Doctors are concerned with the rates of pay that they are getting. In the article, Sara Rosenbaum, a professor of health law and policy at George Washington University,
said she was not overly concerned about physicians’ compensation. “I
don’t mean to suggest that physicians don’t deserve to do well,” she
said. “But physicians are very well-compensated people, no matter what.”
Not as well as you think. Sure, a doctor makes $200,000 or more a year, but let’s compare that to other professions.
A doctor attends college and earns an undergraduate degree. This takes four years, during which the money earned is zero, and tuition, books, and supplies are about $20,000. Room and board are extra.
Then the doctor attends medical school. The school lasts three years, and the money earned is zero. Tuition, books, and supplies are about $225,000. Room and board are extra.
Then the doctor does his residency. This lasts at least a year, during which the resident works 80 hour weeks and makes about $45,000 a year.
So this doctor is now 26 years old and has made $45,000. He now has about $400,000 in student loans that must be repaid. With interest.
So over the 47 years of his working life, he spends the first 8 in school, and ends that first 8 years $355,000 in the hole. If that doctor makes $200,000 a year on average for the remaining 39 years of his working life, the first $50,000 of that will pay for his student loans and the years he was jobless.