I have a friend that is a hospital administrator and he said once "don't go into medicine to get rich. You'll be dissatisfied with the overall results! He said that the government/insurance companies are making it too difficult because of the stern regulations/restrictions that are upon the doctors. Because of this, many physicians are frustrated because it limits them to truly practice medicine! Next, he mention that the government/private insurance companies offer low reimbursements. Many doctors in private practice or salaried doctors can barely stay afloat as it is. Most physicians have high medical debt, malpractice insurance, and yearly high licensing fees to take care of. The expenses are getting higher, however their cash flow and salary is getting lower even in GP or a specialty. For these reasons many doctors say its too tiring, too expensive, and too regulated to continue practicing medicine or going into it. He said, "it will to continue to get worse in the future"
Is this true? If that's the case, then how expensive can it be to become one and to maintain the status of a doctor? Does anyone know of a physician that went into retirement (as they call it) early because of these issues?
Jay
You can safely say that there aren't any hungry physicians but the income potential is limited.
geoz
It very much depends on the kind of doctor you are, and the community you serve.
Do surgery and you will have a hard time deciding how many houses to have.
Serve in Haiti, and you'll be lucky to have a mat on your floor.
Bob Rat
Yes, just like last week.
Kiran C
The only doctors that I have heard that retired early were those who made out like bandit in the real estate market in 1980s. No one stops being doctor unless there is something better.
To be become a doctor, you need to have four years of undergraduate, and four years of medical school. You will get paid during residency that lasts three year. During residency, considering the volume of work and the amount of pay, you make more at minimum wage job. The big pay comes after your residency is over. Most are in trouble because they will have hundreds of thousands in school loans.
The average salary for someone in family medicine is 208,861. The monthly gross is 17,405.08. Assume he lives in a high tax area and does not itemize his deductions to lower his tax bill, his take home pay is 10,134.27 a month. Can you maintain a high status on that income?
Sugar
To become one yes, but you will make up for it big time.
Orignal From: Is It Expensive To Be A Doctor?
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