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lets assume that all doctors start at $400,000, out of that they have to pay off student loans totaling in excess of $200,000, pay a malpractice insurance premium yearly of at least $120,000, add to that the office and office staff they have to maintain, and you start to see that $400,000 doesnt go very far. and dont forget the taxes they are paying at all levels. no doctors are not overpaid, if anything they are underpaid.
I think they're talking about the Doc paying himself $400K in salary from his practice after all of those overhead items are already paid...
Not sure why you brought up lawyers, but let me tell you, if you ever need a lawyer, you'll be glad they exist.
I'd have less issue with the concept of lawyers being overpaid, since they are responsible for the outragous liability insurance of doctors, while facing almost absolute immunity for themselves.
Most docs don't make 400k. That's totally unrealistic.
Surgeons can make a lot of money, and specialties that do procedures/read x-rays/do biopsies etc... can make good money. But your average "doctor"... like internal medicine, primary care etc... makes much less then 400k. The starting salary for several of my classmates who stayed at the hospital where we trained was in the low $100s. They were mostly in their early to later 30's, and now were paying back student loans (and some had additional loans FROM COLLEGE).
Docs in private practice make more then those at the large community hospitals, medical schools, or any of the major teaching hospitals that often offer the best care. Because insurance has become so complicated and the profits so meager, many private practices have closed because docs can't manage all the paperwork/support staff.
Most docs have to pay $200k to go to med school for 4 years, and pay back those loans over the next decade, then train as a low paid intern/resident for 3-7 years working very long hours before they start making better money. It is pretty rigorous work, stressful, and the stakes are high.
But yes, doctors salaries will have to come down. It will definitely discourage smart people from going into medicine, as the job can be very demanding and the training and sacrifices are significant.... why not be an investment banker, right? Unfortunately, we need smarter people in medicine, as it has become very complicated...
What will happen to medicine will be similar to what is happening in other countries. Salaries will come down as will the "prestige" of the job, it will become female dominated, and more docs trained overseas will fill the gaps of those who leave medicine for other more lucrative fields. We will still attract some people who want to go into medicine "for the right" reasons, but we will also wear down a lot of good folks who decide the stress is not worth it.
Yes, when a doctor has to spend 6 hours in surgery, to try and rescue you from your heart attack and something went wrong during the surgery, but he was able to bring you back from the brink of death, I'm sure the last thing you care about is how much that doctor is earning.
One thing is obvious to me. Given the level of education and training they have, they sure as hell better be making more than me. Given that, is $400k too high? Maybe by a little... but it's not outrageous. $350k seems more reasonable.
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