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May 1st, 2012
10:55 AM ET
Seriously? Doctors say they're underpaidAnthony Youn, M.D., is a plastic surgeon in metro Detroit. He is the author of “In Stitches,” a humorous memoir about growing up Asian American and becoming a doctor.
But many other physicians are not as satisfied - a recent study by Medscape revealed that 49% of doctors believe they're not fairly compensated. Of primary care physicians, this percentage increases to 54%. It’s no myth that doctors are some of the highest paid professionals in the country. So why are they complaining? It’s likely because of situations like Dr. Peterson’s. I was the on-call plastic surgery resident one night when a 42-year-old man - let’s call him Dave - was brought into the hospital at 3 a.m. He had fallen off a roof while intoxicated. Dave broke several bones in his face and shattered his lower leg. I stumbled out of bed and met Dr. Peterson in the ER, where we spent the next three hours assessing Dave’s injuries and repairing his lacerations. Five days later Dr. Peterson and I performed an eight-hour operation, reconstructing his broken facial bones and performing a muscle transfer to help heal his fractured legs. For the next two months, we visited Dave in the hospital each and every day, changing his bandages and making sure he healed properly. Not once did Dave thank Dr. Peterson for his care. Instead, Dave took more than $3,000 from him. Close scrutiny Quite possibly no other occupation in the country receives such attention regarding the income its members receive. And that’s not a new trend - more than 70% of respondents of a survey published in the 1985 American Journal of Public Health believed doctors were overpaid. The Medscape survey found the average physician compensation now ranges from a high of $315,000 for orthopedic surgeons to a low of $156,000 for pediatricians. Sounds pretty good right? Consider that physicians must complete at least four years of college, four years of medical school, and between three to eight years of residency training prior to becoming a real, practicing doctor. Many physicians don’t start earning “doctor-level” salaries until they are well into their 30s. A 2009 survey by U.S. News found the typical medical student graduated with $141,132 in debt. The graduates of some schools averaged more than $200,000 in loans. According to the Bureau of Labor Statistics, the average computer and information system manager earns $125,660 per year. The average lawyer makes $130,490 per year. Orthodontists take home $204,670. The New York Times recently reported the average base pay for managing directors at Morgan Stanley is $400,000. At Goldman Sachs, it’s $600,000. The average salary of an NFL player is $1.9 million. NBA players average $5.15 million per year. Just for putting a ball in a hoop. When you consider these numbers, the thought of pediatricians making $156,000 a year doesn’t seem unreasonable. They often see 50 patients per day, answer our calls at all hours, and keep our kids healthy. What about critical care physicians? They average $240,000 a year, but are responsible for keeping the sickest of us alive. One-quarter of critical care physicians spend more than 65 hours per week with their patients, not including time doing paperwork. Unlike most other professions, there is a ceiling to what most doctors can earn. Physician compensation is tightly controlled by the government and insurance companies. Medicine is also the only profession where its members are required to sometimes work for free. No return on investment Which brings us back to Dave. Three months later, I accompanied Dr. Peterson in his clinic to see Dave for a follow-up appointment. Dr. Peterson seemed a bit distracted. At the end of the visit I found out why. “I’m glad you’re doing so well, Dave,” said Dr. Peterson. “Yeah, I’m really happy with how things have turned out,” he replied. “So Dave, this is a little awkward for me, but I need to ask you something. Two weeks ago your insurance company sent you a check for $3,200 to forward to me for all my surgical and office fees.” “Yeah, so?” “Well, um,” Dr. Peterson stuttered. “We never received it from you.” “No, you didn’t. I cashed it and spent it.” “Dave, why would you do that?” “I figured you’re a rich doctor. I need the money more than you.” What do you think? Are doctors being underpaid? Tell us in the comments below.
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Get a behind-the-scenes look at the latest stories from CNN Chief Medical Correspondent, Dr. Sanjay Gupta, Senior Medical Correspondent Elizabeth Cohen and the CNN Medical Unit producers. They'll share news and views on health and medical trends - info that will help you take better care of yourself and the people you love. Recent Comments
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Full disclosure: I have no complaints about how much I make.
I think it is criminal the way doctors are shafted by the insurance companies. We all know health care costs are astronomical. However, by the time insurance companies whittle away at the benefits allowed doctors make only a fraction. It is obvious to see why fewer people are going into the field. Who wants to spend 12-15 years in excruciatingly difficult training only to have insurance companies dictate and slash away at your income? The insurance companies need radical reform. I know my rates are ridiculous for what they are willing to pay for. In my opinion doctors SHOULD make great money. How much do you suspect college, medical school, internship, and residency costs?
Agree!
Being someone who got ran over by an old lady in an SUV, I can say that I had a 1 percent chance. That is what they gave me the first night. By some grace of god my trauma sergeon just felt like he couldent let me die knowing I had two young kids. He spent countless hours and many surgeryies for over two months. He took me on as a personal project. I'm still dealing with the ladies car insurance. The Dr though even though he is owed a lot of money and is just happy I'm alive. He deserves every last penny he asks for. My kids have a dad, so no he is not! Overpaid
Its heart wrenching to read your post, so glad you are hear to write it. thanks for sharing Jordon
here*
Patients should always sign the signature on cms form, Accept assigment area, this makes the carrier pay the doctor direct......if nnot signed then it goes to patient, carrier doesnt wana give the dr office details on it, just a pd to patient...then a call to patient, pmt sent to ou direct, sending you a stmt today, pt resp is, Remit pmt to us asap...then constant followup- on it....like -.. called you on, - pmt was to be sent us on - etc, ?
When I began my residency program, my father (who was a physician board certified in three areas of medicine) warned me that I would earn every dime I made. Seriously, I didn't understand exactly what he meant.
Twenty years later and fifteen years into the practice of medicine, I spent the entire night next to the bed of a critically ill obstetrical patient who went into disseminated intravascular coagulation after a severe postpartum hemorrhage. We saved her life and today she is a healthy mother of four children. After a year of fighting with her insurance company, CIGNA, who tried to claim that the additional care that I gave her was "usual and customary" and fell within the payment of "global obstetric care" CIGNA finally paid me 368 days after I cared for this patient. Ironically this patient is also a friend of ours, and she knew that we had not been paid for all of the additional care that I had given her. She came up to me just after her daughters' first birthday and asked me if I had been paid by CIGNA for saving her life. I told her that I had finally been paid, but sadly her life must only be worth $137 because that was all that CIGNA was willing to pay me for four hours of critical care time and saving her life. Seriously? Doctors say they are underpaid? Absolutely! Would anyone out there agree that a physician who spent four hours with a critically ill patient through the night, managing her disseminated intravascular coagulation only deserves to be paid $137?
On average, doctors earn about 200K per year so let's use that as an indicator. Evaluating whether or not doctors are overpaid is based on the outcomes they achieve versus the salary with repsect to per capita income. When one compares the outcomes to the (salary/median_income) ratio, one finds that specialists are overpaid. This is less pronounced for primary care physicians. This doesn't mean that specialists aren't working really hard, but perhaps their hard work isn't translating to better outcomes. There's tremendous inefficiency.
Doctors can have much longer careers than professional athletes and most investment bankers make about 100K per year. The statement "The New York Times recently reported the average base pay for managing directors at Morgan Stanley is $400,000. At Goldman Sachs, it’s $600,000," reeks of extreme sampling bias. It's also not a valid comparison because Goldman Sachs is paying its executives with welfare, so they're obviously overpaid.
Can you explain what exactly you mean by outcomes? Life-years saved, for example? Or what is the outcome you are measuring? It's hard to quantify exactly how many life-years we gain by having a person interact with a medical specialist (as opposed to allowing a primary care physician struggle to treat a patient without the option of surgery, imaging interpretation expertise, pathology, or specialist consultation- but I suspect the difference in life-years would be immense.
Furthermore, once this was determined, how do you value this so that it can be compared to salary? How much is a life-year worth?
You need to define your terms or your statement is meaningless.
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He didn't even mention malpractice insurance or taxes which easily take half of that... Really want to be a doctor, (enjoy helping people, and really love anatomy/bio) but this stuff is intimidating especially coupled with the long hours.
This article not only mirrors what happens in the US but also the rest of the world. Doctors in Kenya for instance are paid 12500 USD per year for their endless days and sleepless nights. It is this same country that pays its Members of Parliament in excess of 130000USD yet most of them are grossly academically underqualified,morally corrupt and perpetually lazy. Guess what a Minister in the same country gets for Home Servant Allowance? 10000USD per year.
I can't thank you enough for all that you have done for me. About 2 year ago I my partner had misunderstanding, we had both made BIG mistakes in our relationship. He ended up moving away from me to pursue a new life. I knew in my heart that he would be the only one to make me happy. I was relieved when I found your email: voodoafricapower@yahoo.com on a site about what you have done. I requested 1 to 2 day casting of the reunite us love spell and within 3days frank company had relocated him back to our hometown where I still lived. We immediately reconnected and move in with each other I can't really thank you enogh Dr Okoja.
I am jumping into this conversation late. Dave, sorry folks, did not commit insurance fraud. After the PPO system became common, I worked for a state agency in the 1990s and payments for out-of-network services was made to the patient. A person had to fight to get the benefit assigned to the provider!
Like a lot of people, Dave cashed the check and spent it on himself.
There was no obligation to turn over the payment to the provider. Though this may not make sense, this is why many docs have posted here that it happens all the time. Therefore, they should be prepared for the occasional loss.
Most of the doctors who posted here don't accept criticism. Not every act of a doctor saves a life, and many doctors don't work in hospitals.
I have repeatedly had to go from doctor to doctor and sometimes emergency rooms for stuff a doctor wouldn't treat, even though it was treatable.
I live in a large Southern urban area. Most doctors here live in $300,000 plus homes. It's easy and perfectly legal to check them out on the tax rolls online.
They should read, "The Millionaire Next Door," and they will find that many millionaires live in more modest homes worth maybe $150,000 and driver older quality cars.
I've not a poor doctor yet, though I did meet one once who was temporarily on food stamps after she made a suicide attempt.
At times, physicians have been regarded as amoung the greediest and most overpaid professionals. Much of this is based on the media depiction of the Hollywood Plastic surgeon, complete with Malibu mansion, Ferrari, and mega yacht, as well as a few unscrupulous real life doctors who have defrauded both Medicaid and private insurers.For the overwhelming majority of physicians in primary care, the reality, is quite different. As an urgent care physician in the New York metropolitan area, I make a low six figure salary. Hardly poverty, but nothing like what you see on TV. My "mansion" is a two bedroom townhome in Staten Island, my "yacht" is a beat up old sailboat worth maybe 10k, and my "Ferrari" is a 2003 Hyundai Santa fe. Well, at least it has MD plates. to add insult to injury, a few years ago, I was stopped by a cop in New Jersey to see if the MD plates were stolen. He could not believe that a doctor would be driving that P.O.S. car.
If doctors are overpaid, then football players, basketball players, baseball players, etc are definitely overpaid. At least doctors save lives, can you say that of any sports player?
Oh, and I'd rather their salaries were reversed, doctors should be making the millions that athletes make, and athletes should be making the pennies in comparison that doctors make.
BIg Pharma pays their senior admins 60+K a year for a high school diploma. Then they let them work from home more than 25 hours a week. They get their nails done, hair highlighted, everything but work!. Are any healthcare professionals who need brains and have to take care of sick people rain, snow, sleet, shine, holidays, weekends, nights overpaid with this nonsense going on? All because they can overcharge for medication.
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