Resident & Fellow Grants

Panacea Financial Foundation is a 501(c)(3) nonprofit organization under Panacea Financial Holdings, a company focused on financial services tailored for physicians, residents, and medical students. The Foundation is not affiliated with Primis Bank and is funded through profits and donations. Its leadership includes experts in medicine and public health, such as Dr. Jeral Self, the Executive Director, and a board of advisory members comprised of practicing physicians and researchers. The Foundation is committed to promoting equity in healthcare by offering scholarships and grants aimed at reducing the financial barriers for underrepresented groups in medicine. The central mission of the Panacea Financial Foundation is to improve diversity in the medical profession. It achieves this through two primary funding streams: a $5,000 Medical School Scholarship for underrepresented medical students and a $1,000 Resident and Fellow Grant for underrepresented trainees. These programs are designed to support the educational and community outreach efforts of recipients who are committed to culturally competent healthcare and to addressing disparities in medical care, especially for racial and ethnic minority populations. Applicants to the Medical School Scholarship must be U.S. citizens, permanent residents, or individuals with DACA status. They must be currently enrolled full-time in an accredited U.S. medical school and must also be enrolled for the 2024–2025 academic year. Importantly, students beginning their medical school studies in Fall 2024 are not eligible. Eligible applicants must self-identify with racial or ethnic minority groups that are underrepresented in medicine as defined by the National Science Foundation: African American/Black, Hispanic/Latino, Native American (including American Indian, Alaska Native, Native Hawaiian), or Pacific Islander. Employees and family members of Panacea Financial or affiliated entities are not eligible. For resident and fellow applicants, eligibility details were not specified in the source, but the award amount and intended recipient group—underrepresented residents and fellows—were made clear. The resident/fellow grant is currently accepting applications, while the medical school scholarship is expected to reopen in 2026. There is no indication of whether these awards are renewable, and specific evaluation or selection criteria are not disclosed. Applicants are asked to submit documentation, though precise requirements and file formats were not included in the publicly available material. The fund distribution timeline is not detailed, nor are the tax implications fully outlined, though there is an indication that taxability should be considered. Applicants are advised that additional notifications about application status and winner responsibilities will be provided during the process. The Foundation maintains a public list of past recipients, showcasing awardees from each year since 2021 and sharing personal stories that highlight the impact of the awards on professional development and community service. For additional information or to pose questions about the grants or scholarships, applicants are encouraged to reach out via the general contact email or phone number provided by Panacea Financial. Specific contact details, such as a named administrator, were not listed in the source material.