As a dosimetrist, I know firsthand that people often assume healthcare professionals are financially secure. They see the salaries attached to our roles and think we have it easy. But the reality is far more complicated.
Behind the white coats, scrubs, and precision of our work, many of us suffer the secret financial struggles of healthcare professionals. If you’re in the same industry or planning to join us in the healthcare profession, keep reading to learn more about our financial struggles.
1. Educational Debt
It’s no secret that many of us carry significant student debt, whether we work in healthcare or another field. However, the financial burden on healthcare professionals is often much greater than in other professions.
Take, for example, the path to becoming a dosimetrist. While it’s shorter than medical school, it still comes with a hefty price tag. After completing my education and specialized training, I accumulated nearly $90,000 in student loan debt—before even factoring in interest.
I remember the stress of watching my debt grow, constantly wondering how long it would take to pay off. Thankfully, I recently finished repaying my loans, though I’m already a few decades into my life and career.
For context, in the 2022–2023 academic year, the average American graduate carried about $29,300 in student loan debt. However, many of my colleagues in radiation oncology, nursing, and other healthcare fields face far greater challenges, often owing well over $100,000 before they even start their first job.
The numbers for aspiring physicians are even more staggering. On average, doctors graduate with about $188,317 in student loan debt. I’ve spoken to young physicians who feel trapped in their jobs, unable to take a break or transition to a lower-stress specialty because their debt is overwhelming—especially those still in residency. While they remain optimistic, viewing their education as an investment in a high-paying career, the financial pressure is undeniable.
For those looking to enter healthcare without taking on such extreme debt or spending years in school, there are alternatives. Becoming a dosimetrist or a nurse offers a more manageable path. Nursing debt varies widely, from $23,302 to $184,787, depending on the degree level—whether it’s an Associate’s (ADN), Bachelor’s (BSN), Master’s (MSN), or Doctorate (DNP).
Even in my field, where student loan debt isn’t as high as in medicine, balancing monthly payments with everyday expenses often feels like a never-ending challenge.
2. Income Disparities
In my field, I have observed significant income disparities, which pose a financial concern for newcomers in the health industry. These disparities are primarily influenced by geographic location. For instance, in my workplace, I have met many Filipino nurses—who are quite common in California—who are severely underpaid in their home country, prompting their migration to the United States.
Unfortunately, many foreign healthcare professionals find themselves locked into lower-paying contracts due to visa sponsorship. It often takes time for them to negotiate salaries that are comparable to those of their local counterparts.
Moreover, local professionals also face challenges if they plan to work in another state. For example, the national mean annual wage for medical dosimetrists is $131,850, which is higher than California’s average of $127,670, where I currently reside.
Salaries vary significantly by state; in New York, where I was raised, the average annual salary for a medical dosimetrist is $141,172—about 7% above the national average. This difference translates to a loss of approximately $13,000 for me, which is why I have taken on an additional job to help manage my student debt and other financial concerns.
3. Recertification And Training Costs
Healthcare professionals often encounter significant expenses related to mandatory certifications and continuing education (CE) requirements. These costs can accumulate over time, especially when employer reimbursement is limited or unavailable. Fortunately, some of these expenses have been covered by my employer.
The amount you need to spend on certifications can vary depending on your specialization and profession within the healthcare industry. For instance, I pay $175 annually to maintain my Certified Medical Dosimetrist (CMD) certification from the Medical Dosimetrist Certification Board (MDCB).
Additionally, we are required to participate in CE programs to keep our licenses and certifications current. The costs of these programs can range from free to several hundred dollars. While some employers cover or share these expenses, others may not provide financial support, leaving individuals to bear the full cost.
In my case, I need to earn 50 continuing education credits within five years to maintain and be able to renew my CMD certification. There are various ways to earn these credits, such as through courses, lectures, and workshops, all of which come with associated costs.
Maintaining my credits can be expensive. Travel expenses for attending lectures and other events add up, and we often need to take time off work, especially if the required courses, lectures, or workshops are out of state.
These financial burdens can be particularly challenging for healthcare workers in lower-paying roles, such as medical assistants and technicians, who must maintain certifications while earning significantly less than physicians and specialists. Without adequate financial support from employers, these ongoing costs can make it difficult for many healthcare workers to comply with professional requirements while maintaining financial stability.
While mandatory training and certifications are essential for ensuring high-quality patient care and professional development, it is crucial to recognize and address the financial constraints they impose on healthcare professionals.
I understand the benefits of these mandatory trainings and certifications for the healthcare system, professionals, and patients. However, it is important to acknowledge that these requirements can create additional financial challenges for healthcare professionals.
4. Contractual Setup
Not all healthcare workers are employed under traditional contracts with hospitals. Many roles, particularly due to staff shortages in the healthcare industry, are filled through freelance or contractual arrangements. In the place I work in, we have a couple of people that are from a staffing agency.
In recent years, especially following the pandemic, the trend of hiring temporary nurses and other healthcare workers from staffing agencies has become more common and essential. By 2021, at least one in ten nurses was employed through a staffing agency. Although this number has steadily decreased as hospital workloads have normalized, many healthcare professionals still work under these agencies, resulting in less stable and less comfortable income compared to nurses directly employed by hospitals.
While agency healthcare workers often earn more per hour, they miss out on the benefits packages that come with regular hospital employment. This includes essential benefits such as health insurance, retirement plans, and paid time off (PTO).
However, this pay disparity can create tension among staff, as agency nurses earn higher hourly wages without the security of a salaried position or comprehensive benefits. I have personally witnessed how this situation can demoralize our regular staff.
Anyway, another concern for these workers is fluctuating job security and inconsistent income streams. Their assignments can vary, which, while providing schedule flexibility, can also lead to financial uncertainty.
Additionally, the stress of traveling from one hospital to another can add to the costs associated with their contractual roles, further complicating their financial situation.
5. Childcare Cost
While I don’t have kids yet, many of my coworkers do, and they often face significant financial strain, especially those who are both healthcare workers. Just imagine how a single parent in the healthcare industry manages this challenge.
Unfortunately, childcare arrangements can be both costly and complicated for many healthcare professionals. It’s no secret that we work long and irregular shifts, which forces many healthcare worker parents to rely on third parties to care for their children. We often consider our coworkers lucky if they manage to get at least one weekend off to spend with their kids.
As a result, healthcare professionals with children often have no choice but to send them to daycare or hire a nanny. This includes tasks like taking them to school, tutoring, and picking them up from school or daycare. While it’s possible for parents to handle some of these responsibilities, their demanding schedules often make it difficult.
Another concern is that most childcare services operate on a standard 9-to-5 schedule. This creates challenges for parents who work night shifts, forcing them to spend more on services that ensure their children are safe and well cared for. Some even invest in security cameras to monitor their children remotely via smartphone. Consequently, many must rely on costly nanny services, 24-hour daycare centers, or family members to fill the gaps.
These additional costs can easily reach thousands of dollars per month, making it particularly difficult for healthcare workers. For instance, the average hourly rate for a nanny in California is around $25. If a nanny covers 12 hours a day, five days a week, that can quickly add up to $1,500 a week, or $78,000 a year. However, it can be less than that. I spoke with one of my coworkers who was able to negotiate a lower rate with the nanny they hired, resulting in reduced costs.
Thankfully, some hospital systems and healthcare organizations offer on-site daycare, but these options are often limited and come with long waitlists. Others provide childcare stipends, but these rarely cover the full expense.
Without adequate support, many healthcare professionals are forced to work fewer hours or switch to lower-paying roles with more predictable schedules. Unfortunately, this only compounds their financial struggles.
6. Health Expenses
Healthcare professionals are not immune to illness. Working long hours every week can take a toll on anyone’s health. One advantage we have is that when we do get sick at work, we’re just a few seconds away from the emergency room or a quick consultation with a colleague.
However, we can still get sick, which leads to additional expenses. We are also prone to burnout, mental exhaustion, and depression. After all, we are human, and dealing with suffering and death—whether expected or not—can significantly impact our mental well-being.
This was especially true during the pandemic. Reports indicated that 45.6% of healthcare workers experienced burnout very often in 2022. Personally, I believe the actual number is even higher from what I’ve experienced and saw personally, as the pandemic was one of the most challenging periods we’ve faced.
Fortunately, most healthcare workers employed by hospitals are provided with comprehensive insurance, and some even receive additional perks like dental and vision coverage. However, temporary workers often do not have these benefits.
Agency workers frequently have to cover their own health expenses out of pocket. It’s also important to note that healthcare workers are not treated differently when we get sick. We don’t receive employee discounts for medical care; while some employers may offer this benefit, it is not standard practice.
7. Lack Of Financial Education
Healthcare workers are trained to save lives, not save money. As someone fortunate enough to have a business degree, I quickly realized how financially ill-equipped many healthcare professionals can be. This issue is compounded by the numerous financial struggles we face in our industry, which is why I started blogging about finances.
It’s heartbreaking to see even the most dedicated healthcare professionals struggle with financial stress. In a recent survey, only 19 out of 126 healthcare workers reported having received formal financial education. That’s hardly surprising.
Can you imagine a colleague burdened with high insurance premiums? Or one with student debt that keeps growing month after month? What about another coworker who has a poor credit score despite earning a handsome salary?
Some of my coworkers even lack investments. While I commend those who have solid savings and understand the importance of emergency funds, it’s clear that we often face unexpected expenses. How do I know? They consult me about these issues.
I understand the lack of financial education in our industry. With workloads like ours, do we really have time to learn how to manage our money? We are often in survival mode, focused on getting through long, stressful days just to earn a paycheck to survive in this economy.
I believe the lack of financial education is the biggest financial struggle of all for healthcare professionals. This lacking can lead to poor financial decisions, compounding the challenges we already face.
These are the financial struggles that healthcare professionals face. Despite me being financially literate, I wasn’t immune to some of these challenges—sans the childcare costs. I do contractual work on the side as well.
Anyway, I hope you find this post informative. And if you’re planning to become a healthcare professional yourself, don’t be discouraged. You can overcome these struggles as long as you take some time understanding the intricacies of how money works.
And if you want to learn or hear more from me, I encourage you to check out my blog: Time For More Me Time. Thanks!
