Quinn Explores the Question: Are Doctors Overpaid?
Are doctors overpaid?
That’s a tricky question for several reasons. Getting good data is hard and mostly based on surveys, there are variations across the country and among specialists plus few doctors work a 40 hour week.
If you are a patient and your doctor provides life saving care, I suspect what they earn doesn’t matter, it wouldn’t to me. In any case, chances are you aren’t paying the bill yourself.
After looking at the data from several sources, my opinion is that doctors are not overpaid even though U.S. physicians earn more than in other countries.
American doctors earn two to three times as much as in European countries, not adjusted for cost of living being higher in the U.S. And of course, the U.S has, shall we say, a unique market-based healthcare system.
Another big difference is the cost of medical education and training. In European countries physician education is highly tax-payer subsidized or fully paid or to use a misused word “free.” In the U.S. many new doctors graduate with a $200,000 to $250,000 in debt.
General the highest paid doctors are orthopedic surgeons they make an average $202 an hour. The lowest paid are pediatricians at $103 and hour, but even OB/GYNs only make $130 and hour. The key is the hours worked.
Looking at it another way Orthopedic surgeons earn on average $543,000 a year and pediatricians $258,000. In some surveys cardiologists are up there at $582,000, but others have them at $506,000. You can explore the data here.
There is a high cost in different ways as a result of the American view on paying for health care. I’m pretty sure we have it wrong.
That’s a tricky question for several reasons. Getting good data is hard and mostly based on surveys, there are variations across the country and among specialists plus few doctors work a 40 hour week.
If you are a patient and your doctor provides life saving care, I suspect what they earn doesn’t matter, it wouldn’t to me. In any case, chances are you aren’t paying the bill yourself.
After looking at the data from several sources, my opinion is that doctors are not overpaid even though U.S. physicians earn more than in other countries.
American doctors earn two to three times as much as in European countries, not adjusted for cost of living being higher in the U.S. And of course, the U.S has, shall we say, a unique market-based healthcare system.
Another big difference is the cost of medical education and training. In European countries physician education is highly tax-payer subsidized or fully paid or to use a misused word “free.” In the U.S. many new doctors graduate with a $200,000 to $250,000 in debt.
General the highest paid doctors are orthopedic surgeons they make an average $202 an hour. The lowest paid are pediatricians at $103 and hour, but even OB/GYNs only make $130 and hour. The key is the hours worked.
Looking at it another way Orthopedic surgeons earn on average $543,000 a year and pediatricians $258,000. In some surveys cardiologists are up there at $582,000, but others have them at $506,000. You can explore the data here.
There is a high cost in different ways as a result of the American view on paying for health care. I’m pretty sure we have it wrong.
The post Quinn Explores the Question: Are Doctors Overpaid? appeared first on HumbleDollar.
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