<p>This is not just medicine. I have had the great pleasure of having my law practice pulled right out from under me twice (so far) by legislation (the stroke of the pen). One time it was 85% of my income gone overnight. Gee. That was fun times. (Yes. I understand it is easier for me to switch arenas than most docs. Easier but still economically crippling and no fun at all.)</p>
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<p>Anyone have any idea what fields ObamaCare will try to cut reimbursements in? My family is heavily invested in the medical field (extended family are practicing doctors, while parents own and run medical diagnostic clinics, MRI–CAT scans–X-rays–Blood Work)</p>
<p>The major targets are cardiology, radiology, and dermatology. But those are only the current priorities – at this point, nobody knows how they’ll play out exactly. Believe me, Medicare is subject to intense lobbying. Too, the health reform bill puts these decisions into a different institution – so there’s no way of predicting how the politics will play out.</p>
<p>^ I just looked into an article on CNN that said that the new plan plans to cut Medicare payments for “advanced medical imaging” - aka MRIs, X-Rays, CAT Scans-----which means my family’s business is screwed. </p>
<p>=(</p>
<p>Let’s just all go into dentistry! It’s much less draining and you only need to go though ~4-5 years of dental school, nothing like 10 years of med school! The lifestyle of a dentist is also generally much better in terms of flexibility and level of stress. Dentist is like ROADS specialty in medicine, the difference being that it take less time and sacrifice to get! So let us premeds all become predents!</p>
<p>Goldshadow,</p>
<pre><code> Let me give you another perspective. I went through college and medical school on military scholarships-graduated with no debt, but with a little ‘obligation’. I ended up spending 30 years in the Army Medical Corps. I always made a ‘nice’ living, but never ‘private practice’ kind of money. After I retired from the army, I joined a medical school faculty and am now living happily ever-after. I have medical school classmates who range from millionaires to a few who probably will have to work until they drop dead. I have a son who is finishing up his third year in medical school and wonders about his future. Physicians have been paid well(relative to the society they lived in) since ancient times, and are respected members of their communities. That is honorable. We all have to make choices. Do not pick a specialty soley based on economic outlook today-you can not predict the future and the ‘specialty de jour’ changes over time, but you can be miserable forever if you end up doing something you hate. I have been a salaried physician my entire career-I was still able to put two sons though private schools from kindergarten through high school, send them to private LAC’s and pay their way through professional schools-it takes planning(opening up college mutual funds within a month of their births), discipline(I did not need to live in a million dollar house) and being happy with having a nice life but not an ostentatious life. You would be surprised how many of my friends live an outwardly expensive lifestyle($$$ house, $$ cars, vacation homes etc) with relatively little put aside for retirement. With 77 million baby boomers rapidly ageing, the outlook for the practice of medicine looks healthy for many years to come. You will make a 6-figure income. If you want a million dollar a year lifestyle-become a beer distributor or pro-basketball player-in my city, both groups have a license to print money.
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<p>Thanks for your post, Hubbelsdad. Appreciate you sharing your experience and your realistic down-to-earth physician’s outlook.</p>
<p>I’ll be honest. I really think medicine is dying right now in America. With healthcare reform a reality, malpractice, long hours, extensive schooling, inevitable debt, and declining prestige, Medicine is something I would only invest in doing if it is the SOLE career you could ever see yourself loving. </p>
<p>Personally, I have two loves: biology and economics/finance. However, money (ya I know you all will probably flame me out for this) is also VERY important to me. I want to be paid well for my work. So, now that healthcare reform has killed the lucrative nature of medicine, I will not be choosing the “cheap route” for my undergraduate education anymore. As of now, I am planning on turning down a full ride to Vandy for paying about 20k to Dartmouth (got in there but if I get into Havard, Princeton, Stanford, or Wharton…will attend). I just feel no one can honestly feel secure in medicine anymore. So, as of now I plan on majoring in econ/finance and focusing on investment banking.</p>
<p>Do these downfalls of medicine extend to the dentistry field as well?</p>
<p>“Of course people go into medicine for prestige, money, and social status.”</p>
<p>-Job security is the major consideration, the rest might not be here in awhile, just like in other countries.</p>