Boozman and Senator Jacky Rosen (D-NV) recently introduced the Resident Education Deferred Interest (REDI) Act to ease financial burdens on medical professionals completing their medical training, and the Physicians for Underserved Areas Act to increase available medical residency spots and prioritize placement in rural and underserved areas.
Nationwide, the U.S. faces a projected shortage between 37,800 and 124,000 physicians by 2034 according to the Association of American Medical Colleges. More than 500,000 Arkansans live in an area defined by the federal government as lacking the adequate number of health professionals to serve the population.
“Addressing the shortage of medical professionals is a necessary step in ensuring Arkansans are able to access affordable and reliable health care no matter where they live,” said Boozman. “These bipartisan bills are practical efforts to encourage students to pursue careers in medicine by helping mitigate some of the financial barriers and burdens associated with internship and residency requirements while also ensuring more medical school graduates train and go on to practice in the communities that desperately need them.”
Boozman and Rosen’s Resident Education Deferred Interest (REDI) Act would help alleviate the health care provider shortage by allowing medical professionals to defer their student loan payments without accruing interest until the completion of their respective residency or internship programs. This deferment will decrease the financial burden for future doctors, dentists and other medical providers who face a median medical debt of over $200,000 upon graduation.
The senators also introduced the Physicians for Underserved Areas Act to redistribute available residency slots in a manner that prioritizes areas experiencing physician shortages. Medical professionals are more likely to practice medicine where they completed their residencies, and opening more opportunities in rural communities is a strong step forward to ensure Arkansans have access to reliable health care.