Physician Loan Redemption Bill Moves Forward in NJ
State lawmakers are hoping to head off an anticipated doctor shortage by offering incentives to draw and retain them. The state Senate passed a physician loan redemption program (S162) sponsored by shore state Senator Robert Singer, aimed at paying off qualifying loan expenses as they long as they work in New Jersey for 10 years.
In a written statement Singer said, “It’s critical we take steps now to attract more doctors to New Jersey and draw more physicians to needed specialties.” He adds “Incentives like loan redemption programs are a great start to making our communities more competitive in attracting and retaining the best-trained physicians in the fields needed most.
The High cost of education and medical practice insurance as well as low medicaid reimbursement rates have forced many to leave or rethink plans to enter health care. Singer’s press release sites a projected 12 percent shortfall of physicians in eleven years.
The measure awaits passage in the Assembly.