Doctors Are Drowning in Debt — And 53% Wonder If It Was Worth It

Physicians are some of the highest earners in the country. So why are so many of them financially stressed, confused about their own contracts and unsure medicine was even worth it? A new survey from Panacea Financial, "The Financial Lives of Doctors," found that 53% of doctors would not choose medicine again — or aren't sure they would — if federal student loans were capped at $200,000. Financial confidence barely improves from medical school to practice. And nearly half of physicians don't fully understand their own loan repayment options. Medical Economics sat down with Michael Jerkins, M.D., M.Ed., president and co-founder of Panacea Financial, and Jillian Vestal, J.D., head of legal services at Panacea Legal, to break down what's really going on — and what doctors at every stage can do about it. In this conversation: Why earning 4–5x more in practice doesn't make doctors feel financially secure The contract mistakes physicians make right out of training — and the money they leave on the table How signing bonuses and stipends can turn into surprise tax bills Why student debt quietly shapes every decision: buying a home, starting a family, saving for retirement The single most important financial move for a first-year attending What the financial industry consistently gets wrong about doctors Whether you're a medical student, resident, fellow or attending, this is the financial conversation no one had with you in training. 🔔 Subscribe to Medical Economics TV for interviews, news and analysis on the business of medicine. 🌐 Read more at medicaleconomics.com