Lancaster Physician Summer 2021 - 34

L A N CA S TERMED I CALSO C IET Y. O R G
Foundation Updates
LCCMS EVENT RECAP
Early Career Physicians
Candid Conversations: Finance
According to data from the Association of American Medical
Colleges, the average medical school debt for the class of 2019 was
$201,490. While those figures include medical school loans, as well
as debt from undergraduate studies and other higher education,
the total represents a 2.5 percent increase over the average medical
student debt for the class of 2018.
While high average debt is of great concern for many early career
physicians, financial topics are generally not adequately covered in
medical school or even during residency.
" Early Career Physicians Candid Conversations is a planned
series of events focused on topics specific to this particular niche
group, " explained Beth Gerber, LCCMS Executive Director. " We
know from the data and from discussions with our members that
financial issues are significant and can often be intimidating, especially
early in one's career. We wanted to take away some of the
anxiety out of discussing the topic. "
The virtual event, held in May, covered matters such as student
loan forgiveness, debt refinancing, buying vs. renting, taxes, liquid
savings, investments, and insurance. The format was casual and
designed to facilitate questions and dialogue-offering tips, lessons
learned, and an opportunity for sharing.
" The event was designed so that early career physicians would
feel comfortable and not overwhelmed, which is one of the primary
reasons the session was physician-led, " Gerber explained. " Having
a volunteer, with a true passion for the subject who could offer a
bit of the 'been there done that' mindset, was key. "
The event was led by LCCMS Board Member Dr. Christopher
Scheid. Dr. Scheid is the Program Director for the UPMC Lititz
Family Medicine Residency. Until recently, he also served as the
Regional Medical Director for UPMC Express Care/Occupational
Health. Dr. Scheid is a graduate of Philadelphia College of Osteopathic
Medicine and completed his family medicine residency at
UPMC Altoona. Scheid became interested in physician financial
wellbeing during his residency training and is an advocate for
personal financial training for all physicians given their unique
financial challenges.
Future Early Career Physician Candid Conversation events will
likely include topics such as leadership development, work-life balance,
and mentoring. If you are a resident or a physician within your
first few years of practice, please let us know what we're missing!
LANCASTER 34 PHYSICIAN
Lancaster Physician Summer 2021

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