Learn about the unique medical system in Australia, including physician training, compensation, and healthcare structure. Discover the value of seeking financial advice as a doctor and how international lessons can improve our own systems. Explore the process of US doctors practicing in Australia and the importance of financial literacy for medical professionals.
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Quick takeaways
Seeking financial advice from a professional advisor is beneficial for doctors, with up to 80% potentially benefiting from such guidance.
Becoming a doctor in Australia involves a competitive training process lasting 8 to 15 years, emphasizing aptitude tests, interviews, and academic performance.
Australia's healthcare system features a dual public-private approach, providing free primary and hospital care while also offering private healthcare access through insurance.
Deep dives
Financial Advisor Advice for Doctors
Many doctors may benefit from using a financial advisor or investment manager, with estimates suggesting that up to 80% of doctors could benefit from financial guidance. Even prominent investment figures like Dr. William Bernstein argue that more doctors should consider utilizing financial advisors. The key takeaway is that seeking financial advice, whether temporarily or long-term, should not be seen as a negative choice, as long as the advice received is sound and offered at a fair price.
Medical Training Process in Australia
Becoming a doctor in Australia involves two main pathways: undergraduate entry and postgraduate entry. The process is highly competitive, with selection based on aptitude tests, interviews, and academic performance. The education cost is relatively subsidized, with most medical school placements supported by the government. Afterward, doctors go through internship, residency, and specialty training, leading to a total training period of around 8 to 15 years, depending on the chosen field.
Healthcare System in Australia
Australia's healthcare system features a two-tier approach with public and private sectors. The public system provides extensive primary and hospital care free of cost to patients, mirroring a single-payer system. Private healthcare, while offering quicker access for non-urgent procedures, remains accessible only to those with private insurance. The healthcare system is recognized for its efficiency and equity, with bankruptcy due to medical bills being a rare occurrence, in contrast to some other healthcare systems worldwide.
Challenges and Improvements in the Australian Health Record System
The Australian health record system faces challenges in public awareness and participation despite significant investment. Concerns about data security have arisen due to past security breaches, prompting efforts to enhance system integrity. The system's integration with various health services remains fragmented, with progress being made to enlist more health providers to improve connectivity and usability.
Opportunities for US Doctors to Practice in Australia
US licensed doctors can practice in Australia by either obtaining permanent residency, which involves thorough accreditation processes, or directly applying for job positions. The process of credentialing and training requirements varies based on specialties and experience. While competition exists due to a high influx of overseas trained doctors, opportunities for short-term stints or long-term practice are available, emphasizing the importance of complying with local regulations and qualifications.
What is it like to practice medicine in Australia? Our guest in this episode walks us through the training and practicing of physicians in the land down under. We talk about what the medical system is like in Australia as well as how physicians are compensated. From time to time we bring doctors on the show from other countries, we've had a British physician and a doctor who trained in Venezuela on. It is fun to dive into the medical world of another country. Sometimes in the U.S. we get these almost blinders on and think we're the only country in the world. We don't really realize that there are a lot of lessons that could be learned from other countries, that we can really apply in our own lives to simplify both our medical system and our financial system. I think you will find this interview really interesting.
I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!