San Antonio – Hospitals and recruiting firms are investing in luring incentives to help reduce the doctor shortages in communities nationwide.
Christopher Anastos, a third-year residency student, has always wanted to be a doctor but knew he’d face challenges.
“I got into this profession knowing that I was going to be in debt,” he said.
But near the end of his training, Anastos is sure he made the right choice.
“There’s programs with University (Health). Those programs with other qualified, federally qualified, health centers, if you will, allow you to pay your loan back,” he said.
Anastos is hoping to pay off his student debt in about seven years.
Dr. Monika Kapur with University Health oversees more than 600 physicians in the network, including the residency program. She offered staggering statistics: 42% of U.S. physicians are 55 and older, and 22% are 65 and over. That means the doctor shortage crisis is here.
“The cost of going to private school is anywhere from 60,000 to 70,000 per annum, just in tuition alone,” Kapur said.
Kapur said a medical school graduate could graduate owing anywhere from $250,000 to $500,000.
Recruiting firms for hospital systems offer incentives to lure graduates to do their residencies at their facilities. Some perks include loan repayment programs, stipends and more for residency students who agree to stay on staff after training.
“We offer a great benefit package to our physicians and advanced practice providers now because they are an integral part of a solution to this physician shortage that we are experiencing,” she said.
Anastos, who recently married, said his wife also has student medical school loans to clear. Incentives offered by companies are all things they consider when they plan their future home.
Studies show that 55% of doctors don’t move far away from where they complete their residency.