Astute Physician

For a long time the Bank of America Doctor Loan was the best and, in some cases, the only option available as financing for doctors and medical residents who wanted to buy a home. On April 1, 2009, Bank of America indefinitely suspended their Doctor Loan Program due to the economy and the impending restrictions on risky lending practices. This has made finding financing for the purchase of a new home very difficult for young physicians, especially those still in residency. There are other programs available, but they are often hard to find and nearly always limited to specific geographical areas. If you can find a lender who offers Doctor Loans in your area, then it is worth checking out because the advantages of owning your own home can often make it more affordable than you think.

Young Physicians and Dentists who graduate from their respective residency and fellowship programs should feel a sense of relief but instead, are saddled with a tremendous amount of tuition debt. Even though many of these professionals will earn a very comfortable income, it really does not provide any form of security when a large portion of that income is allocated directly to paying down those loans. The numbers are staggering.

A study done by the Association of American Medical Colleges in 2008 indicated that the average medical student carries with them over $155,000.00 in student loan debt from tuition costs associated from medical school and related programs.

The healthcare debate is on and mud is being slung in all directions. Physicians have managed to keep their white coats clean, but they won’t stay clean for long. Mud will be slung in our direction. The October 26, 2009 issue of Time magazine has an article that made me realize that some journalist have no idea what they are reporting. They need a story, they have a deadline, and the story needs to sound good. The problem is that many of these stories are filled with inaccuracies and fail to dissect the complex problem that our nation is facing.

by Relief Jones, III, M.D.
Founder & CEO, Astute Physician

(Astute Physician) — I am always surprised to hear of physicians who are willing to work for a fraction of what they should be earning. This is probably a more common occurrence in larger, more competitive cities like New York or San Francisco. But recently, I’ve started hearing of physicians being severely underpaid in somewhat smaller cities and rural regions of the country. I recall a conversation with my healthcare attorney not long ago. She said that she had seen physicians accept employment contracts offering them less than some nurses and physician’s assistants had been offered. This really got my mind going, and I started to wonder why physicians were so apt to severely undervalue themselves in the healthcare marketplace?

These TIPS have been compiled by astutephysician.com to assist you in obtaining your dream job! The tips are in no particular order. Feel free to review this list frequently during your job search. GOOD LUCK.

TIP #1

You will compare your offers based on salary, CME allowance, vacation time, research time (academia), call schedule, and a long list of other criteria. Potential employers will sometimes ask you to tell them what you want to be paid. The Astute Physician will not fall into this trap. Always let the employer make the initial financial offer. Consider saying, “I’m just a resident (or fellow), and have no idea what I should be asking for, what can you offer me?”

The ophthalmology board exams are challenging, but with a little preparation, one can pass them on the first attempt. As residents, we hear a lot about the board exams. As a matter of fact, we take a practice version of the written exam each year during our residency. The OKAP (Ophthalmology Knowledge and Assessment Program) was designed as a self-assessment tool to help us identify areas where our knowledge base is strong, but also to point out the areas that need additional work. If you are taking this exam each year and have performed well, you should also perform well on the written board exam. Unfortunately, everyone doesn’t perform well on this exam and that is why I am sharing my preparation insights. After three years of residency and one year of fellowship, I discovered a preparation plan that worked well for me and may work well for you.

by Diane Nguyen, D.O.

Advice for passing Part I, the Written Boards

1. Know your Neuro! As you know, Part I is composed of psychiatry AND neurology questions and you must pass both parts independently to pass Part I. Most people who fail Part I fail because they performed poorly on the Neurology questions. Let’s face it, most of us don’t get enough experience during our training with neurology-specific cases. If I had to guess, I would say that approximately one in every three to four questions on Part I was a neurology question. Therefore, the best advice that I could give someone to help them pass Part I is this:

You’ve searched high and low for your dream job. You’ve interviewed at numerous practices. Today you were offered the position, but for the deal to become official, you must first sign the physician employment contract. Whatever you do, don’t sign the contract until you understand its contents! That may or may not be an easy thing to do, especially if the contract contains a lot of legal jargon. One of the most controversial parts of the physician employment contract is the Restricted Covenant or Covenant Not to Compete. What follows is a primer on Restricted Covenants (taken from the Primer on Employment Contracts by Relief Jones, III, M.D.):

Healthcare was previously viewed as a recession-proof industry. Physicians believed that illness would continue to present despite the economic woes of the country. A recent BusinessWeek article echoed these thoughts by stating that “folks could opt for mortgage payments over health insurance.” It seems that as money grows short in the home, people tend to delay preventive healthcare and fail to pay for care already received. With the population becoming older and obesity becoming rampant, this combination could spell disaster for healthcare professionals.

Becoming board-certified takes hard work.  It takes many hours of studying, despite having to work full-time as a resident, fellow, or as a board-eligible physician.  There are many books and courses that guarantee success, but the only method that truly assures success is burying your head in the books day in and day out. In a way, passing the boards is like losing weight. It takes discipline, hard-work, and repetition. Astute Physician continues to provide high-quality, peer-created board review plans to put you on the right path and help you achieve your goals. Currently, we have review plans for ophthalmology (OKAP/Written Board Exam) and psychiatry (Written/Oral Board Exam).