Doctors! How much money do you make?

livi · 06-30-2007, 05:35 PM

Every time I see an American show they go: Son, get a hair cut and a decent job. You should be a lawyer or a doctor. They make good money and they all have a nice house and a luxury car (and a prize wife)!

I am not sure why they always mention doctors and lawyers. In Sweden we make lousy money. Despite a substantial raise recently I still make only the equivalent of $90-100 a year. Before taxes! I probably net less than $60.

Does the above saying make better sense in the US?

Racerbvd · Racerbvd's Garage

Quote:

Originally posted by livi
Every time I see an American show they go: Son, get a hair cut and a decent job. You should be a lawyer or a doctor. They make good money and they all have a nice house and a luxury car (and a prize wife)!

I am not sure why they always mention doctors and lawyers. In Sweden we make lousy money. Despite a substantial raise recently I still make only the equivalent of $90-100 a year. Before taxes! I probably net less than $60.

Does the above saying make better sense in the US?

One of my doctor buddies paid your net in taxes last year

Yes, both make very good money here, most of the time

Moneyguy1 · 06-30-2007, 05:54 PM

How much do you pay in malpractice insurance in Sweden? I do not know how much they pay here, but this might be an interesting comparison.

Is money the only measure of success?

grudk · 06-30-2007, 06:06 PM

Highly dependent on the type of doctor, where you are in the country (managed care penetration) and the style of practice. Plenty of Pediatricians making 60-80K. Internists maybe avg 100-120, surgeons 150-500 or more. Quite rare for a surgeon to break a million, but there are a few. In the world of academia, the numbers are skewed toward the low end for the most part, though there are plenty of exceptions. To achieve the higher end you need a procedure that bills high (meaning not many docs do it and/or you can draw from a well-insured patient population), or pays cash. If you run a surgery center, then there is more money to be made, but of course you are not 'just' a doctor at that point.

The concept of the 'wealthy doctor' who plays golf every Wed. is pretty outdated. There was a time (60s, 70s) when the stereotype was more apt, but those days are gone. Most docs aren't hurting for cash, but few are 'rich' (I guess that depends on your definition of rich, though)

livi · 06-30-2007, 06:42 PM

Thanks!

Malpractice insurance is pretty much a non-issue in Sweden. We pay a very low yearly fee, next to nothing.

No, to me money and 'success' have very little to do with each other. On the surface perhaps, but not in the heart.

A typical 'success' moment for me is having spent 15 minutes explaining why the 3 week old first born of a young couple is NOT suffering from any mortal desease, merely making disturbing sounds and moves from a bit of stomach ache. Their sincere and heart warming gratitude gives me more sense of accomplishment than any money could do. Well.....we are not talking GT3 territory here...mind you, because then I´d take the money in a heart beat.

HardDrive · 06-30-2007, 08:01 PM

Really depends on your field. My wifes is a pediatric anesthesiologist in academics. About $260K this year.

LeeH · 06-30-2007, 08:32 PM

I've done accounting work for a lot of medical practices. I've seen doctors who are employed by a practice making right around $100K. I've seen doctors who own successful practices pay themselves a year end bonus of $100K.

M.D. Holloway · 06-30-2007, 08:37 PM

GPs are prolly the lowest paid, specialist the highest. If I was to do it I would go ear, nose and throat. They seem to make real money and the work isn't as rough as some other specialties like gyn or cardio.

sjf911 · sjf911's Garage

Income is highly varied and depends heavily on specialty. Private practice makes the most, academic the least. Multi-specialty group practice and employed/HMO physicians are in between. Orthopedic Surgery seems to be the best of all worlds as far as income and quality of life. Interventional Cardiology (my specialty) suffers from a poor quality of life (too much night time call).

http://www.allied-physicians.com/salary_surveys/physician-salaries.htm

alf · 06-30-2007, 09:35 PM

Doctors are like teachers to me, the 2 professions that deserve the utmost respect from society.

Joeaksa · 06-30-2007, 09:38 PM

I have family in Denmark and several of them are Doctors. When I was living in Europe would drive up for a visit several times a year. Usually drove the 911 or a BMW motorcycle and they always asked to drive either one of them.

The family I am closest to live in Soburg, a suburb of Kopenhagen. Thomas is a Doctor and the head of one of the departments at a large hospital there and Marianne works at a library. They have one car and he uses it to go to and from work as its a ways away, while she rides a bike or takes the train. They cannot afford two cars and had a VW Jetta the last time I was there.

Seems that with all their taxes and such I took home about triple what they did. We sat down and discussed things and while they did not have as much in their hand money wise, he also did not pay any malpractice insurance either, and their kids went to college for free as long as their grades were kept up. Add that to free health care and it starts looking better...

Taxes are high there but almost everything you need in life is taken care of from the state. Marianne has a brother with Downs Syndrome and has needed extra care from day one. When he was ready to live outside the house the state put him in a communal home that has people who take care of them and allow them as much or little freedom as they want or like. Its all free...

Its a different situation and hard to compare with other countries.

tabs · 06-30-2007, 10:17 PM

My GP owns 2 Family Practice Clinics here in LV. She bought a Summer house in Corona Del Mar for 2M last year. Her Alma Matter is UCSB...go Gauchos.

pwd72s · 06-30-2007, 10:45 PM

Quote:

Originally posted by Moneyguy1
How much do you pay in malpractice insurance in Sweden? I do not know how much they pay here, but this might be an interesting comparison.

Is money the only measure of success?

Couldn't agree more...MD's in the usa make what would appear to be asronomical salaries...but they also pay astronomical insurance & taxes...the mate of an OB/Gyn I know told me that liability insurance costs are well past 6 figures annually and this without having ever been involved in a lawsuit.

HardDrive · 06-30-2007, 11:41 PM

Quote:

Originally posted by pwd72s
Couldn't agree more...MD's in the usa make what would appear to be asronomical salaries...but they also pay astronomical insurance & taxes...the mate of an OB/Gyn I know told me that liability insurance costs are well past 6 figures annually and this without having ever been involved in a lawsuit.

This also explains a bit about why docs do academics as opposed to private practice. My wife probably makes 50-100% less than she would make in private practice, but she does not pay a dime in insurance.

Zef · Zef's Garage

Quote:

Originally posted by alf
Doctors are like teachers to me, the 2 professions that deserve the utmost respect from society.

+1...you just mark a point here...!

GothingNC · 07-01-2007, 03:57 AM

I have two cousins who run a Fertility clinic and are doing very, very well and take the entire summer off for R&R.

They just purchased a few beach houses on the north north of eastern Long Island for their parents and siblings with their "spare" cash.

Moneyguy1 · 07-01-2007, 06:26 AM

I dunno....Doctors are, in my opinion, simply highly skilled technicians. THe difference is your carcass is a bit more presious to you than your TV or automobile. They do not know all the answers.

notfarnow · 07-01-2007, 07:13 AM

Quote:

Originally posted by Moneyguy1
I dunno....Doctors are, in my opinion, simply highly skilled technicians. THe difference is your carcass is a bit more presious to you than your TV or automobile. They do not know all the answers.

My brother in law is an emergency Dr, and it's been really interesting to have a window into his world. The pressure he is under is astounding. I know they are supposed to be "detached" but I don't think it's possible in practice; he has people's lives in his hands every day.

He's generally quite private about the emotional impact of his job, but I'll tell you this: I'm willing to bet a TV repairman doesn't go to a dinner party after work and weep about a Zenith he couldn't save.

Wickd89 · 07-01-2007, 08:28 AM

How about engineering?! It use to be an honored profession (up there with medicine and the law)....

No appreciation for the people who make and design all the good things we enjoy every single day: elevators, TVs, radios, cell phones, etc, etc............
(coming from an electrial engr who should have been a doctor, oh yeah I hate blood)

p911dad · p911dad's Garage

None of the lawyers or physicians we know live radically different lives than we do(meaning nothing special, no lives of the rich and famous). I do know they work long hours, are constantly on call and really deeply care(physicians especially) about what it is they do. They seem to have great retirements(they ought to get something for the amount of hours they work!) but retire late in life. Maybe the late retirements are because of the commitment required of the professions and that it's just hard to let it all go.
My perception is the money classes in the USA are, not in any special order, successful entrepeneurs, old money families, Wall Street types of all stripes, Corp level exec classes, entertainers(athletes, media types). I don't think generally lawyers or physicians are in it as a class(though some certainly are).