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The greatest % of Physicians still paying of loans is Emergency Physicians..Why?

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  • The greatest % of Physicians still paying of loans is Emergency Physicians..Why?

    I came across this in medscape 2016 and found it interesting that emergency medicine physicians were reported in the highest proportion to still be paying their loans (33%). In 2017 that number actually increased to 37%. This is counter intuitive to me because their residency is short and their pay seems to be quite good. Can anyone think of any reasons for this or is this maybe an artifact that EM is a relatively young specialty? I also found it interesting that the net worth for EM physicians did not seem that high compared to many specialties even though the pay is good and residency is short so I would think they would have more time for interest to be on their side. Once again, could this be an artifact of EM being a younger specialty?

     

    Here is the link to the article

    http://www.medscape.com/slideshow/compensation-2017-wealth-debt-report-6008663#11

  • #2
    Wow, interesting data that I have absolutely no idea how to interpret!

    I could insert joke about how they are spending all of their money on extreme sports.

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    • #3
      I’ve had that thought, it does cost a pretty penny to summit Everest.

      I wonder that maybe those with a High loan burden will choose a short residency because they know interest will build for less time?

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      • #4
        My thoughts-

        1. Anything medscape related is total bogus/ so look at the source

        2. Those guys have the most fun (travel, toys, boats, skis)

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        • #5
          EM's also a specialty that makes it easier to work part-time, due to the shift nature of the work, which of course means a smaller overall paycheck.  I wonder if that has any role in ER docs taking longer to pay off their loans?

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          • #6
            More time off=more spending opportunities.

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            • #7
              Hmmm...So pediatricians have the highest rate of never making an investment mistake.  Funny.  They didn't ask me.  Maybe it just means they have the highest rate of not knowing they made a mistake or refusing to admit they made a mistake?  Thanks for the laugh!

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              • #8
                @SvalleyMD I know medscape isn’t the best source for accuracy of compensation, but they do seem to at least get the order right of highest to lowest paying specialties. I am not saying that EM is def #1 but it’s probably true that it is near the top even though it should be near the bottom considering the fact that you reach top pay quickly being shift work and you start earning before most other specialties and the pay is good.

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                • #9
                  @Dr. Mom That whole category is comical. I bet a large percentage of those people have no idea even what their 401k fees are.

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                  • #10
                    All kidding aside, I do wonder if the personality types that are attracted to different specialties account for some of the differences in how they handle their finances.

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                    • #11
                      Do you think that emergency physicians could have the highest percentage of loans still to be paid because EM is the youngest specialty in medicine?  And therefore the EM docs skew younger than the docs practicing IM or Gyn or Cardiology, specialties that have been around for a long time?

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                      • #12
                        Purely anecdotal, but a high proportion of ER docs I know have side gigs and businesses including:

                        1) Indian restaurants

                        2) Chain of urgent care centers

                        3) Radio DJ

                        4) ASC development

                        #4 was very successful as he got in with someone who knew what he was doing and got in at the right time.

                        #1-3 have had mixed success, and I would not be surprised if these other activities are distractions and/or money losers.

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                        • #13
                          I would have to go with rapid expansion of EM programs causing a higher number of young grads. I know both ends of the spectrum in my own group, spenders vs savers. I like to think we are active but I dont think that explains the stats.

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                          • #14




                             

                            3) Radio DJ

                             
                            Click to expand...


                            Multiple girlfriends in different area codes as a DJ?  expensive.

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                            • #15
                              around here

                              ER docs

                              restaurants, rentals, lots of side work in urgent care, etc.  however they still seem to have a relatively lot of time off during daytime weekday hours compared to traditional docs.  i have no idea how to compare nights and weekends as the burden, frequency, intensity, seem to vary enormously by specialty.  as does pay.

                               

                              but if i had to answer which specialty has most entrepreneurial docs, that is the one

                               

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