Is It Expensive To Be A Doctor?

I have a friend that is a hospital administrator and said to me "don't go into medicine to get rich. You'll be dissatisfied with the overall results". He mention that doctors in private practice/salaried doctors are under strict regulations/restrictions from the government/private insurance companies. Most are frustrated because the pair limits doctors to truly practice medicine. Next, the government/private insurance companies offer low reimbursements to physicians. Many in private practice/salaried docs can barley stay afloat because of this. All physicians have high debt, large malpractice fees, and licensing fees that can stagger the imagination and many are disgusted with it! For these reasons a vast majority claim that medicine is too tiring, too expensive, and too regulated to continue, and many are retiring and going a different route!

Is this true? Then if that's the case, how expensive can it be to become a doctor and maintain their status?

Casey Forrest
doctors can pay up to 30K a year in malpractice insurance alone.

so yes.

Queen Nancy Pelosi
Only a few hundred thousands of dollars.

/sarcasm

~Queen Nancy Pelosi

You are Terminated
Asking the same question five days adds up to more points then malpractice insurance.

Ed
How many times do you plan on asking this question?

I counted three times with seven responses so far.

jaker
You have to figure at least 8 years of school after high school followed by at least 2 years of working for minimum pay. In 2010, the median debt at graduation was $ 150,000 at public institutions, $ 180,000 at private, and $ 160,000 combined.

In order to make up for the huge costs involved in that plus the years of earnings lost while in training you have to expect a very good income to justify it. If the "new" healthcare system put caps on earnings the expense is hard to justify.

Bob H
How many poor ones do you know?

Hanna's Sisters
Yes on all counts. But it doesn't stop the quacks from setting up a practice.

thomas p
Your friend is giving you questionable advice. If you are admitted to a medical school, just see how difficult it is to borrow student loans. Yes the education is "tiring"; but,that is the payoff for completing your medical education. If was easy there would be many more docs. Remember, the AMA is the strongest union in U.S. Think how many times you have been given the price, in advance, for a medical office visit. That should tell enough.

Here's your change
My fiance is an MD and he's lucky his hospital pays for his malpractice insurance or he'd be paying upwards of $ 150 K a year.

You have to have a bachelors degree before you can get into medical school, so there's 8 years.
Then you'll have 3 years residency, in which you'll make under $ 35 K a year, then there's another 3 years in fellowship which pays under $ 55 K a year.
And then if you go into a specialty, that's another 2+ years.

When my fiance was a first year resident, his typical work week was 120+ hours.
Second year, about 90-110 hours a week.
Third year, about 80+.

So if you don't mind a lot of studying, little social time, being sleep deprived, and dealing with clinic patients once a week, you may find it enjoyable.

Add your own answer in the comments!

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