Filed under things I really want but for way, way cheaper: Project E Ink’s “$2500 e ink art piece that displays daily newspapers on your wall.”
From MONETIZING MEDICINE: PRIVATE EQUITY AND COMPETITION IN PHYSICIAN PRACTICE MARKETS, a report by the American Antitrust Institute:
Price increases associated with PE acquisitions are exceptionally high where a PE firm controls a competitively significant share of the local market. When we focus our analysis on markets where a single PE firm controls more than 30% of the market, we find further elevated prices associated with PE acquisitions in each of the 3 specialties with statistically significant results, for gastroenterology (18%), obstetrics and gynecology (16%), and dermatology (13%).
Discussed in the NYTimes here.
This chart comes from a Joint Commission paper on Physician Task Load and the Risk of Burnout:
It reads like a meaningful comparison, but the data is actually just self-reported from a survey of different specialties. It is a (nonetheless flawed) reflection of how these groups of doctors viewed themselves, their work, and its challenges.
The paper came out in 2021 but this feels dated. I think Time Demand (which is not overall hours but rather “how hurried or rushed was the pace of the workday?”) would be higher now for many specialties, including mine. It’s a different world out there with the physician shortage and a strong corporate practice model.
I also wonder about the impact of Physical Demand on PTL here. For so many doctors, it’s precisely the lack of a physical component (i.e. being sedentary/anchored to a computer all day) that is a negative factor.
Jeff Goldsmith in “What Can We Learn from the Envision Bankruptcy?“:
Strategically, the Envision bankruptcy raises anew the question of whether there are economies of scale, and investment returns to scaling, in healthcare. Certainly the conventional wisdom argued that large firms like Envision had the ability to recruit and retain clinicians across vast geographies, and negotiating power with the large insurers that increasingly dominate key insurance sectors like Medicare Advantage and Managed Medicaid.
Envision’s demise strongly suggests that the power balance-both political and economic- has tipped decisively in the direction of payers like United. Rising interest rates, the increasing scarcity of clinicians as workaholic baby boom vintage docs and deepening financial challenges for the ultimate customers of many of these companies, namely hospitals, suggest that we may have reached an inflection point in the viability of many private equity physician care models, with their 4-7 year holding periods and a succession of owners. Current owners might find it increasingly difficult to exit their positions.
A few years ago, nearly every radiologist completed a fellowship. It wasn’t so long ago that the job market was so tight there was a real concern that doing two back-to-back fellowships was going to become the norm.
Oh, how times have changed.
Recently I’ve been asked by several readers if I thought that fellowships were still necessary given the current radiologist shortage and white-hot market. Are practices desperate enough to hire general radiologists fresh out of practice?
Well, the short answer is no, fellowships are not strictly necessary. Absolutely some practices are hiring straight out of residency. We had one of our residents go straight into practice a couple of years back even. There’s a real opportunity cost to training for another year, and we shouldn’t pretend there isn’t.
But here was my longer answer:
There are absolutely places/groups in the country that are willing to take non-fellowship-trained general radiologists, but I believe going without a fellowship will still significantly limit your options fresh from training. I don’t foresee a world where this changes regardless of the current shortage.
Want something more than just my opinion? Well, I did do a completely unscientific informal Twitter poll of practicing radiologists. I asked:
Radiologists, in the current job market, are your institutions/groups *currently* *generally* willing to hire candidates straight from residency without fellowship?
Yes (no fellowship): 44.9%
No (fellowship required): 55.1%
So can you go to work without a fellowship? Absolutely.
Are you closing doors if you skip one? Absolutely.
Anecdotally, fellowship is probably least needed for the job most in demand: ER work, especially swing shifts and deep nights.
* * *
I think the only hope for a more efficient future is if more subspecialties begin tracks within residency like nuclear medicine, allowing for a “complete fellowship” experience/equivalence during the normal residency term. Though as a practical matter it seems absurd to place so much value on a one-year process after longer training, ultimately there is a difference (pro and con) between doing something for the majority of a year and not bouncing from month to month like we do as residents.
Out in practice and in the context of a long career, ultimately, there is a substantial difference in performance between those who practice subspecialized radiology working a lot within their subspecialty and most generalists. There are a ton of general radiologists practicing general radiology—and the world absolutely does need a lot more general radiologists—but there is also a big demand for subspecialty reads. The ordering providers want it, and various “quality” entities and certifying bodies (e.g. Covera Health) are also looking for it. So a significant number of our workforce does need to have those robust skills, and most residents really don’t have the reps to do subspecialty level MR interpretation without some additional focus.
Yes, in the long term, how you practice will matter so much more than that 1-year fellowship, but in the short term, it’s still considered a meaningful proxy for your strongest area and the hole you can fill for a practice. (Also, yes: when that hole is general or ER radiology, one should even acknowledge that a fellowship without significant moonlighting could actually detract from your overall skillset. Nonetheless, it’s a stretch to suggest that therefore you shouldn’t do a fellowship).
The level of neuroradiology I practice—such that it is—is 100% from doing a ton of neuroradiology as an attending and not from what I learned in fellowship. But the outside world doesn’t really know that. The outside world likes labels.
In the world to come where AI, non-radiologist physicians, and midlevel providers may play an increasing role in imaging interpretation in the future, radiologists will also likely need to perform at that higher level to maintain their edge/prove their value. We could make residency training more efficient by allowing residents to specialize earlier and focus their training, but the potpourri approach we currently use—especially where many residents are spending a significant fraction of their final year doing mandatory breast imaging and some nuclear medicine—isn’t going to get us there.
* * *
But back to the current reality:
To give you an idea, a group like mine would love to hire more people (seriously, it really is a very tough job market). But we are a large subspecialized group and have not/would not compromise on fellowship training for a recent graduate.
So, yes, in the short term, sure, there is absolutely work out there. Especially for ED coverage and general radiology. It may even always be there. But—reasonable or not—not everywhere.
The Biden student loan forgiveness plan was blocked by the Supreme Court, but the new repayment changes are currently (and will likely stay) alive and well. The “New REPAYE” plan has been rebranded: SAVE (“Saving on a Valuable Education,” in case you were wondering).
Here are the take-home points, mostly courtesy of this brand new White House briefing:
Lower Payments for Undergrads
For undergraduate loans, cut in half the amount that borrowers have to pay each month from 10% to 5% of discretionary income.
SAVE—like PAYE and REPAYE—uses 10% of discretionary income for graduate borrowers as well as a weighted average of those numbers if you have debt from both undergrad and grad school.
Lower Payments for Everyone
Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment under this plan.
Discretionary income is currently defined as 150% of the poverty line. This change will decrease payments for all borrowers except those with very high incomes.
For example, in the continental US, the poverty line for an individual in 2023 is $14,580. This means the income excluded for a single person for PAYE/REPAYE is $21,870 and for SAVE will be $32,805.
In practice, this means that not only will PGY1 residents have $0 payments, a lot of PGY2 residents probably will too. A later years resident certifying an income of $60k for example would have their payment decreased from $318/mo to $227/mo under the new plan.
10-year Forgiveness for Low-volume Borrowers
Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with original loan balances of $12,000 or less. The Department estimates that this reform will allow nearly all community college borrowers to be debt-free within 10 years.
This long-term non-PSLF forgiveness takes place after 20 years for undergrad borrowers and 25 years for graduate borrowers, which is unchanged from REPAYE. This income-driven repayment (IDR) loan forgiveness is currently set to become taxable again in 2025 and is irrelevant for the majority of doctors.
A Full Unpaid Interest Subsidy
Not charge borrowers with unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower’s loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low.
This will be huge for residents, who often find themselves in the situation of “negative amortization” when their calculated monthly payments do not cover accruing interest.
The REPAYE unpaid interest subsidy waived half the unpaid amount; SAVE waves it all.
It also means those $0 payments interns typically enjoy yield an effective 0% interest rate. Amazing!
But furthermore, no matter what you owe, you’ll probably feel like you have a 0% interest rate loan outside of the mandatory monthly payment. Technically, our example resident with that $227 monthly payment would have an effective rate of 1.36% on a $200k loan balance (less than inflation = free money)
Truly, one of the great pains for residents—especially those with big loans—was to watch the amount they owed balloon while they slogged through training. No more! You might not make any progress, but your loans won’t grow.
The generousness of this combination—lower payments, waived interest, and more built-in forgiveness—has raised the possibility that some private companies will sue the government to shut this down. I don’t think they have a real chance of winning that case.
The unpaid interest subsidy also means that waiving the in-school deferment for undergraduate loans while in graduate school (or the deferment for any PLUS loans) would be also an easy way to save a lot of interest, as those loans would effectively become 0% interest rate while in school with a typical student’s income.
The Married Filing Separately Loophole
Not mentioned but still important: The Married Filing Separately Loophole, which was closed in REPAYE, has been reopened. This means that married borrowers can choose to file taxes separately in order to exclude their spouse’s income from the payment calculation.
This has historically been especially important for residents with high-earning spouses and has been a key reason to pick PAYE (and occasionally IBR) instead of REPAYE (discussed at length in the Maximizing PSLF chapter).
With everything else + the reopening of this loophole, SAVE is a great plan for borrowers and overall greatly simplifies student loan management.
The Payment Cap
The one important “loophole” of PAYE and IBR that remains closed from REPAYE appears to be the removal of The Payment Cap. With the older plans, your monthly payments were capped at the amount of the standard 10-year repayment even if 10% of your discretionary income would be a larger number. This created a PSLF boon for doctors with long training because even with their subsequent high income they would never “pay their fair share.” Even so, for the vast majority of people nationwide, SAVE will be better than PAYE.
The government’s plan is that SAVE replaces REPAYE, and they close PAYE and ICR to new borrowers. The intention is also to close PAYE to even current borrowers who simply want to switch starting summer 2024, but doing so would actually go against precedent, so we’ll see how that plays out when some of these operational details are finalized. If your income is set to rise high enough in the future for the payment cap situation to be relevant—and PAYE is closed—IBR (which is in the actual 2007 law passed by Congress) will probably always be available. We’ll know more when the plan is fully in effect.
For those currently in PAYE or considering choosing it now while still available, the only practical consideration that is relevant is this payment cap situation with regard to loan forgiveness. For doctors set on PSLF, one would need to compare the savings from lower payments during residency with the potential savings from capped payments as an attending.
As an example, the maximum monthly payment on the older plans for our hypothetical $200k borrower was $2,220. In SAVE, you only hit that amount with an annual income of around $330k. So the “optimal” choice depends on how much you borrow, how much you earn, and how many years of attending income you have before achieving PSLF.
This would mostly affect people with relatively high attending incomes relative to their debt. The most future-proof plan given the uncertainty of a medical career would be to choose SAVE, and that is what I suspect the vast majority of residents would choose even if they had the option. If nothing else, the lower payments during residency will probably impact your life more than lower payments as an attending.
For those with massive loan balances and plans for work that wouldn’t qualify for PSLF, then the payment cap consideration is also potentially relevant to the 25-year IDR loan forgiveness, but this is a very uncommon scenario for physicians (further discussed in this chapter).
Conclusion
Because the plan only improves upon REPAYE without downsides, all borrowers on REPAYE will automatically be switched over to the new plan:
Borrowers who sign up or are already signed up for the current Revised Pay as You Earn (REPAYE) plan will be automatically enrolled in SAVE once the new plan is implemented.
Easy peasy.
For recent graduates, the COVID payment freeze has been and the new SAVE plan will be a huge boon, even if the $10k student loan forgiveness that some residents would have received didn’t pan out.
CEO’s Skill Set Transferable To Any Job That Requires Dumbass To Receive Big Salary: “I have the incompetence necessary to effortlessly transition into a role at any company that yields a seven-figure income.”
Here’s a passage from another op-ed about the reality that conventional preclinical medical education isn’t really working, titled: “Medical students aren’t showing up to class. What does that mean for future docs?”
We believe the immediate next step for preclerkship medical science medical education is clear. A flipped classroom, and thus an increased role for virtual learning in the preclerkship years of medical school, is a promising model. Can we preserve the broad goals of preclerkship medical education while supporting medical students in a decision they have already made to learn on their own time? We believe the answer is yes.
I constantly hear this refrain in education circles. The lecture is dead! Long live the flipped classroom! PBL! TBL! These are the cries of people who need the status quo to persist. People whose job is to how best fit the education of students into a box of X months without a big hit in USMLE passage. This story isn’t new. Versions of this op-ed have been cropping with increasing frequency for the past 10 years.
The concept of the “flipped classroom” is thus:
In this model, the in-person lecture all but disappears, and students learn most of the classroom-type material on their own before in-person time — hence the flip. We suggest starting with a series of virtual modules to prepare for case-based small group sessions held in person. Activities such as anatomy lab, patient interviewing and physical exam practice and special guest lectures would remain in-person. This, in essence, embraces the virtual lecture trajectory but requires actual attendance for small group hands-on learning.
Medical Schools are steadily moving in this direction. In Range, David Epstein discusses the futility of the current approach, the need to teach understanding/flexibility, and to not be so precious with our tools:
A team or organization that is both reliable and flexible, according to Weick, is like a jazz group. There are fundamentals—scales and chords—that every member must overlearn, but those are just tools for sensemaking in a dynamic environment. There are no tools that cannot be dropped, reimagined, or repurposed in order to navigate an unfamiliar challenge. Even the most sacred tools. Even the tools so taken for granted they become invisible. It is, of course, easier said than done. Especially when the tool is the very core of an organization’s culture.
Schools are willing to rethink a narrow tool like the lecture, but they are unwilling to step back and broadly reimagine what an effective and efficient medical education would really look like. Our conceptions of medical training are path dependent and therefore narrowly contrived. Would we do things this way if we didn’t have a century of entrenched history funneling us through the status quo? If you were designing from scratch, what would you do?
Burn it Down
In reality, the preclinical years should be standardized, competency-based, and largely offloaded to colleges. Being a premed should mean you’re actually working toward medicine and not playing status games pretending to care about vaguely relevant science. Medical school should be cheaper and shorter. I don’t care if it takes you three years or 3 months or nothing at all to be ready to pass Step 1. Medical school should basically start with a few months of Step 2 CK-type material and the clinical skills/reasoning components that are intermittently peppered into the first two years. Then clerkships.
The current paradigm was dumb in the age of Google. It’s asinine in the age of Chat-GPT.
We cannot possibly justify our current preoccupation with nearly useless microdetails.
We cannot simply combat the improvement in study techniques and third-party resources by making the tests more challenging. It’s an arms race that burns out students and distracts from training real doctors.
In a current four-year curriculum, there is so much waste: as much as two years inefficiently spent doing the basic sciences and a final year often mostly spent applying to residency and then attempting to relax as much as possible before the brutality of internship (yes, I’m aware that this is a sweeping and somewhat unfair generalization; it is nonetheless broadly true).
I am less interested in credentials—acquired by spending money and time—and more interested in results. We are past the point where using time as a proxy for competency is an appropriate argument. Doctors benefit from a wide moat protecting our profession, and those with keys to the kingdom obviously have an incentive to perpetuate the status quo.
But:
We are producing too few doctors for too much money during a process that takes too much time and is too unpleasant to result in a sufficient number that actually like their jobs, like their patients, and plan to have a long and productive career.
A Brittle Education
My point here is probably better made by Arturo Casadevall via Epstein (also in Range):
When Casadevall described his vision of broad education on a professional panel in 2016, a copanelist and editor of the New England Journal of Medicine (an extremely prestigious and retraction-prone journal) countered that it would be absurd to add more training time to the already jam-packed curricula for doctors and scientists. “I would say keep the same time, and deemphasize all the other didactic material,” Casadevall said. “Do we really need to go through courses with very specialized knowledge that often provides a huge amount of stuff that is very detailed, very specialized, very arcane, and will be totally forgotten in a couple of weeks? Especially now, when all the information is on your phone. You have people walking around with all the knowledge of humanity on their phone, but they have no idea how to integrate it. We don’t train people in thinking or reasoning.” Doctors and scientists frequently are not even trained in the basic underlying logic of their own tools. In 2013, a group of doctors and scientists gave physicians and medical students affiliated with Harvard and Boston University a type of problem that appears constantly in medicine: If a test to detect a disease whose prevalence is 1/1000 has a false positive rate of 5%, what is the chance that a person found to have a positive result actually has the disease, assuming you know nothing about the person’s symptoms or signs? Assuming the test detects every true case, the correct answer is that there is about a 2 percent chance (1.96 to be exact) that the patient actually has the disease. Only a quarter of the physicians and physicians-in-training got it right. The most common answer was 95 percent. It should be a very simple problem for professionals who rely on diagnostic tests for a living: in a sample of 10,000 people, 10 have the disease and get a true positive result; 5 percent, or 500, will get a false positive; out of 510 people who test positive, only 10, or 1.96 percent, are actually sick. The problem is not intuitive, but nor is it difficult. Every medical student and physician has the numerical ability to solve it. So, as James Flynn observed when he tested bright college students in basic reasoning, they must not be primed to use the broader reasoning tools of their trade, even though they are capable.
But tennis is still very much on the kind end of the spectrum compared to, say, a hospital emergency room, where doctors and nurses do not automatically find out what happens to a patient after their encounter. They have to find ways to learn beyond practice, and to assimilate lessons that might even contradict their direct experience.
Chris Argyris, who helped create the Yale School of Management, noted the danger of treating the wicked world as if it is kind. He studied high-powered consultants from top business schools for fifteen years, and saw that they did really well on business school problems that were well defined and quickly assessed. But they employed what Argyris called single-loop learning, the kind that favors the first familiar solution that comes to mind. Whenever those solutions went wrong, the consultant usually got defensive. Argyris found their “brittle personalities” particularly surprising given that “the essence of their job is to teach others how to do things differently.”
Science students learned the facts of their specific field without understanding how science should work in order to draw true conclusions.
“Brittle” is an amazing description of modern medical education.
The Ground Truth
Students have largely replicated and replaced the classic preclinical curriculum with outside tools. Those using the school’s resources are doing so for convenience, inertia, or the importance of the instructor’s idiosyncrasies for exams. The university model has been leapfrogged and has lost whatever stake it can plausibly claim with regard to teaching the basic sciences. There is so much that medical schools can and should do. But lecturing medical students about biochemistry is no longer one of them. We can’t justify a time-based curriculum and six-figure cost of attendance for the handful of students that enjoy going to class.
The flipped classroom is, in part, just fine: students do need in-person reinforcement of material, and there are real benefits of social connection with peers (and maybe even faculty!), but there is no way to turn the typical preclinical curriculum into a good use of time and money just by telling people to learn from Osmosis, Lecturio, Amboss, or Sketchy and hang out for an inefficient “work through the case” exercises with your peers because “healthcare is a team sport.”
The current gauntlet is so long, inefficient, and unpleasant that we are graduating doctors who have already lost their love of medicine and training residents who already have an eye on retirement. We are doing it wrong.
The Department of Justice said the defendants allegedly defrauded programs used to take care of elderly and disabled people, and in some cases used the ill-gotten money to buy exotic cars, jewelry and yachts.
DOJ busts $2.5 billion healthcare fraud scheme.
RadPartners is desperately trying to raise capital to pay off its debts via another round of equity funding (i.e. creating and selling new shares of preferred stock).
If successful, this would dilute the value of shares held by current shareholders (historically, ~40% of the company was owned by current or former RP radiologists). In reality, I have a tough time imagining any large investors putting enough good money into something predicted to go bankrupt within the next two years to shift the course of the Titanic.