DOCTORED MONEY seeks to provide clear, understandable, minimally-biased education on financial topics for medical students and physicians, focusing on those early in their career. 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 on physician wellness, fatigue, and burnout, with connections to patient outcomes. Thus, there has been an increased push in graduate medical education to incorporate overall wellness efforts into training, in hopes that this will prepare new physicians for the medical field. 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 young physicians’ mentoring.
It is not reasonable to expect physicians to go through medical school, potentially take on massive amounts of debt, choose a specialty, pick an area of the country to practice and make other financially impactful decisions without providing even the smallest framework for them to understand those financial considerations. Doctors are often seen as financially successful because of their relative high salaries. But these salaries can appear artificially high because of educational debt and delayed earnings. Educational costs have increased and physician compensation has not kept pace. The financial environment that new physicians are entering is drastically different from those of their mentors.
DOCTORED MONEY wants medical students and young physicians to choose the specialty and career which calls to them. We desperately need physicians who will serve the needy without financial gain as the primary motive. However, unless physicians have a minimum amount of financial education, in advance of major career choices, they risk resentment of their decision to go into medicine. 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.