a Doctor Worth $1 Million?
The typical doctor doesn't earn a full-time salary until 10 years after the
typical college graduate starts making money. That lost decade of work costs a
cool half-million dollars, if you assume this individual could have earned just
$50,000 annually, and the typical medical school candidate is smart and
successful enough to earn considerably more. Add in the time and cost it takes
to pay off medical school debt and a dissatisfied physician may well consider
pursuing medicine a $1 million mistake. (This assumes the average $166,750
medical school debt takes 30 years to repay at 7.5 percent interest -- a total
cost of $419,738.)
Kathy Kristoff, “A $1 Million Mistake: Becoming a Doctor,” CBS MoneyWatch, September 11, 2013
There’s more, of course, to practicing medicine than making money.
Nevertheless, according to the personal website, NerdWallet, most doctors are unhappy in their careers, partly
for financial reasons and partly for lost time reasons. Only one-third would choose medicine if they had it
to do over again. Furthermore, doctors
are leery about Obamacare and what it portends for them.
The reasons why are these.
now takes 23% of their time, and when Obamacare's 20,000 pages of regulations take hold, they are
wary that this percentage will escalate.
cost of becoming a doctor has soared, and the average doctor now graduates with
an education debt of $166,775.
does not address the Congressional SGR formula, which annually calls for up to
25% cuts in Medicare pay for doctors, nor does it address malpractice reform
and increasing malpractice premiums.
takes 11 to 14 years of education and training to become a doctor, and this time sacrifice results in lost
an estimated 30 million increase in Medicaid patients, which pay at 58% of
private rates, many doctors will have less time to spend with patients at lower
rates with higher overheads because of time spent dealing with government
fear Obamacare will cost them money, and more importantly, time spent with patients.
Post a Comment