Pediatrician - Good Doctors Bad Businessman Video

Drmdk videos - Learn how much it costs to run pediatric clinic.
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Host: Medical School of the University of New Jersey. Guest: Usually, it's a four year undergraduate program and a four year medical program. Sometimes you can get a combined six year program, but it's usually an year extension college. Host: Okay, and how much would that cost? Guest: Well, a low-end would be about $25,000 for a typical college state school and college private schools, it varies slightly, $55,000. So if you took that figure times 8, low-end would be $200,000 and there are typically many paying double that. So it's not inexpensive to go to a college today and become a doctor, it's hugely expensive. Host: Can you just speak about residency? Guest: The residency, Pediatrics takes approximately a three-year program which means you are getting paid, not enough to pay back any loans, enough to at least at that point for the apartment and to become a resident. Host: And could you describe to us the certification process? Guest: Well, after you finish your residency program, you can practice. You will go on and take an exam and the exam is pretty extensive, but that’s of the best part. You find that all the new pediatricians have to get recertified and that’s a process in routine 5-10 years depending on if it's a personal practice a lot of times. It's only been previously certified for life, these guys don’t have a genuine to get recertified. That’s what they are trying to do to make everybody not be a life long certified doctor, but a continuous education with recertification. A lot of the doctors who are already in the practice resent that, because you are keeping up with medical education with proof to get your license renewed, you institution reviews what you are doing and your medical staff of the institution, your Director of Pediatrics reviews what you are doing on a regular basis, because you want to keep everybody doing -- we consider the best quality of care for every child that’s taken care by our institution. Host: What are the causes of dues? Guest: Dues are extremely spent. On the medical side it can run you a thousand dollars. If it's on the pediatric $750. You take all these different courses to keep your medical education up. Many of these courses can run in the thousands of dollars. So it's not an expensive process to get the education. Thank God, the institution I am at happens to have 2 to 3 lectures in the winter a week for just certification lectures you get one hour at a time for CME credits, so you can get your number which happen to be 50 every two years and it's not a process that’s simple, but you have to keep up, because our good doctor is always as good as our knowledge. Host: And after all this money spent, how much do you make? Guest: An average pediatrician makes slightly more than a principal, but if you take in the fact you are not getting free healthcare, which is a big issue today obviously, retirement funds, you are paying back loans and if you have $200,000 with a loan to payback, you could be paying it back you could be paying it back with interest 10,000 to 15,000 a year, so you could easily bill over $100,000 which is not a lot of money for some putting in 12 years of education. Host: How much would it cost for solo practice in this time? Guest: To open up the solo practice. Well, first of all you just can't find a place to rent which is not going to be cheap. You have to get a lot of equipments in your office, different types of tables, you have to buy vaccines. As an average pediatrician and I would assume has an inventory of $50,000 to $100,000 with the vaccines, because you have to have it, if you can't give it. I know you don’t believe this, but we vaccinate a thousand kids fully that costs to a pediatrician if we buy all these vaccines can be over a million dollars, wholesale. So here we are not making. We are making the least of all specialty, but at the same time we have an outlay of vaccines and it's huge, making very difficult for anybody who gets out of medical schoo

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