Just as the rising cost of healthcare leads to skyrocketing health insurance premiums, so, too, does it result in higher tuition and fees for medical students, says Brian Hurley, MD, MBA, president of AMSA. Public medical schools in particular are affected as state governments, which are obliged to annually balance their budgets, often pay for burgeoning healthcare expenses by cutting subsidies to higher education, he says.
“In a way, universities are balancing their squeezed budgets on the backs of their students,” says Dr. Hurley, who recently graduated from the University of Southern California’s Keck School of Medicine with $300,000 in educational debt.
There is no regulatory body in place that can moderate medical school tuition increases, he laments. But medical students are partly to blame for the spiraling tuition costs, Dr. Hurley says, because students rarely base their school selections on tuition costs. As a result, medical schools aren’t forced to decelerate tuition hikes, because students aren’t taking them to task.
“When pre-med students decide to go to medical school, they have this idea that they will have more opportunities if they can go to Harvard or some other top medical school,” Dr. Hurley says. “Students want to go to the best school they can, and they trust that everything will work itself out in the end.”
Meanwhile, escalating tuition costs and debt loads deter prospective medical students from low-income backgrounds from going to medical school, which hampers efforts to diversify the nation’s medical workforce and provide quality healthcare in poorer communities. “People tend to practice medicine where they came from,” Dr. Hurley says. “It’s not a perfect correlation, but it does match up.”
For its part, AMSA is educating pre-med students on how to select more affordable medical schools that provide a quality education. The association also focuses on teaching medical students how to manage educational debt. “The public perception is that physicians are rich, and it’s a perception we haven’t successfully been able to combat,” Dr. Hurley says. “Right now, medical student debt is not seen as a healthcare issue. We can try to work within the Higher Education Act to better subsidize medical students’ education, but lawmakers tend to focus on undergraduate education.”
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Nonprocedurals at Risk
But medical students’ rising debt is a healthcare issue, experts say. “Many students are now leaving medical school with over $200,000 in debt,” says Daniel Dressler, MD, FHM, SHM board member and education director for the HM section and associate program director for the IM residency program at Emory University’s School of Medicine in Atlanta. “As the cost of education increases each year and significantly outpaces the rate of increase in physician salaries, students may look toward specialties where they can pay that off within a more reasonable time frame while they begin their families and build their lives.”
Aside from primary care and IM, the medical fields that have been at the losing end of the bloated-educational-debt trend are nonprocedural-based IM specialties such as geriatrics, endocrinology, pulmonary/critical care, rheumatology, and infectious disease, says Jeffrey Wiese, MD, FACP, FHM, SHM president-elect and associate dean of graduate medical education and director of the IM residency program at Tulane University Hospital in New Orleans.
Doctors in nonprocedural-based IM specialties generally receive lower compensation than those in procedural-based IM specialties like cardiology, gastroenterology, and nephrology. For example, the median annual compensation for private-practice physicians in cardiology and gastroenterology is nearly $385,000; the median salary of endocrinologists and rheumatologists is $184,000; and the median salary for general internists is $166,000, according to a 2007 compensation survey by the Medical Group Management Association.