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At what point did Doctors become poor?
Many doctors that I know now, complain about not being able to make enough to pay for the things they need. Let me explain that these are general doctors, who have to pay for private school which costs upwards of $15,000 per kid per year (Jewish thing).
But in the past, Doctors did not worry. They went to medical school, opened a practice, paid off their loans and then started making tons of money.
Now all I hear is how the insurance companies are killing them. They are barely able to charge their patients and they are barely making a profit after purchasing office, machines, hiring help and then paying themselves enough of a salary to support their families.
Am I missing something?
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Comments
Lets not cry for the doctors
if they dont have money then tell them not to be driving these fancy cars and going awya all the time
DOCS all they do is complain and all and almost every single one of them are so RICH
lets not cry for doctors out there we wont LISTEN or even feel bad
Posted by: CRY | August 2, 2007 10:18 AM
But they make you feel better.
Posted by: Barry Schwartz | August 2, 2007 10:21 AM
I know they do but they charge more than enough money that they shouldnt complain about ANYTHING
Posted by: CRY | August 2, 2007 10:32 AM
I used to work for a medical association where the doctors fresh out of fellowship were starting at around $500k a year. The problem is not that they're "not making enough money", the problem is that they're not making enough money to live the lifestyle they believe they ought to be living (a) and (b) they see how much money they're paying in taxes and insurance premiums and it IS a HUGE chunk of their income.
If every paycheck you got, you saw that you earned $25,000 but after taxes and other withholdings you were only taking home $5,000 of that, you'd probably be a trifle crabby, too.
Ultimately, it's all relative... part of the issue is that the docs are whining to people who make in a year what they make in a month and they just don't get why they're not getting any sympathy; and the other part of the problem is that we plebes don't have to pay out such enormous portions of our income to insurance companies just so we can continue to work.
Posted by: Carolyn Shelby | August 2, 2007 10:44 AM
Making money in medicine is getting very difficult. Few doctors are entering private practice because of the high overhead. Malpractice alone can cost over $100,000. My OBGYN told me that the state had to subsidize malpractice insurance to avert a crisis.
Posted by: No Name | August 7, 2007 11:25 PM
in an effort to be "dan l'kaf zechus" (giving the benefit of the doubt), let's not lump ALL doctors into one group. as opposed to doctors who work in cushy administrative jobs, or who join established, lucrative practices, a doctor in private practice must hire his own staff, rent office space, purchase equipment, pay utilities, purchase licenses and join professional associations, and attend conferences and workshops in order to keep his/her licenses up to date. PLUS the doctor will likely have student loans to re-pay. that's an awesome burden to bear right out of college. now, throw a few more things onto that pile: new spouse, a mortgage, car payments (doctors drive nice cars b/c people don't trust poor doctors), new baby, day care costs, children's tuition, synagogue membership, groceries, dry cleaning, etc. etc. in other words, in addition to the expenses of running a private medical practice, the doctor has to live, too!! and to make matters worse, the insurance companies routinely disallow many of the basic claims that they used to pay automatically; many patients are uninsured and have to pay down their bills gradually; many of the insured patients are burdened with outrageous deductibles that they cannot afford; etc. etc. So no, it's NOT an easy situation. just because someone has "alphabet soup" after their name (ph.d., m.d., d.d.s, j.d., etc. etc.) doesn't mean they're rich. the insurance companies are largely responsible for this current state of affairs, but inflation is hitting everyone pretty hard. thanks for letting me share. love to see more on this topic.
Posted by: HB | August 8, 2007 2:01 PM
There are doctors from all different economic backgrounds. Some make 100k a year an some make 1 mil a year. It all depends on the specialty, environment, and business sense.
Posted by: jeff | July 9, 2009 11:12 AM
There are doctors from all different economic backgrounds. Some make 100k a year an some make 1 mil a year. It all depends on the specialty, environment, and business sense.
Posted by: jeff | July 9, 2009 11:13 AM
I hope you guys are right cause I am pretty sure I will be very, very, poor.
4 years of undergraduate + 4 years of medical school at 50,000 a year is 400,000 total. I am one of the lucky ones, I have a low interest loan.
However now, at age 27, I am now entering my 5 year residency, which pays a generous stipend of 45,000 a year.
So I, the rich doctor, will be making 45,000 a year till age 32 as I attempt to pay off my nearly half a million dollar loan.
Good thing I am "rich"
Posted by: Student | December 9, 2009 2:01 AM
To "Student": Stop, stop, stop! Your "stipend" is more than most people make. You have employment for life, which most people don't have. Did you mention that many of the practice expenses you and others moan about will be deducted against your tax assessment?. Did you mention that an average physician in a lower paid specialization like Family Practice will clear 3-4 times the national average salary? The average debt of med. school graduates is about $160K (according to the AMA). Maybe you started living all too well while still a student, and that's why your debt is three times the average. Perhaps the problem is the definition of "poor". Not being able to have 2 houses and a nanny is not considered "poor" by most folks. I will start being sympathetic when I see the impoverished physicians standing at the corner, "Will Perform Surgery for Food" signs in hand.
Posted by: rr | February 28, 2010 4:42 PM
How dare u expect doctors to stand by road and asking for food?
We are the fucking brains of this world...
We save lives...
We deserve to be the richest...coz we are the best.....no good a lifestyle is enough for doctor...coz he saves lives.....not discriminating against gender or race...performing his duties relentlessly...and by the way do u know how fucking tough medical school is??
Posted by: Daisy | September 8, 2010 6:19 AM
Daisy, you are the reason people hate doctors. You are arrogant and you think you are gods. If it was left to the likes of you I would be very ill indeed. Thank god I have a brain and don't trust your parrot style approach. It has taken me years of being dismissed to finally get a diagnosis, that was down to my own research. GP's often give a half arsed, condescending approach to patients, much like your statement above. Just cos medical school told you were the best doesn't mean you are. You may be good at memorising facts but you have zero emotional intelligence, verging on the autistic. Get a life.
Posted by: macbee | February 8, 2011 8:48 PM