Tuesday, 24 November 2015

Osteopathy vs Medicine: a Financial Comparison



Manual osteopaths, after 20 years of work have $571,472 more in income than family physicians.

Total net income (income minus education cost) of manual osteopaths in a 20 year period is $1,595,482 compared to $1,450,000 for family physicians. 

The average gross income of Canadian family physicians is $139,000 in 2015 compared to $90,000 for manual osteopaths. However they study 10 years compared to 1 year for manual osteopathy. As a result the lifetime income potential of manual osteopathy is more than half a million dollars more than family medicine. 

         MD vs DOMP: A Financial Analysis 



   MANUAL OSTEOPATHY

                MEDICINE

Designation
DOMP (Diploma in Osteopathic Manual Practice)
MD (Doctor of Medicine)

Study duration
1 year full time (6 months for students with prior health education)
10 years for family physicians (3 years university followed by 4 years of medical school & 3 years of residency)

Tuition per year (in 2015)
$5,528 for health professionals, $9,280 for high school graduates
$18,000 (university of Toronto)

Total tuition to complete education
$5,528 for health professionals, $9,280 for high school graduates
$126,000

Annual cost of living (in Canada)

$18,000 ($1,500 per month)

$18,000 ($1,500 per month)

Total living expenses to complete education
$9,000 for health professionals, $18,000 for high school graduates
$180,000
Total cost of completing education (tuition plus living expenses)
$14,528 for health professionals, $27,280 for high school graduates
$326,000

Average annual income per year

$90,000

$139,000 (for family physicians)
Total income, 7 years from now for current 1st year students
$540,000 ($90,000 per year for 6 years after graduation)
Zero (education takes 10 years)
Total income, 10 years from now for current 1st year students
$810,000
$60,000 (residents make about $20,000 per year)
Total income, 20 years from now for current 1st year students
$1,710,000
$1,450,000
Net income after 20 years minus the cost of education and living expenses for current 1st year students
$1,695,472 for health professionals, $1,682,720 for high school graduates
$ 1,124,000

Please note that there are two different types of osteopathy in Canada. One is the American style osteopathy, also known as osteopathic medicine (there are about 20 osteopathic physicians in Canada) that teaches surgery and medications. The other one is manual osteopathy (there are over 2000 manual osteopaths in Canada) that teaches hands on therapy.

Financially speaking osteopathic education is less expensive than medical education. I recommend students choose manual osteopathy as their future career if they do not wish to spend 10 years and over $326,000 in expenses to become an MD. 

Professor Shahin Pourgol, MBA, DC, DO, PhD
National Academy of Osteopathy (Canada)
National University of Medical Sciences (Spain)

NAO & NUMSS are the largest providers of manual osteopathic education worldwide, teaching in 54 countries. To receive their information package please email admissions@nationalacademyofosteopathy.com

Thank you. 



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