Stop Money Shaming Physicians!!!
Here’s a little piece that caught my attention. Why? Because when I got into healthcare marketing research over 40 years ago, it was well recognized that physicians made a lot of money. Many of them drove Cadillacs, which was about as fancy a car you could get “back then,” i.e. before foreign cars became the in thing for cognoscenti with money. I remember a Pharmaceutical Sales Representative in South Carolina telling me years ago that one of the physicians in his territory specifically warned him that the Rep was NOT to drive a Cadillac. Why? Because it was a “Doctor Car.”
More recently, as this post points out, it has become verboten to talk about money in medicine. Not even what drugs are going to cost a patient, let alone how much physicians make. Or how they invest. Or how some doctors want to be able to practice medicine simply for the good of their patients, rather than because they are dependent on revenues from their practices to support their lifestyles.
Bottom Line. I am guessing that like with so many things, there must be a happy medium here. Maybe it is inappropriate for a particular brand of luxury car to be “reserved” for physicians, but it is probably okay to realize that most physicians are not willing to practice medicine without appropriate remuneration. Little things like huge student loans make doing so not only silly, but impossible as well.
AND. It is increasingly being recognized that physicians, who have long been seen as “whales waiting to be harpooned” by ersatz financial advisors, need to become more financially sophisticated.
In any event, I believe “The White Coat Investor” is probably quite correct. It IS time to stop money shaming doctors!