Income differentials required to make fellowship training in female pelvic medicine and reconstructive pelvic surgery financially neutral
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We used standard financial techniques and a return-on-educational-investment model to calculate the required annual income necessary to render additional fellowship training in female pelvic medicine and reconstructive pelvic surgery financially neutral. To explore a range of potential outcomes, we conducted a sensitivity analysis that used various discount rates and retirement ages. Compared to obstetrics/gynecology residents who go directly into private practice, residents who pursue fellowship training in female pelvic medicine and reconstructive pelvic surgery experience a financial loss of more than $400,000 to $600,000, assuming there is no income differential after fellowship. To render the additional training financially neutral requires an annual income that is 16–31% higher than that of general obstetrician/gynecologists. Required additional annual income was on the lower end of this spectrum when modeling later retirement age estimates and using lower discount rates. Fourth year obstetrician/gynecology residents considering female pelvic medicine/reconstructive surgery require higher incomes over the working lifetime to render fellowship training financially neutral.
KeywordsHuman capital Female pelvic medicine and reconstructive pelvic surgery Educational investment Graduate medical education Internship and residency Salaries and fringe benefits Health economics Urogynecology
This work was supported in part by Veterans Affairs Health Services Research and Development Grant ERA 03-098. Thank you to Dr. Richard Hill for his assistance.
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