Philippine Butterfly

As the country slowly begins to recovery its financial footing after the recent recession, there is a better understanding of the fact that money problems aren’t limited to a few struggling individuals or families. The reality is that people of all economic groups and in pretty much every profession are susceptible to financial woes.

Doctors used to be seen as above these sorts of money problems. With the exception of a few spendthrifts who threw away their money, most were imagined to have plenty of wealth and financial security . This is not an accurate picture, and probably hasn’t been for quite awhile.

Most newly graduated doctors are saddled with staggering amounts of debt. They set out to join the ranks of working physicians and surgeons not just to help people, but to settle their debt. A majority are forced into joining established practices at lower salaries because they do not have the financial means to open their own office. In fact, if it weren’t for special start up loan programs and the ability to contract for medical equipment leasing , even established doctors would have difficulty funding a solo practice. This is because the special computer systems and medical equipment necessary to serve patients are extremely expensive not just to purchase, but to maintain and upgrade over time.

That is not to say that one should feel sorry for doctors who aren’t able to run out and start their own business right away. It’s just a matter of recognizing that with all their education and higher salaries, they still face their own set of financial challenges.

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