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If You Think Your Medical School Application is Expensive…

According to an article in this month’s Annals of Emergency Medicine, the median educational debt for surveyed emergency medicine residents was $212,000, a substantial amount that altered life and career priorities and caused significant stress.

Medical school is not only tough mentally and emotionally, but also it’s a huge financial burden. And the low salary that residents take home only compounds the issue because of the opportunity costs of not having invested starting at a young age.

Although sobering, it’s worth looking at the study and the conclusions drawn.

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The Good News and The Bad News…and Then More Bad News

There is a clearly-written article by Jan Greene in the current issue of the Annals of Emergency Medicine about fifteen new, U.S. medical schools that are currently being accredited and slated to open. The Association of American Medical Colleges (AAMC) estimates that this increase will lead to an additional seven thousand medical school graduates every year throughout the next decade.

Sounds great, right? More chances of getting into a US medical school!

Well, no so fast.

The idea behind opening these new schools was to preempt the impending doctor shortage, but, as Greene points out, the new medical school openings will not solve the scarcity because there are no plans to increase the number of residency spots. In fact, in fourteen years, the number of teaching hospital residency spots for which Medicare pays a share (about thirty percent) has not increased. With Medicare cuts in the works, it’s unlikely residency positions will expand or that hospitals will have extra funds for unsupported spots.

Unfortunately, this means more competition for residency spots for everyone, especially International Medical Graduates. (The domestic graduates will likely be prioritized by residency directors.) And it means no solution to the doctor shortage. Unless funding for training programs increases, which seems unlikely, future doctors should expect a bottleneck at the post-graduate level. Bad news for doctors and the American medical system.

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About Dr. Michelle Finkel

Dr. Michelle Finkel

Dr. Finkel is a graduate of Stanford University and Harvard Medical School. On completing her residency at Harvard, she was asked to
stay on as faculty at Harvard Medical School and spent five years teaching at the world-renowned Massachusetts General Hospital.
She was appointed to the Assistant Residency Director position for the Harvard Affiliated
Emergency Medicine Residency where she reviewed countless applications, personal statements and resumes. Read more

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Listen to Dr. Finkel’s interview on the White Coat Investor podcast:

Listen to Dr. Finkel’s interview on the FeminEm podcast: