What do we do?
Our goal at DOCTORED MONEY is to provide commercial free, unbiased support and education such that young physicians are not caught unaware by financial realities. We do this through 1) Online resources for self-learning 2) In-person financial education sessions, and 3) Advocacy which works towards an expanded or embedded financial education curriculum during medical training.
On our website, we have created and compiled learning resources that are simple, informative and designed for someone with a few minutes here and there. Scrolling through our blog posts for topics relevant to you is a great place to start. Or just head to our Topics page.
In addition to this website, we also give educational talks at med schools, residency programs, faculty groups, grand rounds, professional societies, etc. We have given roughly 50 presentations to approximately 3500 MDs over the past 3 years.
Why do we do it?
We took on the massive amount of debt. We retracted in the OR until our arms shook. We've lived and cried on a resident's salary.
We have been through it too and we realized something you have probably also realized (or will soon realize): Physician salaries are stagnant, while tuition and medical debt is soaring. Physician morale seems to be lower than ever and stress higher. The truth is that financial considerations can strongly influence job satisfaction and morale.
Financial literacy is necessary to maximize the financial benefits of your career. The happier you are with your job, the better it will be for you, your family, and also importantly, your patients!
We want to give you unbiased resources and advice, so that you can be focused in your job and free to do what you like (even if that happens to be pre-rounding at 5am).
Our official Purpose Statement
DOCTORED MONEY seeks to provide clear, understandable, unbiased education on financial topics for medical students and early-career physicians. We believe that improved financial literacy will increase physician well-being and job satisfaction, which will in turn lead to better patient care.
There is a wealth of research which connects physician wellness, fatigue, and burnout to patient outcomes. Thus, there has been an increased push in graduate medical education to incorporate overall wellness efforts into training. We are adding our voice and energy to this effort and we believe that education, counseling, and guidance centered on the financial realities of a career in medicine must be an integral part of physician mentoring and coaching.
It is unreasonable to expect physicians to go through medical school, acquire massive debt, choose a specialty, pick an area of the country to practice, and make other critical career decisions without providing even the smallest framework for understanding the financial implications. Although doctors are often seen as fiscally successful because of their relatively high salaries their financial stability is threatened by educational debt and a shortened earning career relative to other professions. Education costs have increased and physician compensation has not kept pace. The financial environment in which new physicians find themselves is drastically different from the one which greeted most of their mentors.
DOCTORED MONEY believes medical students and young physicians should be empowered to choose the specialty and career path which calls to them. Society needs physicians who will meet patient needs without financial inefficiencies and headwinds impeding their ability to serve. Physicians should be fiscally able to choose careers in primary care and within academic medical centers, if they desire. Physicians deserve support in making these decisions. But unless they are provided with a minimum amount of financial education, in advance of major career choices, they risk resentment of their decision to go into medicine. We are working very hard to ensure physicians are happy and healthy, so that they can help their patients be the same.