is geriatric fellowship worth it
Looking back at residency, I’d say the average age of a patient was high 50’s in the office and mid 60’s in the hospital. If there is a subspecialty that you love, do it, a few more dollars in the bank at retirement won’t matter if you practice in a field that makes you miserable. [Editor's Note: This is good to think about, but I'd argue this should be included under # 1. If you invest 68K a year for 25 years (you skipped 2 years of fellowship) then you can reach 5 million at 8%…, If the other dude/dudette did 2 year fellowship he/she would have to invest 82K for 23 yrs to get to 5 million. So the delay may have resulted in this current practice where I have a much better lifestyle then most in terms of hours and geographic arbitrage. I imagine a lot of this is specialty specific. Many academic centers provide productivity bonuses involving research and education. 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. That sounds amazing! //he left $400K * 22 = $8.8 Million on the table. I can anticipate problems before they happen. Income usually goes up with a fellowship, but it comes at a price. During the fellowship summit and the AAHPM fellowship director SIG meeting the majority of the HPM fellowship directors manifested an interest in the NRMP match. Job Security from the future prevailing evils of a changing world in health care. What Are The Factors and Cures? There has always been a nagging sensation that I should someday. Everything else was a loss (and a big loss). Ashley Altus is a senior multimedia content producer at the AOA. My colleagues cant. Some of that is lower student loans, some is a smaller mortgage, some is more home equity, some is retirement contributions etc. It is the same way wit… And that PGY4 received some sort of salary, perhaps $60K these days. Assuming they would do this weights the analysis against the fellowship. Her interest in multi-drug resistant organisms further solidified during an infectious diseases rotation where she had the opportunity to take care of patients who were septic due to MDROs. I can only speak for radiology, and sometimes it depends on the subspecialty and where we are in the job cycle. By far the more important piece in that equation. Though this comparison would be vs 1st year in practice, not the “final” income as partner as the author appropriately compares above. Way easier to make mid/high 6 figures in pain than general anesthesia. I am also a regional anesthesia guy, and the money you can make in a non-accredited fellowship is great. That’s certainly a consideration. In a great market triple. Also included is Ortho and OB/Gyn. Take a look at folks in their 70’s and 80’s. So maybe it's really a $240,000 mistake. So the most important financial issue with regard to specialty and subspecialty choice is whether that choice will lead you to choose to work longer because you like the work more. Its easier for me to get another job due to my fellowship. This is a financial blog. I’m planning on doing several years of fellowship. This is a good outline of how to think about the financial implications of fellowship. Division of Geriatric Medicine. 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. (We still do some general anesthetics for joints when we cover at our joint hospital). If the financial reward for doing a fellowship is higher income later, then truncating the working career would lead to a lower payoff. You state: How much more does she need to invest each year to overcome that $500K ($250K * 2 years) opportunity cost over 23 years?…. I’m not going to argue they pay well, but they’re not easy to get in to see around here, especially Rheum. COVID-19. That has you working at 70-75 years of age. Wilderness Medicine. To make matters worse, a fellowship-trained doc is far more likely to be working in an academic role rather than private practice. As explained in the post. Financial Wellness for the Academic Physician, Quantifying the "Pediatrics Opportunity Cost", How to Double Your Income as a Primary Care Physician, https://www.wallstreetphysician.com/physician-retirement-age/, https://www.runnersworld.com/trail-running/a21998984/73-year-old-sets-western-states-record/, https://www.runnersworld.com/news/a20849297/70-year-old-becomes-oldest-to-complete-292-mile-badwater-double/, Fire Your Financial Advisor Online Course, The subspecialty is actually paid significantly more than the specialty, The subspecialty isn't going to force you into an academic role. 3 fellows are chosen every year to be part of a 12 month program. It does sting if you get the ROI wrong from the money side, but the wellness you get from loving your job makes up for that, I am sure. There are obvious cases on both sides where it absolutely helps and definitely hurts, but for most in the middle its a decided meh. After a year of doing the work, I felt as if I was as competent as any fellowship trained geriatric psychiatrist. Sinking that much time and you could complete an elite neurosurgery program followed by a spine or vascular fellowship. This just shows how significant it has to be to break even. ), New comments cannot be posted and votes cannot be cast, More posts from the FamilyMedicine community, For all those who work in, work with or are interested in Family Med, Press J to jump to the feed. Agree that medical students should think about the financial implications of their specialty choices. Regarding the lifestyle piece, no matter what you specialize in, if you expect to make substantially more money you typically have to pay a sacrifice in lifestyle unless you’re more business minded than medicine minded and you scale your practice wisely. But the financial aspect of the decision is there whether we like it or not. Everything will work out! The purpose of this post is to only speak towards the financial aspect. It may look something like this in my field, Anesthesiology: (Wrong perception) For what it is worth, thank you for your service. Upon successful completion of the Geriatric Psychiatry Fellowship Program, you will be qualified to take the American Board of Psychiatry and Neurology's examination for Certification in the Subspecialty of Geriatric Psychiatry.

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