Everywhere you turn you hear that there is a critical shortage of doctors, but no one seems to be able to tell you definitively why that is. Some say it’s the high cost of tuition and others say it’s the length of time it takes to complete med school, while others still say it is because doctors no longer hold the same level of prestige they once did and therefore their income is not what it once was.
Actually, all of the above appears to be true and still, there is a missing link. Even factoring in all of the above, that doesn’t equate to the serious shortage of physicians we now face and the rate at which this shortage is accelerating. One commentary on CNBC states that the bottom line is government interference. They make a strong case, but could this be a fact? Let’s take a look at a brief summary of what the author, Jake Novak, had to say on April 30, 2015.
A Frightening Prediction
Novak cites a study conducted by the Association of American Medical Colleges that concluded there would be a shortage of anywhere from 46,000 to an almost unbelievable 90,000 doctors by the year 2025. That’s just eight years down the road! Can you imagine the stress this puts on hospital administrators? Imagine studying for a masters in health care administration BLS. You are now a hospital administrator, but several factors are preventing you from hiring more doctors that are sorely needed and it is only going to get worse over time. This really is a frightening prediction.
Novak Believes Medicare Is Partly to Blame
Because the number of residents that a hospital administrator can ‘hire’ is based on funding from Medicare, his or her hands are quite literally tied. And since nothing in the baseline has increased since the late 1990s, the same numbers of residents come in each year even though Boomers are reaching their senior years, the population is much larger, and as a result there is a much greater need for doctors. Novak has a point here. Medicare legislation is partially responsible for such a severe shortage of doctors.
The Cost of an Education
When it comes to studying to be a doctor, it is estimated that med school can run between $250,000 and $500,000. That’s between a quarter of a million and a half million dollars. With med school running as long as 14 years, including residency, many qualified young men and women who could meet the stringent guidelines for entrance are looking elsewhere for jobs that pay equally well, if not more.
The bottom line is that cost and government regulations are largely responsible for a shortage of physicians, as well as the length of time it takes to get through all that red tape. Many brilliant students are turning to MSHA careers that pay well, don’t cost nearly as much and offer job security going forward in the healthcare industry. Unfortunately, doctors and nurses are still needed so those healthcare administrators have their jobs cut out for them. Perhaps changes are in the wind that will offer incentives for aspiring doctors. If something isn’t done soon, the nation will surely be in crisis before the next decade dawns.
