Everybody thinks doctors earn tons of money and should be ultra-wealthy. Is that always the case? No. Unless you’re a plastic surgeon with a private clinic catering to celebs, it’s not as easy to make so much money. Well, it is, but when you compare it to the risk and responsibility of the job, it isn’t.
Below, we’ll tell you how much doctors earn in the US and how they can earn more.
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How Much Do Doctors Earn in The US?
Doctors in America are some of the highest-earning professionals, yet their wages vary depending on specialization, location, and experience. According to recent data, an average doctor’s annual salary in the United States is around $313,000. Nevertheless, this figure varies greatly. For example, general practitioners working for medical recruiters can get paid an average of $210,000 a year, while specialists such as cardiologists or orthopedic surgeons may earn above $400,000.
Location also plays a major role in determining the pay scale for doctors. Physicians based in cities like New York City, Los Angeles, or Boston earn more compared to those from rural parts of America.
Experience is another essential factor that determines doctors’ earnings. Young doctors normally start earning at lower levels, but with time, they increase significantly after gaining experience and building a reputation. A seasoned neurosurgeon with over 20 years of experience earns up to $700,000 annually.
Is It Worth It? Do Doctors Need More?
This profession has high financial rewards; there’s no denying that. However, it takes many years to become a doctor, an accumulation of student loans and debt, and less life freedom. The average total debt accumulated to become a doctor is about $200000 for each medical school graduate.
Outside of finances, however, this career requires long working hours and high-stress levels, meaning that sometimes medics work for longer than they might expect. Typically, doctors spend between 60 and 80 hours per week, including night shifts, weekend shifts, and public holidays. It’s physically and emotionally draining, leading to job dissatisfaction and burnout.
Therefore, do physicians need to be paid more? High-salary proponents argue that this is justified considering the high stakes involved in their work, and we would agree.
Ways to Earn More
One of the simplest approaches is to take up a higher-paying specialty. Although this may involve additional training and certification, it brings huge financial benefits. To illustrate, specializing in neurosurgery, orthopedic surgery, or cardiology greatly boosts a doctor’s total income.
Another way of increasing earnings is by opening up private practice. Remember what we said – if you’re a private doctor to the rich and famous, life isn’t that bad. Running their clinic allows physicians to manipulate their pay scale. This way involves more risk and responsibility, but if managed properly, it can be financially beneficial.
Other than traditional clinical roles, doctors could also consider other options where they could earn extra money through consulting, teaching, writing, or even speaking publicly. For example, acting as an expert witness in legal cases, lecturing at medical schools, or authoring books on medicine can be other sources of revenue for such a specialist. Doctors don’t always need to be a shift work doctor.
What do you think about how much doctors earn in the US, and do you think they should earn more? The answer should always be yes – doctors have a massive job responsibility that no other profession can match.