www.bloomberg.com
How Private Equity Is Ruining American Health Care
Investors have been buying up doctor’s offices, cutting costs, and, critics say, putting pressure on physicians in ways that hurt patients. The pandemic could make things even worse.
Better think hard if you are a premed before 'wasting' your youth and $$$ on a medical degree...
Tell that to the people grinding 60 hour weeks in meaningless corporate America making 60k to have the chance to make 6 figures one day, everything is relative
The bloat is the admin
Not entirely. Going to a hospital is like going to a movie theater. Everything's overpriced. PE sees this and are licking their chops at how instead of charging $30 for a pair of gloves, they can charge $25.
and most legislators are lawyers so tough sell
I think a lot of it is grass-is-greener taken to a pathological level. I have a buddy who is ambitious to a fault, he gets offended at the idea of being "just" an attending physician. He talks a lot about nebulous "consulting and business" opportunities he is sure will present themselves by virtue of him aiming high and working hard. Like he really thinks an EM doc that keeps an eye open will get into some kind of successful venture that gives more influence and money than a doctor could ever obtain.
I misspoke! Best represented per capita, #2 by numbersThe Top 1 Percent: What Jobs Do They Have?
Explore the occupations and industries of the nation's wealthiest households.archive.nytimes.com
Regardless, most doctors are in the 1%, which is considered 'rich' in the US.
Corporate medicine badHow Private Equity Is Ruining American Health Care
Investors have been buying up doctor’s offices, cutting costs, and, critics say, putting pressure on physicians in ways that hurt patients. The pandemic could make things even worse.
Better think hard if you are a premed before 'wasting' your youth and $$$ on a medical degree...
I think this year a lot of people have gotten into stock market with the pandemic. This wave’s yet to see a correction. I think normally a 10-15% return is pretty good! This year everyone has ditched their indexes for crypto or growth stocks or frankly anything and made a lot more though, until May.
I’m not sure why he did it but I liked the article.
I still have no idea why anyone will ditch medicine to work in consulting but maybe i just really hate the environment of corporate finance
That's not really true anymore because so many legislatures have become full time.and most legislators are lawyers so tough sell
10-15% return, normally, is exceptional as in not the norm.
To remind med students and physicians the grass is greener phenomenon
This, if you can become financially intelligent, which isn't hard, working as a physician will have you in the top 1% of net worth by your late 30s. No other profession can guarantee that
They also didn't spend 8 years on med school and residency with the opportunity cost of not working as well as the high level of loans from med school. Their level of responsibility is much less too.
The top one percent that is being railed on and taxes to death
It really isn't. Working in corporate finance including as an analyst in PE is awful. It's residency levels of stress with little to no job security. Corporate medicine is far far better
I dont think it has to do with # of years. We are just lucky right now this what the market would bear. One of my friend at one tine was making over 100k/yr with an AS degree in nursing working ~48 hrs/wk.
I agree. I was actually trying to say the grass isn't that green on the other side of the fence.
I know someone in their 20s with an art degree making >250k in a very low stress job in silicon valley. Doesn't mean art school is a good alternative to medicine. Everyone likes to point at outliers in other fields and compare to the average among physicians. But watch how insane that looks when you flip it around:
That is a perspective I fear most won't appreciate here. I believe its 100% correct though. "Non traditional" applicants or students are abundant but often means they did a masters program or some academic/research position before matriculating. My school lacks people that actually worked for a paycheck to pay a mortgage etc. I can only account for my school though. Most people that make complaints never worked any jobs besides medicine. Prior to starting medical school I was working 50-60 hours a week as a paramedic on an 911 ambulance, burnt out and stressed for less than 50k a year. I do admit that things aren't as rosy as before, but to call it "the biggest career mistake you'll ever make" is just ignorant. It compares it to what it used to be or some idea of what you thought it would be.
You are preaching to the choir man. Medicine is no easy, so are most other jobs out there.
Depends on how you look at the numbers, but the rule of thumb is over a 10 year period on average the market(S&P500) is around 12%. Year to year and decade to decade may be different but over the long haul it's about 12%.
www.fool.com
SDN threads can look pretty elitist sometimes
It's getting flooded with mid-levels and patients don't care about the difference. Think about kids in med school now, it will be worse for them. I'm already feeling it.
I get the "I can't do primary care like I wanted because I have 500K in loans that are compounding, so I'm doing anesthesiology" statement, but ones like these really make me wonder. I guess it's all about perspective. I've noticed how achievement oriented many of my classmates are. I get it, it's how you get selected to medical school when others don't, but that mindset needs to end at some point. I feel like income is just the next achievement. The idea that the wealthiest person is the one that makes the most money is simple, but wrong. You don't build wealth by working, you do it by saving and investing.
Would not advise any premed to go into medicine now given how quick things are moving, but for someone like you who is already an attending, medicine is good (not great).
Not everyone wants or needs as much money as medicine makes. They put their 20 years in at some government job that they post on Facebook in, get their pension after 20 years. Less stress, less responsibility.
That would be an outlier in my opinion. Most likely not all jobs are as stressful as the majority of jobs in medicine, or my previous job, however, that is not an accurate representation of a typical job.
There are alot of government jobs. Alot. I have friends who work for them and it's cake.
Step 1: Start officeHow Private Equity Is Ruining American Health Care
Investors have been buying up doctor’s offices, cutting costs, and, critics say, putting pressure on physicians in ways that hurt patients. The pandemic could make things even worse.
Better think hard if you are a premed before 'wasting' your youth and $$$ on a medical degree...
Spending 12+ years in grad school to get good compensation 🤔
Oh I wouldnt get a PhD if my goal was $$ either
Sure it is cake, but it is also competitive to get into. Plenty of people who are non-military have to do something to stand out which typically requires 1-4 years of basically living on the fringe of poverty (Americorps VISTA for example) just to be able to apply to a decent government job.
