When economists published revealing data about doctor salaries, the backlash was intense. Why? And why do doctors earn so much more in America than in other countries?
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.
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.
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?
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.
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