Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

Debt should have an ICD-10 code

Cory Fawcett, MD
Finance
March 10, 2017
188 Shares
Share
Tweet
Share

Debt is destroying the lives of doctors everywhere. The cost of getting an education has moved into the ridiculous range. Many doctors are now starting their practice so far in the hole, that they do not see the way out.

I would not have been able to start on my debt-free journey (I peaked at more than $600,000) if I had not developed a new attitude toward debt. Putting debt into this new light may help you establish the debt-free attitude that took hold of me. Maybe understanding debt as a disease, and realizing there is a cure, would make you feel differently about tolerating its effect on your life. Debt should have its own ICD-10 code.

Health care providers are trained to think about disease using a reproducible and standardized method. It has a cause, distinctive characteristics, ways to prevent it, methods of treatment, possible recurrence, and many other disease-like aspects. When you look at debt in the same manner as you look at other diseases, you gain a different perspective.

The truth is, debt is not your friend — it is a disease. When someone is offering you credit, they are not giving you anything. They are setting you up to begin a wealth transfusion from your wallet to theirs, while making it look like they are doing you a favor. If you look closely at the effects of debt on your family, you can begin to see the effects of the disease characteristics. It causes depression, anxiety, fighting, divorce, and even death from suicide when no other alternative presents itself.

Put on your white coats and take a new look at debt through the eyes of a clinician. Let’s start by giving the new disease a name:

Malignant credit carcinoma.

Prevalence: Has been increasing during the last century. A small percentage of the population had a home mortgage in the 1920s, and a small percentage don’t have one today. No one had credit card debt in the 1940s, and today among the households carrying a balance, the average exceeds $15,000. Almost never found in the pediatric population. Seen more often in developed countries.

Symptoms: Irritability, sleeplessness, fear, need to shop, stress, burnout, and suicidal ideations.

Signs: Unpaid credit card balance, car payments, arguments over finances, calls from collection agencies, past due notices, robbing Peter to pay Paul, needing to borrow money from friends and family, juggling payments, second mortgages.

Etiology: Greed, major health problems, keeping up with the Dr. Joneses, frequently buying new cars, student loans, misuse of credit cards, easy monthly payments, unpaid taxes, impulse buying, and many more.

Genetics: Incomplete penetrance. Often passed on through multiple generations. If the parents have it, high probability of the children having it also.

Infectious: Probably airborne and quite contagious, often transferred friend to friend, especially at the mall or in the driveway while looking at a friend’s new car, boat, or motor home.

Tumor characteristics: Usually found on the back or shoulders and feels like a heavy weight. Will not stop growing until its propagating element — borrowing money — is stopped. Not noticed by the patient in its early stages.

Treatment: Early plastic surgery on credit cards: cut them up. Stop borrowing money. Accelerated payments on loans. Search out lower interest rates. Participate in loan forgiveness programs. Usually takes five to seven years to treat.

Prognosis: Good if permanent lifestyle changes are made.

Complications: Fighting with spouse, divorce, bankruptcy, loss of sleep, depression, suicide, irritability, malaise, aches and pains, migraines, and burnout.

As you can see, it is easy to look at debt in the typical disease template, and when doing so, it is harder to tolerate it in your life. The good news is the disease is very responsive to therapy. Fortunately, we already know the cure for malignant credit carcinoma, and it produces miraculous results. The biggest step in treating this disease is a keen awareness of the problem and a change in attitude about tolerating its presence. Debt is a bad disease and one we should strive to avoid or at least cure it in its early stages.

I spent many years with the belief that debt was a normal part of life. I no longer live by that philosophy. Now I think of debt as a disease. Let’s embark on a journey to eradicate malignant credit carcinoma in this generation.

Cory Fawcett is a general surgeon and can be reached at his self-titled site, Dr. Cory S. Fawcett.  He is the author of The Doctors Guide to Starting Your Practice Right and The Doctors Guide to Eliminating Debt.

Image credit: Shutterstock.com

Prev

I’m retired, but I’m disgusted with medical schools. Here’s why.

March 10, 2017 Kevin 80
…
Next

EMRs are dangerous. Let’s change that.

March 10, 2017 Kevin 1
…

Tagged as: Medical school

Post navigation

< Previous Post
I’m retired, but I’m disgusted with medical schools. Here’s why.
Next Post >
EMRs are dangerous. Let’s change that.

More by Cory Fawcett, MD

  • Should physicians own timeshares?

    Cory Fawcett, MD
  • 4 money mistakes everyone makes

    Cory Fawcett, MD
  • Here’s the secret to establishing a great physician reputation

    Cory Fawcett, MD

Related Posts

  • Medical debt is the enemy of everyone

    Robert E. Goff, MBA
  • Reflections after a medical student’s first code blue

    Danielle Verghese
  • A code, a trauma, and our fragile humanity

    Amy Blake
  • A medical student’s first code. Here’s what he learned.

    Timothy S. Kelly
  • Why millennials in medicine want a different dress code

    Casey Hribar and Carolyn S. Quinsey, MD
  • Improve mental health by improving how we finance health care

    Steven Siegel, MD, PhD

More in Finance

  • Unlock financial freedom: The physician’s guide to lucrative multifamily syndications and wealth accumulation

    Pranay Parikh, MD
  • Secure your future today: the essential guide to disability and life insurance for physicians and professionals

    Set for Life Insurance & The Podcast by KevinMD
  • A tiny step to reduce physician burnout

    Dennis Hursh, Esq
  • Why a business education is essential for financial stability and cutting-edge medical care

    Curtis G. Graham, MD
  • The myth of wealthy doctors: Why business education is vital for every physician

    Randall S. Fong, MD
  • Revolutionizing health care: lessons from Michael Jordan’s partnership with Nike

    Chris Grant
  • Most Popular

  • Past Week

    • Is chaos in health care leading us towards socialized medicine? How physician burnout is a catalyst.

      Howard Smith, MD | Physician
    • Revealing America’s expansion: the dark truth of Native American suffering and unjustified abuses

      Anonymous | Physician
    • A physician’s typical day, as envisioned by a non-clinician health care MBA: a satire

      Jennifer Lycette, MD | Physician
    • The rising threat of lung cancer in Asian American female nonsmokers

      Alice S. Y. Lee, MD | Conditions
    • From Moscow Mule to the opioid crisis: Unveiling the tragic legacy and urgent solutions

      Osmund Agbo, MD | Meds
    • The tragic story of Mr. G: a painful journey towards understanding suicide

      William Lynes, MD | Physician
  • Past 6 Months

    • “Is your surgeon really skilled? The hidden threat to public safety in medicine.

      Gene Uzawa Dorio, MD | Physician
    • Breaking the cycle of racism in health care: a call for anti-racist action

      Tomi Mitchell, MD | Policy
    • Unveiling the hidden damage: the secretive world of medical boards

      Alan Lindemann, MD | Physician
    • An inspiring tribute to an exceptional radiologist who made a lasting impact

      Kim Downey, PT | Conditions
    • The hidden factor in physician burnout: How the climate crisis is contributing to the erosion of well-being

      Elizabeth Cerceo, MD | Physician
    • Proactive risk management: a game-changer in preventing physician burnout

      Howard Smith, MD | Physician
  • Recent Posts

    • Empathy and awareness: Unveiling the hidden dangers of food allergies [PODCAST]

      The Podcast by KevinMD | Podcast
    • The alarming epidemic of physician burnout and how we can combat it

      Tomi Mitchell, MD | Physician
    • A retired physician’s battle with moral injury

      Hayward Zwerling, MD | Physician
    • Unveiling the secrets to effective resuscitation and overcoming obstacles

      Deepak Gupta, MD | Physician
    • Georgia’s new law promoting truth and transparency in health care credentials

      Carmen Kavali, MD | Policy
    • Physician employment contracts: the key to fighting burnout and improving working conditions [PODCAST]

      The Podcast by KevinMD | Podcast

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

View 6 Comments >

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

CME Spotlights

From MedPage Today

Latest News

  • FDA Panel Endorses mAb to Prevent RSV in Infants
  • Novel LAA Closure Device 'Promising'
  • Acute GvHD Risk After Allo-HCT Higher With Some Antibiotics vs Others
  • TTFields Therapy Yields OS Improvement in Second-Line NSCLC
  • Mental Health Provider Disclosed Personal Patient Info in Google Reviews

Meeting Coverage

  • Novel LAA Closure Device 'Promising'
  • TTFields Therapy Yields OS Improvement in Second-Line NSCLC
  • Upper Airway Stimulation Device for OSA Holds Up in Real-World Analysis
  • Morning Naps in Elderly People May Reflect Dementia Risk
  • Extra Follow-Up Confirms Benefit of Nivolumab in Muscle-Invasive Bladder Cancer
  • Most Popular

  • Past Week

    • Is chaos in health care leading us towards socialized medicine? How physician burnout is a catalyst.

      Howard Smith, MD | Physician
    • Revealing America’s expansion: the dark truth of Native American suffering and unjustified abuses

      Anonymous | Physician
    • A physician’s typical day, as envisioned by a non-clinician health care MBA: a satire

      Jennifer Lycette, MD | Physician
    • The rising threat of lung cancer in Asian American female nonsmokers

      Alice S. Y. Lee, MD | Conditions
    • From Moscow Mule to the opioid crisis: Unveiling the tragic legacy and urgent solutions

      Osmund Agbo, MD | Meds
    • The tragic story of Mr. G: a painful journey towards understanding suicide

      William Lynes, MD | Physician
  • Past 6 Months

    • “Is your surgeon really skilled? The hidden threat to public safety in medicine.

      Gene Uzawa Dorio, MD | Physician
    • Breaking the cycle of racism in health care: a call for anti-racist action

      Tomi Mitchell, MD | Policy
    • Unveiling the hidden damage: the secretive world of medical boards

      Alan Lindemann, MD | Physician
    • An inspiring tribute to an exceptional radiologist who made a lasting impact

      Kim Downey, PT | Conditions
    • The hidden factor in physician burnout: How the climate crisis is contributing to the erosion of well-being

      Elizabeth Cerceo, MD | Physician
    • Proactive risk management: a game-changer in preventing physician burnout

      Howard Smith, MD | Physician
  • Recent Posts

    • Empathy and awareness: Unveiling the hidden dangers of food allergies [PODCAST]

      The Podcast by KevinMD | Podcast
    • The alarming epidemic of physician burnout and how we can combat it

      Tomi Mitchell, MD | Physician
    • A retired physician’s battle with moral injury

      Hayward Zwerling, MD | Physician
    • Unveiling the secrets to effective resuscitation and overcoming obstacles

      Deepak Gupta, MD | Physician
    • Georgia’s new law promoting truth and transparency in health care credentials

      Carmen Kavali, MD | Policy
    • Physician employment contracts: the key to fighting burnout and improving working conditions [PODCAST]

      The Podcast by KevinMD | Podcast

MedPage Today Professional

An Everyday Health Property Medpage Today
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

Debt should have an ICD-10 code
6 comments

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...