New doctors straight out of college might want to think twice before opening a practice in New York.
According to a recent study by the financial website WalletHub, New York came in last among all 50 states and the District of Columbia based on several key factors including starting salaries, the cost of malpractice liability insurance, the number of hospitals per capita, and finally, the overall environment for doctors in the state.
In other words -- doctors looking to make money, be successful with their patients and enjoy their profession should look elsewhere.
Other factors included the ability for doctors to pay off the amount of debt most medical-school graduates leave school with: $189,000 in 2016, health-care reform, the rise of branded hospital networks and the retirement of baby boomers are all complicating the lives of doctors and warranting pause from potential whitecoats.
Doctors in New York also pointed to the high cost of living versus their earnings, losing their independence working for a large hospital network, and the number of physicians retiring causing burnout for newer doctors.
The study also showed New York ranked in the top five states with the highest payout for medical malpractice claims, which in turns raises the cost of malpractice insurance.
Iowa ranked as the best place for a doctor to practice.
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