The House of Representatives recently proposed a sweeping overhaul of a federal law that governs almost every aspect of higher education, a plan that would eliminate some popular student aid programs and impose restrictions on others.
All debt-ridden students could be affected by this legislation, but particularly those entering the medical fields who have accumulated more loans than the average student. A full 75 percent of the medical school graduates in the Class of 2017 held an average $190,694 in total student loan debt, according to the latest survey data from AAMC. To top it off, interest rates on that debt hover between 5 and 7 percent.
While the legislation seeks to make colleges and universities more responsive to the needs of employers and reduce taxpayers’ stake in the financing of education, the changes will likely drive students away from specialties that pay less (such as primary care and psychiatry)—specialties that are already in decline. Even worse, the changes may drive some students away from the medical field entirely.
In other words, the physician shortage could very well become even more dire than expected.
What does this mean for healthcare organizations? Increased competition for qualified individuals. With the potential of a smaller pool of candidates than ever, it’s imperative to have tactful recruitment strategies in place now, before it becomes too late.
Is your organization ready? As you prepare for the future, consider completing this checklist to determine your readiness to recruit. If you have questions regarding the checklist or need information regarding compensation, recruitment incentives, or physician-to-population ratios, don’t hesitate to reach out. Jordan Search Consultants offers free recruitment assessments, and we would be happy to provide direction during this uncertain time.
For a free recruitment assessment, contact Jordan Search Consultants at 866-750-7231 or fill out a contact form online.
