As much as I hate the term “Millennials,” I love working with them.
More than any other cohort, they’re comfortable thinking outside the box — and they do so with a healthy cynicism born of hard experience, they can tell when they’re getting screwed at a much younger age than I ever could.
Over the past decade, clinician compensation has increased at a rate below that of the real inflation rate.
And taking into account the loss of productivity associated with electronic health records, that compensation data looks even worse.
At the same time, the cost of medical education is increasing at three times the rate of inflation. My own alma mater just increased its tuition by 6% this year alone.
And that’s the real increase, after scholarships and adjustments.
That’s the amount upon which the med students will have to borrow money.
Borrow it at interest 2-3 times the market rate.
Borrow it in such a way they can’t discharge it through bankruptcy.
Many will still be paying it with their early Social Security checks.
What are the workforce implications?
What’s the end game?
The young folks coming out of these medical and nursing programs are not stupid, just inexperienced.
In my work, I have a ringside seat watching them wise up.
And they’re not going to plan a game they can’t win.
As much as technology, regulations and innovation allow—they are going to do their own thing.
They are going to do what’s sustainable for them.
Partnership rather than piece work.
If you can provide that for them, you and your organization will win—big.