Physician Loan Redemption
Both houses passed S162/A4507, a bill that establishes a Physician Loan Redemption Program. MSNJ, along with NJ AFP and COTH worked expediently to improve the bill that was passed by the Senate in a skeletal, flawed form. This is a lame duck priority for policy makers and will reach the Governor’s desk this month. With our input, the bill now bill provides for redemption of eligible qualifying loan expenses for physicians who work for no less than four years at an approved site in the clinical practice of primary care or in the clinical practice of specialized care if the specialty is projected to experience a significant shortage. The bill also provides that the redemption of eligible qualifying loan expenses under the program will be exempt from the program participant’s individual New Jersey State income tax. Also, in the case of an approved site that is a private primary care physician practice that has hired a loan redemption program participant, the site will have a State income tax exemption for all practice revenues received from providing services under the Medicaid program. MSNJ is meeting with the Governor’s staff to maintain the momentum on this bill and gain the Governor’s approval. Find our letter here.
See the 2010 report on physician retention here: http://www.njcth.org/NJCTH/media/NJCTH-Media/pdfs/FINAL-NJ-Physician-Workforce-Report--w-appendices-012910.pdf
See the 2015 report on residents here: https://www.aamc.org/data/421300/residentsreport.html