Diversity of healthcare providers is lacking, which can impact patient outcomes. We are committed to doing our part to make medicine better through the Panacea Financial Foundation, a 501(c)(3) non-profit organization. Here’s why and how we do that.
The Current Landscape
The demographic makeup of the physician workforce in the United States does not mirror the diversity present in the general patient population. For example, while 12% of Americans are Black, they represent only 5.7% of all physicians. Moreover, the percentage of students entering medical school from underrepresented minorities fell by 16% from 1997 to 2017, exacerbating the problem.
The Importance of Improving Diversity
The lack of diversity in the physician workforce can have far-reaching consequences, particularly in the quality of care provided to patients of color and low-income individuals. Research indicates that patients are more likely to receive culturally competent and effective care when treated by physicians from similar backgrounds. Improving these disparities can have a significant impact on healthcare outcomes.
“This funding would be instrumental in overcoming barriers to further my work and help advocate for myself as I seek to make anti-racism education a core aspect of my career.” – Hannibal Person, MD – Pediatric Gastroenterology Fellow – Spring 2021 Resident/Fellow Grant Recipient
Impact on Underserved Areas
A 2018 study showed that racial and ethnic minority physicians are more likely to practice in underserved areas. Another study showed that Latino physicians, in particular, are more inclined to care for populations that are medically underserved.
“This award means that in addition to my MD, I’ll be able to get a dual degree either as an MBA, an MPH or a master’s of education student. Or that I can spend my third year of medical school pursuing research that uplifts the health and well-being of underserved communities.” – Chinenye Ogbonnah, MS2 at The University of Texas at Austin – 2023 Medical School Scholarship Recipient
Improving Patient Outcomes
The positive impact of a diverse physician workforce on patient outcomes is evident. For example, increasing the number of Black doctors has been linked to a reduction in cardiovascular mortality among Black patients. Additionally, Black patients are more likely to adhere to certain preventative care measures if they have discussions with a Black doctor, illustrating the importance of representation in healthcare.
“I applied to the Panacea grant for the development of a unique psychoeducation and skills-based curriculum that will target socioeconomically disadvantaged high school students of color.” – Lucy Ogbu-Nwobodo, MD, MAS – Psychiatry Resident – Spring 2021 Resident/Fellow Grant Recipient
What is the Panacea Financial Foundation?
At the core of the Panacea Financial Foundation’s mission is a commitment to providing financial and administrative support to physician-trainees, aspiring physicians, and not-for-profits sharing a common goal of improving diversity in the medical field and therefore improving patient care. This commitment is fueled by the belief that a more diverse physician workforce will lead to better patient outcomes, improved access to healthcare, and enhanced cultural competency within the medical profession.
By supporting the education and training of underrepresented racial and ethnic minorities, the Panacea Financial Foundation aims to address healthcare disparities and increase access to quality medical care in underserved communities.
“The scholarship provided funds to my school so I did not have to take out another loan for the academic year!” – Christian Wooten – M.D. Candidate at UCLA – 2022 Medical School Scholarship Recipient
How We Help
The Panacea Financial Foundation helps future physicians through medical school scholarships and resident/fellow grants. Since the Foundation began three years ago, it has awarded over $150,000 to over 80 medical students and trainees as of December 2023.
“The Panacea grant fund was very helpful in travel expenses to a Trauma Surgery conference this year in California. I am super grateful to Panacea for helping me have valuable interactions at this conference.” – Anthony Eze, MD, MPH – General Surgery Resident – Winter 2022 Resident/Fellow Grant Recipient
Medical Student Scholarships
One of the cornerstones of the Panacea Financial Foundation’s initiatives is the provision of $5,000 scholarships to underrepresented medical students. This financial support aims to alleviate the burden of medical education costs, making it more accessible for students from diverse backgrounds to pursue their dreams of becoming physicians.
“With your support, I’ll be able to purchase exam materials and address the financial barriers associated with the residency interviewing process. I’m very grateful and very honored to receive your support and very thankful for this opportunity.” – Eric Sosa, MD-Ph.D candidate at Albert Einstein College of Medicine – 2023 Medical School Scholarship Recipient
Resident and Fellow Grants
Recognizing the financial challenges faced by underrepresented residents and fellows, the foundation offers $1,000 grants that can be used to support them during their post-graduate training. These grants ease financial burdens and allow these trainees to pursue opportunities and goals they may not have had the financial means to do including research and other academic pursuits.
“As part of this scholarship, I was able to offset part of my travel expenses for a recent missions trip I took to Trinidad and Tobago with a team. We were able to screen patients for chronic diseases, such as hypertension and diabetes, and donate medical supplies such as glucometers, automatic blood pressure cuffs, and reading glasses. Going on missions trips has always been a passion of mine because it widens your perspective about healthcare and also it increases your sensitivity about the health disparities across countries and across continents.” -Obed K. Agyei, M.D. – Hematology, Oncology Fellow – Winter 2022 Resident/Fellow Grant Recipient
Learn More About the Panacea Financial Foundation
In the quest for a more inclusive and equitable healthcare system, the Panacea Financial Foundation aims to be a force for change. By providing scholarships and grants to underrepresented racial and ethnic minority individuals pursuing careers in medicine, the foundation is actively supporting the diversification of the physician workforce.
You can support the future of medicine by giving here. See past scholarship and grant recipients and find links to the award applications here.
