What the Economy is Telling Physiatrists and Rehab Residents

I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.

The U.S. economy overturned in response to the coronavirus pandemic, and alarms are echoing fears that the recession could shift into a more profound decline–if it hasn’t already. The current economic downturn has dampened the job prospects for physiatrists and fiscal medicine rehab residents for the class of 2020.

As a graduate into the worst economic downturn since the Great Depression, current economic factors, such as the high unemployment rate, mimic the circumstances the graduating classes of 2008 and 2009 experienced as they entered a similar job market. According to economic reporters at Bank Rate, “More than 17 million people have applied for unemployment insurance since March, implying that joblessness has risen to nearly 14 percent, higher than at any time during the Great Recession [of 2007-2009].”

The current climate of the economy is ripe for causing under-employment.

This translates into starting salaries, which can be anywhere from $20,000-$30,000 below those of the previous year, if not even lower. The lower initial wage will lead to an almost 10-year horizon until the employee can reach the same pay values as those who graduated into a decent economy.

Hospitals need to reduce their costs, which is going to translate into them, offering lower wages. This is going to significantly and adversely impact the overall compensation packages that they offer to potential employes. That means smaller bonuses, lower potential relocation packages (if they’re offered at all), and lower to no other perks that are sometimes provided to potential job applicants to draw them into signing the job offer.

Due to the impact of Covid-19 on their finances, hospitals no longer have the funds to cover these expenses. As a result, potential job prospects are going to have significantly lower overall compensation, which is going to impact them well throughout the future. All of these factors make it imperative that physiatrists and physical medicine and rehabilitation residents seek to insulate themselves amid an economic downturn by building their own independent practice.

Having your own independent practice will provide you with more autonomy and control over your financial livelihood.

Are you a rehab doctor who’s ready to start your journey to financial freedom? Sign up for a FREE 15-minute Strategy Session today: https://calendly.com/hassan-akinbiyi/15min