Panacea Financial Foundation
Medical School Scholarships & Resident and Fellow Grants
We’re dedicated to doing our part to make medicine better and improve care for patients.
Panacea Financial Foundation
Medical School Scholarships & Resident and Fellow Grants
We’re dedicated to doing our part to make medicine better and improve care for patients.
Panacea Financial works to strengthen the underrepresented ethnic and racial minority pipeline of physicians with a consistent commitment of financial and administrative support to physician-trainees, aspiring physicians, and not-for-profits with a shared mission to improve the diversity of the medical field.
Through the Panacea Financial Foundation, a 501(c)(3) non-profit organization, part of Panacea Financial Holdings not affiliated with Primis Bank, we are committed to this cause and are funded by profits as well as donations.
The makeup of the physician workforce does not reflect the general population. And it’s getting worse.
The makeup of the physician workforce does not reflect the general population. And it’s getting worse.
Ethnic and racial minorities are significantly underrepresented in medicine, and this problem is getting worse. For example, 14% of Americans are Black yet they only represent 4% of all physicians1. Concerningly, from 1997 to 2017, the percent of students entering medical school from underrepresented minorities fell 16%. By not having a more ethnically and racially diverse physician workforce that better reflects the general population, the quality of care to patients of color and low-income individuals is limited2.
Ethnic and racial minorities are significantly underrepresented in medicine, and this problem is getting worse. For example, 14% of Americans are Black yet they only represent 4% of all physicians1. Concerningly, from 1997 to 2017, the percent of students entering medical school from underrepresented minorities fell 16%. By not having a more ethnically and racially diverse physician workforce that better reflects the general population, the quality of care to patients of color and low-income individuals is limited2.
Did You Know
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Did You Know ?
What Do We Provide?
Resident & Fellow Grants
$1000 grants to underrepresented residents and fellows can be used to help you along the way in post-graduate training.
What Do We Provide?
Resident & Fellow Grants
Who is eligible to apply?
Applicants for medical school scholarships must meet all of the following criteria to be eligible:
- A U.S. citizen, permanent resident or an individual granted deferred action for childhood arrivals (DACA) status
- Medical students currently enrolled full-time in an accredited medical school in the United States who will also be enrolled in academic year 2024-2025. Students starting medical school in fall 2024 (and thus not currently enrolled) are not eligible.
- Underrepresented ethnic or racial minority consistent with the National Science Foundation definition: African American/Black, Hispanic/Latino, Native Americans (American Indian/Alaska Native/Native Hawaiian), and Pacific Islander.
Employees of Panacea Financial, their affiliates, subsidiaries, advertising, and promotion agencies and the families of each are not eligible.
Am I eligible if I have not yet started medical school?
No. Students starting medical school in fall 2024 are not eligible. Scholarships are only for those currently enrolled full time in accredited medical schools in the United States who also will be enrolled full time in 2024-2025.
What is the program timeline?
For medical school scholarship:
- Application open: March 7, 2024
- Application deadline: May 7, 2024
- Scholarship recipients notified: August 2024
- Scholarship checks issued: September 2024
Is this award renewable?
No – it is one time award. Previous winners of the medical school scholarship are not eligible to apply again for the scholarship.
Applicants from previous cycles who did not receive an award are welcome to reapply as long as they continue to meet the eligibility criteria.
How are winners selected?
Medical school scholarships are evaluated by our selection committee comprised of the board of directors (excluding Dr. Jerkins) and the executive director.
What are the award details?
Medical school scholarship award winners will each receive $5,000. Five (5) scholarships will be awarded per cycle.
How and when are funds delivered?
For medical school scholarships:
- Funds will be delivered via one (1) check made payable to the medical school listed on the application only. Scholarship checks cannot be made payable to the applicant or an individual. The check will be mailed to the home address so the winner can deliver it to the correct office at their respective medical school.
What supporting documentation is need for this application?
For medical school scholarships, applicants the following must be submitted with your application:
- An official transcript from the applicant’s medical school is needed to validate enrollment
- Picture of school ID badge
All uploaded documents must show your first and last name.
What are acceptable file types to upload?
File types that are acceptable are as follows: .pdf, .tif, .png, .jpeg, .jpg, .bmp and .xps.
How will I be notified of the status of my application?
Notifications are sent through email with the listed email address on your application.
What notifications will be sent to me?
- Application submission success (immediately after an application is submitted)
- Application is incomplete/ineligible (within two-four weeks of submitted application)
- Selection results (per the aforementioned dates per award program)
- Funds disbursed (immediately upon disbursement of award)
Basically, to continue to be an amazing medical student with the continued drive to make medicine better and improve communities. We will be promoting our winners after selection and would like (with your permission) to use your picture, name, and any supporting bio (written by you).
In the United States, scholarship fund used exclusively for the payment of tuition and textbooks are normally not taxable but would advise talking to your tax adviser for more information.
Who is eligible to apply?
Applicants for resident and fellow grants must meet all of the following criteria to be eligible:
- A U.S citizen, permanent resident, or an individual granted deferred action for childhood arrivals (DACA) status
- A resident or fellow in an ACGME accredited residency or fellowship program
- Underrepresented ethnic or racial minority consistent with the National Science Foundation definition: African American/Black, Hispanic/Latino, Native Americans (American Indian/Alaska Native/Native Hawaiian), and Pacific Islander.
Employees of Panacea Financial, their affiliates, subsidiaries, advertising, and promotion agencies and the families of each are not eligible.
What is the program timeline?
For resident/fellow grants below is the timeline:
- Application open: May 1, 2024
- Application deadline: June 30, 2024
- Grant recipients notified: September 2024
- Grant checks issued: October 2024
Is this award renewable?
No – it is one time award. Previous winners of the resident/fellow grant are not eligible to apply again for the grant.
Applicants from previous cycles who did not receive an award are welcome to reapply as long as they continue to meet the eligibility criteria.
How are winners selected?
For resident/fellow grant are evaluated by our selection committee comprised of the board of directors (excluding Dr. Jerkins) and the executive director.
What are the award details?
Resident/fellow grant award winners will each receive $1,000.
Approximately twelve (12) grants will be awarded per cycle. The grants can be applied to research, professional-related travel, professional memberships, study materials, medical journals, board examinations, or equipment.
How and when are funds delivered?
For resident/fellow grants:
- Funds will be delivered via one (1) check made payable to the applicant that will mailed to your home address that was listed on the application.
What supporting documentation is need for this application?
For resident/fellow grant applicants, the following must be submitted with your application:
- Letter from program director or associated program director from your residency or fellowship indicating trainee is in “good standing”
- Picture of work/hospital ID badge
All uploaded documents must show your first and last name.
What are acceptable file types to upload?
File types that are acceptable are as follows: .pdf, .tif, .png, .jpeg, .jpg, .bmp and .xps.
How will I be notified of the status of my application?
Notifications are sent through email with the listed email address on your application.
What notifications will be sent to me?
- Application submission success (immediately after an application is submitted)
- Application is incomplete/ineligible (within two-four weeks of submitted application)
- Selection results (per the aforementioned dates per award program)
- Funds disbursed (immediately upon disbursement of award)
Basically, to continue to be an amazing physician with the continued drive to make medicine better and improve communities. We will be promoting our winners after selection and would like (with your permission) to use your picture, name, and any supporting bio (written by you).
It can depend on how the winner uses the grant award. We provide a 1099 and suggest winners speak with a personal financial accountant for more guidance. Below is some additional information regarding taxable scholarship/grants.
Scholarship & Grant Winners
Panacea Financial Foundation Leadership
Panacea Financial Foundation Leadership
Jeral Self, PhD, MPH
Javier Baez, M.D.
Ray Bignall, M.D.
Latoya Brathwaite, M.D.
Ludwig Francillon, M.D.
Megan Gunn, M.D.
Gregory Payne, M.D., PhD
Bi Awosika, M.D., FACP, SFHM
Tony Casillas, M.D., MPH
1. Talamantes E, Henderson MC, Fancher TL, Mullan F. Closing the gaps – making medical school admissions more equitable. N Engl J Med. 2019; 380:803-805.
2. Jolly P. Diversity of US medical students by parental income. AAMC Anal in Brief. 2008 January; 8(1).
3. Alsan M, Garrick O, Graziani G. Does diversity matter for health? Experimental evidence from Oakland. Am Econ Rev. 2019; 109(12):4071-4111.
4. Xierali IM, Nivet MA. The racial and ethnic composition and distribution of primary care physicians. J Health Care Poor Underserved. 2018 Mar 28; 29(1):556-570.
5. Greenwood BN, Hardeman RR, Huang L, Sojourner A. Physician-patient racial concordance and disparities in birthing mortality for newborns. PNAS. 2020 September 1; 117(35):21194-21200.
6. Grumbach K, Odom K, Moreno G, Chen E, Vercammen-Grandjean C, Mertz E Physician Diversity in California: New Findings From the California Medical Board Survey. March 2008 San Francisco, Calif University of California, San Francisco, Center for California Health Workforce Studies”
