Source: Jacob Sunshine, Slate, May 2014
…Resident contracts are nearly identical in the compensation they offer for what will be, depending on specialization, three to nine years of post–medical school training. As noted in the New England Journal of Medicine last week, in inflation-adjusted terms, compensation has been essentially unchanged for 40 years. This year, in fact, first-year residents are paid a bit less than they were in 1974, even as the costs of housing, child care, and medical school debt have skyrocketed. … One reason all resident contracts are nearly the same is that training hospitals share data and use it to help set wages, which in any other industry would be considered anti-competitive. … For the most part, there is an unspoken consensus among residents that nothing can be done to change this. Recently, however, residents and fellows in Seattle are trying something other than a lawsuit. We’re organizing to form an independent collective bargaining unit. If successful, it will be the largest such independent organization in the country. ….
The Economics of Graduate Medical Education
Source: Amitabh Chandra, Dhruv Khullar, and Gail R. Wilensky, New England Journal of Medicine, Vol. 370 no. 25, June 19, 2014