The timing of my exit from medicine occurred just months before a nasty novel coronavirus started circulating. As such, I’ve been on the sidelines for what has become the greatest infectious disease crisis this world has faced in a century.
Fortunately, there is an end in sight. Unfortunately, the financial burdens brought about by COVID-19 may persist.
An anonymous reader and writer inquired about me publishing a piece of theirs on this very topic. This is that post. Let’s dig into how doctors’ finances have been and may continue to be impacted.
Even after the public health crisis has subsided, physicians—like the rest of the world—will feel its effects long after quarantine has been fully lifted.
The beginning of quarantine marked unprecedented numbers in healthcare lay-offs and furloughs, totalling to a 1.4 million job loss by April.
At the first sight of their attending paycheck, many medical professionals experience what is known as lifestyle inflation, which is essentially, when you increase your spending as your income goes up.