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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.


Learn About Scholarships




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.

Learn About Scholarships




SUPPORTING & IMPROVING
OUR COMMUNITY

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,
we are committed to this cause and are funded by profits as well as donations.


Meet The Panacea Financial Foundation Leadership →


SUPPORTING & IMPROVING OUR COMMUNITY

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,
we are committed to this cause and are funded by profits as well as donations.


Meet The Panacea Financial Foundation Leadership →




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.

Underrepresented minority physicians are more likely to practice in underserved
areas regardless of specialty 4

Latino physicians are more likely to care for populations that are medically
underserved.6

Increasing the amount of black doctors can reduce black patient’s cardiovascular
mortality3

Black patients are more likely to agree to certain preventative care measures if
they discussed them with a black doctor 3

Underrepresented minority physicians are more likely to practice in underserved
areas regardless of specialty 4

Latino physicians are more likely to care for populations that are medically
underserved.6


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Next


DID YOU KNOW


?


DID YOU KNOW ?

Underrepresented minority physicians are more likely to practice in underserved
areas regardless of specialty 4

Latino physicians are more likely to care for populations that are medically
underserved.6

Increasing the amount of black doctors can reduce black patient’s cardiovascular
mortality3

Black patients are more likely to agree to certain preventative care measures if
they discussed them with a black doctor 3

Underrepresented minority physicians are more likely to practice in underserved
areas regardless of specialty 4

Latino physicians are more likely to care for populations that are medically
underserved.6


Previous
Next



WHAT DO WE PROVIDE?


MEDICAL SCHOOL SCHOLARSHIPS

$5000 scholarships to underrepresented medical students.


Currently Closed



RESIDENT & FELLOW GRANTS

$1000 grants to underrepresented residents and fellows can be used to help you
along the way in post-graduate training.


Currently Closed


WHAT DO WE PROVIDE?


MEDICAL SCHOOL SCHOLARSHIPS

$5000 scholarships to underrepresented medical students.
Apply Now


RESIDENT & FELLOW GRANTS

$1000 grants to underrepresented residents and fellows can be used to help you
along the way in post-graduate training.
Apply Now!

FAQ for Scholarship Program

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

What should be visible in my supporting documents?
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)

If I am selected as an award winner, what are my responsibilities?
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).
 
If I am selected as an award winner what are my responsibilities?
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.
FAQ for Grant Program

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

What should be visible in my supporting documents?
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)

If I am selected as an award winner what are my responsibilities?
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).
 
Are resident/fellow grants taxable?
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.
https://scholarshipamerica.org/blog/wait-what-scholarships-are-taxable/



SCHOLARSHIP & GRANT WINNERS




GRANT WINNERS

Grant Winners 2024



Grant Winners Spring 2023



Grant Winners Winter 2022

Grant Winners Spring 2022



Grant Winners Winter 2021



Grant Winners Spring 2021




SCHOLARSHIP WINNERS

Scholarship Winners 2024



Scholarship Winners 2023



Scholarship Winners 2022



Scholarship Winners 2021




“This grant will assist me to focus better on my education and give me
significant respite from worrying about financial incapability.”

Hafeez Olalemi, M.D., BSN
“The grant funds will support the application fee for the procedural dermatology
fellowship and cover other expenses in support of my application..."

Krystal Mitchell, M.D., MBA
“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, M.D.
"..this grant would help me with my Orthopaedic Surgery Research Group, which
provides opportunities for Women and Underrepresented minorities to gain
valuable research opportunities…”

Rolanda Willacy, M.D.
“…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, M.D., MAS
“… I will use (the grant) to help with the moving expenses…This money would
certainly be of huge help…"

Ernesto A. Zamora, M.D.
“This grant will assist me to focus better on my education and give me
significant respite from worrying about financial incapability.”

Ayorinde Soipe, M.D., MSc.
“This grant will assist me to focus better on my education and give me
significant respite from worrying about financial incapability.”

Hafeez Olalemi, M.D., BSN
“The grant funds will support the application fee for the procedural dermatology
fellowship and cover other expenses in support of my application..."

Krystal Mitchell, M.D., MBA
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“This grant will assist me to focus better on my education and give me
significant respite from worrying about financial incapability.”

Hafeez Olalemi, M.D., BSN
“The grant funds will support the application fee for the procedural dermatology
fellowship and cover other expenses in support of my application..."

Krystal Mitchell, M.D., MBA
“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, M.D.
"..this grant would help me with my Orthopaedic Surgery Research Group, which
provides opportunities for Women and Underrepresented minorities to gain
valuable research opportunities…”

Rolanda Willacy, M.D.
“…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, M.D., MAS
“… I will use (the grant) to help with the moving expenses…This money would
certainly be of huge help…"

Ernesto A. Zamora, M.D.
“This grant will assist me to focus better on my education and give me
significant respite from worrying about financial incapability.”

Ayorinde Soipe, M.D., MSc.
“This grant will assist me to focus better on my education and give me
significant respite from worrying about financial incapability.”

Hafeez Olalemi, M.D., BSN
“The grant funds will support the application fee for the procedural dermatology
fellowship and cover other expenses in support of my application..."

Krystal Mitchell, M.D., MBA
Previous
Next



PANACEA FINANCIAL FOUNDATION LEADERSHIP


PANACEA FINANCIAL FOUNDATION LEADERSHIP

JERAL SELF, PHD, MPH

Executive Director of the Panacea Financial Foundation
Learn more🡭

JAVIER BAEZ, M.D.

Advisory Board Member
Learn more🡭

RAY BIGNALL, M.D.

Advisory Board Member
Learn more🡭

LATOYA BRATHWAITE, M.D.

Advisory Board Member
Learn more🡭

LUDWIG FRANCILLON, M.D.

Advisory Board Member
Learn more🡭

MEGAN GUNN, M.D.

Advisory Board Member
Learn more🡭

GREGORY PAYNE, M.D., PHD

Advisory Board Member
Learn more🡭

BI AWOSIKA, M.D., FACP, SFHM

Advisory Board Member
Learn more🡭

TONY CASILLAS, M.D., MPH

Advisory Board Member
Learn more🡭

References

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”


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Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver
banking services through its Panacea Financial Division. The Panacea Financial
Foundation is a registered 501(c)3 and not affiliated with Primis Bank.

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Panacea Financial. Links are provided for informational purposes and should not
be viewed as an endorsement