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Analysis | The average doctor in the U.S. makes $350,000 a year. Why?
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12 years of college + internship?
this post was submitted on 14 Aug 2023
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It's a minimum of 4 years undergrad and 4 years of med school. Then indentured servitude as an intern, resident, and fellow which can add up to at least 3 years, but usually more than that. As a post-grad you work long hours for usually around minimum wage and doing all of the grunt work so administrators can make boatloads of money. The problem is not physician salaries, it's the leeches that are the middle men of hospital admin and insurance companies.
Same could be said for any doctorate.
Their MD probably saves more lives than my math PhD :)
And why do doctors earn so much more in America than in other countries?
Medical treatment seen as a public good for all vs If you can't pay, sucks to be you.
I can’t speak for other countries much, but doctor have huge monthly payments to have malpractice insurance and student loans.
I think if you look it up you will be surprised how much malpractice insurance costs each month.
There was a TikTok trend where doctors are sharing how much student loan debt that have as well and it’s 6 figures in most cases.
I think these are all reasons that the salaries are so high.
For sure. Though if you make 350k, you should be able to pay back 200k loans in 2 or 3 years easy.
Doctors deserve it.
The more interesting question to ask is why do doctors essentially everywhere else in the world not apparently deserve it?
Do the UK and France simply hate their doctors more? Are they not as good? Presumably not, and so what are the economic factors that led to this state of affairs?
The UK and French medical fields are very different financial entities than in the US.
Doctors in the US have a significantly different career path than those in other countries. They usually take two extra years to graduate, and their residency is more grueling. The latter requires working 100+ hour weeks for 4+ years at minimum wage.
All this means that they often won't have a job paying above minimum wage until they are in their 30s - and that's when they need to start paying back loans.
Most doctors are high achievers who could probably have found a $100K+ job out of college, but they chose medicine instead. High salaries are the light at the end of a long tunnel, and without them many Americans doctors would decide that medicine isn't worth the sacrifice. In fact, specialties like pediatrics and family practice that "only" pay $150-200K are already struggling to attract new doctors.
Some of them, maybe
america is the centre of the imperial core and has a privatized medical industry
If its taking all doctors and averaging there are three things. Most doctors live in cities so more expensive areas. Specialists make more than general practitioners. There are many doctors who put in tons of hours (for example surgeons usually have set days or times they do surgeries and set times and hours to do office visits and then need to check in on patients post surgery. Usually my surgeons have done rounds of patients at least once during the weekend and that is with a pretty full weekday schedule). I think this amount seems about right. Should a doctor with all that schooling and having the talent necessary to even get in make less? Im not worried about the literal best and brightest who have sacrificed a lot making 10x what poor folk make. Its the ceo's making well over 100x and that includes hospital administrators and insurance companies. The doctors actually do the things that help us.