Scotiabank has teamed up with MD Financial Management to provide a suite of banking services for Canadian physicians – from medical students to practising physicians or even those who are retired.
Called Scotiabank Healthcare+ Physician Banking Program, it has been set up to create solutions that meet the varied needs of doctors.
Medical students, for example, will benefit from education financing with flexible, competitive repayment terms and pricing. Practicing physicians will be able to take advantage of a range of exclusive benefits that support them in building and managing their business. Retiring physicians, meanwhile, will be able to access customized investment opportunities to help enable their lifestyle after their career has ended.
High debt rate among medical graduates
More than 83 per cent of Canadian medical graduates report debt related to their medical education with an average debt load of more than $160,000, according to the Association of Faculties of Medicine of Canada.
Studies also show that debt among some medical students and graduates is directly related to higher levels of burnout, preventing them from learning and performing at the highest level.
Some of the programs and products in the new plan for medical students include: education financing with flexible, competitive repayment terms and pricing; access to preferred banking solutions and no annual reviews or re-applications.
In addition to the support of a dedicated advisor, practising physicians have access to a national team of specialists, who provide advice and access to specialized products and services tailored to physicians.