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How much do doctor's really make???

S

steppinthrax

Diamond Member
I always had this concept that MDs make big bucks. I was talking to a couple, particularly my daugther's pediatrician. He asked me what field I was it (IT), he said I was lucky. He told me this.

1. Medical Malpractice Insurance.
2. Rent for office
3. Supplies (office, medical)
4. Salary for two overworked secretaries
5. Salary for nurse.
6. Fees for liscenses etc...

He said his take home pay averages around $70K a year. WTF????
 
i have a friend who is a pediatrician. they have a house in westchester county; not the crazy rich section, just the slightly above average section.

he had to work a second full-time job to make ends meet. they have two kids.
 
It completely depends on the type of doctor and the type of work environment. Pay can swing widely. I'd believe $70k for a guy who runs his own clinic. I know a guy who is a doctor at a clinic and he lives in a modest 3 bedroom house.

I also know an anesthesiologist who makes around $500k, but he says he pays more than half of his income to malpractice insurance.
 
Doesn't surprise me, pediatrics is not the way to go if you want to make money as a doctor. If you want to make money, be a cosmetic surgeon or an anesthesiologist. But honestly, if you're just trying to make as much money as you can, medical school may not be the way to go.
 
i depends on the type of MD, the range is something like 80k- millions

private practice is different then someone that is part of a group (salaried)

anesthesiologist and orthopedic surgeons are on the higher end of the scale with plastic surgeons
 
What I don't understand by this, is the fact that society puts a very high respect twords these people due to their education and thought of HIGH income. However, in many cases a plumber may make more then most of them LOL
 
steppinthrax said:
What I don't understand by this, is the fact that society puts a very high respect twords these people due to their education and thought of HIGH income. However, in many cases a plumber may make more then most of them LOL
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Ok, but you're looking at the extremes. The highest paid union plumber might make a little more than a doctor on the low end of the pay scale, but the doctor has a lot of flexibility, and can probably expand his income in a number of different ways. The plumber? Not so much.
 
Blackjack200 said:
Ok, but you're looking at the extremes. The highest paid union plumber might make a little more than a doctor on the low end of the pay scale, but the doctor has a lot of flexibility, and can probably expand his income in a number of different ways. The plumber? Not so much.
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I was just mentioning that profession as a possibiltiy. I think a business man (MBA) or invester would probably have more possibility to expand their income than an MD.
 
Some of doctors biggest cost are due to the insurance companies. Look at your list. The "overworked secretaries" probable spend a lot of time fighting insurance companies to get paid. The "nurse" spends a lot of time filling out notes and proper forms to give to the secretaries to get paid.

My mom works in a dentist office and about 75% of 1 persons job is just dealing with the insurance companies.


But also another thing is if the Dr. is smart they are not just paying rent and such but also building up a practice they can sell. Many Docs when they retire sell their practice. So a year before they go they sell and bring in another Doc and they slowly pull out. People keep coming and the new doc has a up and running practice.
 
steppinthrax said:
What I don't understand by this, is the fact that society puts a very high respect twords these people due to their education and thought of HIGH income. However, in many cases a plumber may make more then most of them LOL
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Where would you rather be?.........Knee deep in shit or inundated in tits and ass as a Plastic Surgeon?
 
steppinthrax said:
I was just mentioning that profession as a possibiltiy. I think a business man (MBA) or invester would probably have more possibility to expand their income than an MD.
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Its probably save to say that the probability of a doctor making more money than an MBA is higher. I'd guess that doctors have more earning potential on average, whereas MBAs have more earning potential in the extreme cases.
 
steppinthrax said:
What I don't understand by this, is the fact that society puts a very high respect twords these people due to their education and thought of HIGH income. However, in many cases a plumber may make more then most of them LOL
Click to expand...

I'm gonna highly doubt the "many cases" part
 
Leros said:
Its probably save to say that the probability of a doctor making more money than an MBA is higher. I'd guess that doctors have more earning potential on average, whereas MBAs have more earning potential in the extreme cases.
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The argument that I have heard is that if you have the drive and ability to become a doctor, that means you could've made more in business, MBA or no. (There are lots of people in my office without MBAs that make a ton of mony.)

I'm personally skeptical of this, but that's how the argument goes.
 
Blackjack200 said:
The argument that I have heard is that if you have the drive and ability to become a doctor, that means you could've made more in business, MBA or no. (There are lots of people in my office without MBAs that make a ton of mony.)

I'm personally skeptical of this, but that's how the argument goes.
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Having drive is not the same as having luck. You can be the greatest businessman in the world, but you still need a bit of luck to be successful.
 
steppinthrax said:
I was just mentioning that profession as a possibiltiy. I think a business man (MBA) or invester would probably have more possibility to expand their income than an MD.
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There's a difference between average income and income potential. Yea - business always has the highest earnings potential. However, the average MBA makes less than the average MD.

Your plumber example, as others have pointed out, is skewed. The highest paid plumber might make more than the lowest paid doctor, yea, but the vast majority of doctors make more.

You also commented on society respecting them because of their high incomes. I think the fact that they make money is part of it...but also the fact that they are very educated, as you said, and the fact that they make a living saving lives adds to the respect level quite a bit.
 
Blackjack200 said:
Ok, but you're looking at the extremes. The highest paid union plumber might make a little more than a doctor on the low end of the pay scale, but the doctor has a lot of flexibility, and can probably expand his income in a number of different ways. The plumber? Not so much.
Click to expand...


But, as mentioned in "The Millionaire Next Door", the plumber doesn't need to try and keep up a certain appearance - clothing, house, cars, country club, etc, etc. So, many people in a service industry may not make as much or be held in the same esteem. They are just as likely (sometimes moreso) to have a higher net worth.
 
Blackjack200 said:
What do you mean by that?
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Being great at what you do will get your promoted within a company. It won't make you extremely successful. Getting to the point of extreme success usually requires going outside the confines of a steady career path, which always involves risk.
 
Leros said:
Being great at what you do will get your promoted within a company. It won't make you extremely successful. Getting to the point of extreme success usually requires going outside the confines of a steady career path, which always involves risk.
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Agreed.
 
Leros said:
It completely depends on the type of doctor and the type of work environment. Pay can swing widely. I'd believe $70k for a guy who runs his own clinic. I know a guy who is a doctor at a clinic and he lives in a modest 3 bedroom house.

I also know an anesthesiologist who makes around $500k, but he says he pays more than half of his income to malpractice insurance.
Click to expand...

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