By Shady Henien

Each year, medical students incur more than $166,750 in medical school debt, according to the AAMC. Despite the organization’s conclusion that medical student debt is not a determining factor in choosing a medical specialty, the cost of education is a major concern for the future of health care. Medical students and physicians across the US have made extensive time commitments during their 20s to mastering the foundations of medicine and completing a residency. New physicians today face an exorbitant amount of debt that takes anywhere from 10 to 30 years to repay. We must continue to attract the brightest and smartest students into medicine without deterring them by cost. All Americans and the newly insured 32 million US citizens are counting on my generation to become the future of medicine. We cannot afford to let a price tag deter us from this responsibility.

When a friend and I created our medical school’s first student state lobby day, the solution proposed by many legislators was to find a side job or take out more student loans. As any physician would know, medical students already work and study for more than 70 hours a week, which does not allow for earning a substantial side income.

I propose a unique business model, “Invest in a Medical Student’s Tuition Program,” (IMSTP) to help mitigate student loan debt. I began working on this idea three years ago, after I presented it to the AAMC’s Organization of Student Representatives. My goal is to create a new venture that would eliminate one of the two financial problems facing students: cost of tuition and interest rates. Because the cost of tuition is set by the university, I decided to tackle the 6.8 percent interest rate set by federal government Direct Loans.

Continue reading “Could Private Investment Be A Game Changer For Med Student Debt?”

By Evan Falchuk

An important study in the Journal of the American Medical Association finds that misdiagnosis is more common than you might think.  According to the study, almost 40% of patients who unexpectedly returned after an initial primary care visit had been misdiagnosed.  Almost 80% of the misdiagnoses were tied to problems in doctor-patient communication, and more than half of those problems had to do with things that were missed in the patient’s medical history.

The results of this study shouldn’t be surprising if you’re a regular reader here – they are another example of a system that isn’t working as well as it could for patients, and doctors.  Doctors – and the medical professionals who help them in their work – are the best educated and best trained than they have ever been.  They have more access to medical information and technology than at any time in our history.  And yet, U.S. government data show that the typical doctor visit involves 15 minutes or less with your doctor.  Medical records are kept in fragmented, uncoordinated ways.

Continue reading “JAMA EHR Study: Misdiagnosis Poses Significant Potential for Harm”

By Rob Lamberts, MD

It’s official.  The road sign clearly welcomed me here.  I guess all business start-ups have to go through this town (Hell).

What?  No bravado?  No chest pounding about how my ideas will change health care while making patients smell as springtime fresh?  Nope.  None of that.  It’s hard to get excited about ideas when only money pays the bills.

Having now left the safe confines of my leftover earnings from my old practice, I am now supposed to be self-supporting.  Two big things have caused this to not go as smoothly as I have planned:

1. My construction took twice as long as I expected.
2. I have yet to find a computer system that doesn’t make me want to pound on my desk and wantonly overuse the word “inconceivable.”

Continue reading “So It Turns Out Inventing Your Own Business Model Is More Fun Than You Were Expecting…”

By Vineet Arora, MD

Recently, I was having a discussion with a colleague about being a doctor. She confided in me that if someone asked her about becoming a doctor, she would tell him or her to become a nurse practitioner.   After reading the emotional open letter to our policymakers in Washington DC, it may sound like a reasonable suggestion.  After all, why go into this much debt and spend so much time in training if your prospects are not much better?    More recently, the New York Times article points out job prospects for radiology trainees are thinning, meaning the well known “ROAD” (Radiology, Ophthalmology, Anesthesiology, and Dermatology) to success may soon become a road to nowhere if there are no jobs.

There in lies the question, why become a doctor? If the answer is to make money or to have an easy life, then you probably need to look for a new profession.   With healthcare payment reform, doctors can expect lower salaries as bundled payment and cost cutting measures are instituted.  Moreover, the demand for healthcare will go up as more patients have insurance, leading to higher patient volumes and the expectation to see more patients with the same amount of time.

Continue reading “Why Become A Doctor?”

By Jeff Goldsmith

Most experts agree that primary care needs to be re-invented.  There are a lot of promising ingredients of practice redesign:  better scheduling, electronic medical records with patient portals, redesigned clinician workflow, and work sharing.  Linda Green’s intriguing article in the January Health Affairs simulates a strategic combination of these changes and argues if they all happened at once, we would have no primary care physician shortage.

Even if we make much more effective use of clinical time and energy, however, Green’s formula isn’t going to get us far enough fast enough.  The baby boom generation of physicians is fast nearing its “sell by” date.  In 2010, one quarter of the 242,000 primary care physicians in the US were 56 or older.  One in six general internists left their practices in mid-career.  Many more hardworking clinicians delayed retirement due to the 2008 financial collapse.

Continue reading “Practice Redesign Isn’t Going To Erase The Primary Care Shortage”

By Vineet Arora, MD

After the mayhem and jubilation of celebrating a successful match at the Pritzker School of Medicine with our students, I went onto Twitter to follow the #match2013 hashtag to understand what the reactions were. Most were positive, but one headline caught my attention ‘In Record-Setting ‘Match Day,’ 1,100 Medical Students Don’t Find Residencies.”

It is true this was the largest match because it was “All-in” – programs either were in the match for all their positions (including international medical graduates or IMGs) or they were not. Obviously, many programs put more positions up for grabs in the Match. After I reposted this article to Twitter, there were many theories and questions about who these unmatched students were and why – some of which I have tried to answer to the best of my ability below. I welcome your input as well.

Who are these unmatched students? Why didn’t they match?

-Are these IMGs? This number is US Senior medical students who have been admitted and graduated from US medical schools but now have no place to go to practice medicine.

-Does this include those that entered the “scramble” now called SOAP. Technically, those that entered SOAP and were successful would have been counted as “matched” on Friday. Last year, 815 Us seniors went unmatched after the SOAP.

Continue reading “What the Early 2013 Match Day Numbers Tell Us About Where We’re Going”

By Leslie Kernisan, MD

“What does the 21st Century Physician look like?”

Lisa Fields (@PracticalWisdom) cc’ed me on a tweet about this; it’s the featured question at www.tomorrowsdoctor.org, an organization founded by three young professionals who spoke at TEDMED last year.

I’ll admit that the question on the face of it struck me as a bit absurd, especially when juxtaposed with the term “tomorrow’s doctor.”

Tomorrow’s doctor needs to be doing a much better job of dealing with today’s medical challenges, because they will all be still here tomorrow. (Duh!) And the day after tomorrow.

(As for the 21st century in general, given the speed at which things are changing around us, seems hard to predict what we’ll be doing by 2050. I think it’s likely that we’ll still end up needing to take care of elderly people with physical and cognitive limitations but I sincerely hope medication management won’t still be a big problem. That I do expect technology to solve.)

After looking at the related Huffington Post piece, however, I realized that this trio really seems to be thinking about how medical education should be changed and improved. In which case, I kind of think they should change their organization’s name to “Next Decade’s Doctor,” but I can see how that perhaps might not sound catchy enough.

Continue reading “What Will Tomorrow’s Doctor Look Like?”

By Dan Diamond

In November 2008, the New England Journal of Medicine convened a small roundtable to discuss “Redesigning Primary Care.”

U.S. primary care is in crisis, the roundtable’s description reads. As a result … [the] ranks are thinning, with practicing physicians burning out and trainees shunning primary care fields.

Nearly five years out — and dozens of reforms and pilots later — the primary care system’s condition may still be acute. But policymakers, health care leaders and other innovators are more determined than ever: After decades where primary care’s problems were largely ignored, they’re not letting this crisis go to waste.

Ongoing Shortage Forcing Decisions

The NEJM roundtable summarized the primary care problem thusly: Too few primary care doctors are trying to care for too many patients, who have a rising number of chronic conditions, and receive relatively little compensation for their efforts.

Continue reading “The Radical Rethinking of Primary Care Starts Now”

By Rob Lamberts, MD

It’s been a month since I started my new practice. We are up to nearly 150 patients now, and aside from the cost to renovate my building, our revenue has already surpassed our spending. The reason this is possible is that a cash-pay practice in which 100% of income is paid up front has an incredibly low overhead. My admitted ineptitude at financial complexity has forced me to simplify our finances as much as possible. This means that the accounting is “so simple even a doctor can do it,” which means I don’t need any front-office support staff. I don’t send out bills because nobody owes me anything. It’s just me and my nurse, focusing our energy on jury-rigging a computerized record so we can give good care.

Our attention to care has not gone unnoticed. Yesterday I got a call from a local TV news reporter who wanted to do a story on what I am doing. Apparently she heard rumor “from someone who was in the hospital.” I was the talk of the newsroom, yet I’ve hardly done any marketing; in fact, I am trying to limit the rate of our growth so I can focus on building a system that won’t collapse under a higher patient volume. I explained this to the disappointed reporter why I was not interested in the interview by telling her that I left my old practice because I needed to get off of the hamster wheel of healthcare; the last thing I want to do now is to build my own hamster wheel.

Continue reading “Trickle Up Economics”

By David Dranove

I have been taking a vacation from blogging as I try to get through a very busy academic quarter. But my last blog, “My Son the Electrician” elicited a lot of comments and I have always wanted to follow up. And today I see that the Chicago Sun Times has generously quoted me, in particular noting how I liken physicians to entrepreneurs. Lest anyone get the wrong impression, let me briefly explain what I mean.

Like entrepreneurs, physicians launch their careers by making large investments – up to ten years of post-graduate training. Such investments do not come with a guarantee. Entrepreneurial physicians – those who own their own practices or work in small partnerships, must build their practices and maintain relationships with other physicians. All successful physicians, whether entrepreneurs or employees, enjoy personally and professional satisfying careers and comfortable, sometimes more than comfortable, incomes. But only physicians entrepreneurs have ultimate responsibility for their practices and their patients.

Continue reading “Physician Entrepreneurs”