school in NY and am paying.... to be exact $2,037.50 per month for the next 24 years, which really does make a significant impact on your lifestyle. It literally is a mortgage for a very nice house albiet without the house. Now you factor in kids, their school, living expenses and your actual mortgage and you really can put yourself into a rather tight situation. I really have to admit that Iam very envious of our foreign trained colleagues, who have ZERO student debt and basically pocket their full post tax salary.
Increasing taxes, with decreased reimbursments is a fact that we can not ignore. In regards to being hospital employed which appears to be the wave of the future, now that has its pros and cons. The hospital where I work provides base pay, malpractice and all over head, as well as an RVU based productivity system. Though through this model you will have a relative stable income it is at the cost of finacial autonomy which can be good but wont ever let your significantly exceed your salary as otherwise would a very productive private practice.
Healthcare reimbursments have always followed a rollercoaster like pattern so I have heard. Im sure some of the more seasoned physicians on this board can provided better insight into the reimbursments trends through out the years as Iam relatively young in the field to really give any info.
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Last edited by HeartMD; 02-16-2013 at 10:23 AM.