is geriatric fellowship worth it

This specific question has actually been answered for general surgery using NPV and published in peer reviewed literature. “The biggest challenge is trying to entice physicians to want to do a fellowship,” said Dr. Knebl, chief of geriatrics at the University of North Texas Health Sciences Center, Fort Worth. So maybe it's really a $240,000 mistake. In fact, a quick search of the American Geriatrics Society/Association of Directors of Geriatric Academic Programs websites show no information about what geriatricians might stand to gain from the bonus program. The payments are how much has to be invested each year to make up for that $500K that the non-delayed doc starts out ahead. Interesting article. Personally, I will definitely end up benefiting from the fellowship. Toxicology. Edit: I'd also be curious to find out if family docs are working in SNFs or filling roles typically filled by geriatricians without having completed a fellowship. And this is a financial post.

You can run the numbers until the cows come home, but, except in rather extreme circumstances, the decision should be made primarily based on whether you want to be a military doctor or not. So whereas in December 2010, there were 279 fellows in their first year of geriatrics training, in December 2011, there were 251! If you choose not to do a fellowship because it would make you happier (and yet make less money), I think that’s the right decision. The average doc retires with 2.2 million? Anyways I just wanted to get some input from people here. Or Gen Surgery plus trauma plus burn fellowships. in addition to academic incentives that I would not have had easy access to as a general anesthesiologist. There are plenty of academic proceduralists who make private practice money. My entire focus since age 50 has been how to retire by age 58-60. If some of the above sounds appealing to you, then the main consideration would be whether it's worth the opportunity cost of making a fellow's salary for a year instead of your attending salary. If you want to do your own calculations and change the assumptions, knock yourself out. I think there is an opportunity cost due to location, as well. I think if you really want to get involved in SNFs, or if you want to become a medical director, or if you really want to be involved in the academic side of geriatrics, it is worth it. Student Loan Refinancing & Consolidation Guide, military pay for your medical/dental school, Before You Decide to Leave Medicine, Ask Yourself These 5 Questions. Somehow, despite all of the hullabaloo surrounding health reform, which has done some very good things for pay and attention given to geriatrics and geriatricians, the number of first-year fellows has fallen again from last year’s precarious situation, discussed in Falling Leaves, Falling Numbers. I really found my passion for medicine in that year. But if it’s purely compensation that’s their focus, how does one reconcile that with the fact that the two make pretty much the same on average?

Can you ever really catch up on that and break even for an “adequate” ROI? I have seen this analysis for other specialties but not specifically for surgery. In emergency medicine, one can do a 3-year residency or a 4-year residency. I appreciate that you stressed that a fellowship is not purely a financial decision, though obviously this is a financial blog so that’s the focus.
Straighten out your financial life today! But this year, I am both surprised and dismayed at the new figures on physician enrollment in geriatric fellowship training reported in the December 5 education issue of the Journal of the American Medical Association.. Nowhere near important enough to me. Using a rate of return of 7%, we can find the NPV of her future cash flows to become equal sometime between 10-11 years (including training years). With a specialty, the income is higher than IM, as an example, and when you take the salary differences accumulated over time and invested at say 5%-8% ROI, the net effect of opportunity gain from a speciality is much higher than the opportunity cost. Thanks everyone. With respect to general internal medicine, I am concerned that the entire field will be taken over my lower paid nurse practitioners. Not only not worth the money, not worth the time it would take to drive to the airport to start the trip. With regards to the editor’s note at the top and the upcoming post on dental residency, not all of them charge tuition. Here are the things that have helped me adapt. In anesthesiology (at least where I work), it is often easier to promote from a subspecialty where you can focus your research and networking efforts.

No, I included it in the $500K the non-delayed doc starts out with. 10 years if I don’t fast-track. It is hard to quantify all of those things, but they probably push it back toward a $300-400K “mistake.”. Now, you have 10 years left to your early retirement. I am lot more proactive than reactive. Trauma yields a neutral return, while pediatrics and foot and ankle have negative net present values.”. Yes, there are some specialties that come with significantly better incomes, but usually much worse lifestyles. I’m a general adult psychiatrist. I know several people who have gone on for further training with the justification of higher salary. Is it better to be an orthopedic surgeon and make $500K/year for 10 years or a family practice doc and make $200K for 30 years? What do you think? So, Is It Worth It? Your email address will not be published. AAHPM has a webinar planned for June 2012. By choosing to do a fellowship, you are delaying this by a year. Graduates work in a wide variety of settings serving in academic and clinical roles. And it sounds like you enjoy your job, which is the most important part.

As a geriatric program director, Nicol Joseph, DO, says fellows should be willing to go the extra mile for patients to help yield better patient outcomes. I did two things that extended my training and cost me money in the long run while I was finding myself. Why argue at all? It all depends on your practice setup and the type of work you like to do. She suggests residents complete a rotation in the particular specialty they are interested in to truly understand the role of a specialist.
HOME I went through calculations like this years ago.

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