Worth the Wait?

Despite the $350,000 average wage for America's one million M.D.'s, with 10% earning over $1.3 million, and the top 1 percent taking home more than $4 million per year, this demographic struggles managing finances… Why?

The Long Play

Becoming a doctor doesn't happen overnight. A bachelor's degree, followed by medical school (4 years), residency (3-7 years) and sometimes fellowship (1-3 years) maintains Doogie Howser as a fictionalized account; the average physician begins practicing around age 30. While other high achieving college graduates earn six-figure salaries, hopeful physicians spend over $200,000 attending medical school. Student loans are nothing to balk at, nor are the 80+ hour work-weeks for which residents earn minimum wage.

More Training, More Money

After analyzing one of the largest data sets of provider salaries ever accrued (nearly 12 million data points), the National Bureau of Economic Research explains, "Each extra year of training is associated with $143,000 in extra annual income."

The longer hopeful-providers train – in residency or fellowship – the more they'll earn over the course of their career. But in the short term, additional training causes a messy financial picture, as trainees live off of credits cards and agitate the revolving door of debt.

How can Plannery help?

Plannery is the financial management platform that helps healthcare professionals get and stay out of debt.

Our voluntary benefit improves employee retention by offering better rates on loans, an exclusive credit card and personalized financial management.

We've already improved retention of healthcare professionals at institutions like Advent Health, CVS Health, and HCA Healthcare – contact us today!