Doctor Salary v. Others [Present Value of Career Wealth]

Specialists v. GPs v. MBAs v. PAs v. College Graduates

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Researchers at Duke University modeled the earning potential of cardiologists and primary care physicians between the ages of 22 and 65, taking into account medical school debt, earning potential and the age at which doctors begin earning an income.

According to John Goodman, they then conducted similar analyses for the average b-school, physician assistant and college graduate.

Assessment

Conclusion

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10 Responses

  1. On the SAT and ACT exams

    Some doctors have forgotten the stress of SAT tests; others never forget. But, for their children, here is a current state-of-the-art report on score results and their meaning for 2012.

    http://registeredrep.com/news/8_facts_you_didnt_know_about_the_act_and_sat/

    Priscilla

    Like

  2. New Plans for Doctor Pay

    Last month, Wellpoint and Aetna outlined their new compensation plans. Now, UnitedHealth, the largest U.S. health insurer, becomes the latest carrier to say it is overhauling its fees for medical providers.

    http://online.wsj.com/article/SB10001424052970203315804577211660010608608.html

    Frederick

    Like

  3. For Lifetime Salary, Don’t Choose Orthopedic Surgery

    Orthopedic surgeons are well paid, but the profession is less lucrative than some other career choices, making orthopedics training a “poor financial investment,” researchers reported the American Academy of Orthopaedic Surgeons 2012 Annual Meeting.

    “If this continues over time, we may lose qualified individuals in our field, and this may reduce access to good quality orthopedic care, orthopedic research, and orthopedic management,” warned Suneel B. Bhat, MD, an orthopedic surgery resident at Thomas Jefferson University Hospital in Philadelphia, Pennsylvania.

    http://www.medscape.com/viewarticle/758687

    Yet, looking at lifetime cumulative earnings, they found that orthopedic surgeons do better than the other 4 professions, reaching $10,756,190 by age 65.

    For example, in comparison, lawyers earned a cumulative $8,381,250, certified registered nurse anesthetists $7,338,412, dentists $6,866,796, and nurse practitioners $3,867,504.

    Yep – It’s a pity Dr. Bhat!

    Janice

    Like

  4. New commission to analyze physician payments

    The Society of General Internal Medicine (SGIM) has just launched a new independent board to make recommendations about payments to physicians.

    Here is the organization’s press release:

    Click to access physican_payment_press_releaseFINAL%281%29.pdf

    Dr. David Edward Marcinko MBA CMP™
    http://www.HealthcareFinancials.com

    Former, American Society of Health Economists (ASHE) member
    Former, American Health Information Management Association (AHIMA) member
    Former, Healthcare Information and Management Systems Society (HIMSS) member

    Like

  5. MD Salary

    Dr. Marcinko – It is true that physician income overall has declined since 2010, yet there are tiny glimmers of hope in some specialties.

    Frustration is mounting, however, and doctors in every specialty are bracing for what they expect to be further income declines as healthcare elements are implemented, such as ACOs and required treatment and quality guidelines …. Not to mention the PP-ACA.

    Patty

    Like

  6. Is There a Physician Gender Pay Gap?

    That pesky gender pay gap exists for doctors, too!

    http://lifeinc.today.msnbc.msn.com/_news/2012/06/12/12125187-that-pesky-gender-pay-gap-exists-for-doctors-too?lite

    Gillian

    Like

  7. Female PCPs Would Do Better Financially as a PA

    Most women would be financially better off earning a physician assistant (PA) rather than a medical doctor (MD) degree in a primary care field, according to a new report in the Journal of Human Capital.

    http://www.jstor.org/discover/10.1086/665536?uid=3739616&uid=2&uid=4&uid=3739256&sid=21101131257321

    Despite increased educational attainment for women in recent years, a “growing literature documents significantly lower earnings for women holding professional degrees than for men.” The authors add that the male-female earnings gap appears to increase significantly after earning professional degrees.

    Dr. Anita

    Like

  8. MD Pay

    Did you know that Uwe Reinhardt PhD, the Princeton University economics professor, suggested that doctors should earn enough after expenses to place them at or above the 95th percentile of US income — $200,000 in 2011, according to the Tax Policy Center’s breakdown of U.S. income distribution?

    Thoughts?

    Dr. David E. Marcinko MBA
    http://www.CertifiedMedicalPlanner.org

    Like

  9. More on the Wealth Gap

    http://news.msn.com/us/study-wealth-gap-widened-in-the-last-decade

    Yes, education matters.

    Millie

    Like

  10. WHAT ARE YOUR WAGES WORTH?

    We’ve written about The Economist’s Big Mac Index, which is a lighthearted way to gauge whether countries’ currencies are at the correct levels – just compare the price of a hamburger in each country. At the start of the year, you could buy a Big Mac pretty cheaply in Russia ($1.53), Hong Kong ($2.48), or Taiwan ($2.08).

    There are differences in how much things cost from state-to-state, too. Pew Research Center used federal wage data to determine which regions of the United States had the lowest and highest wages after adjusting for differences in cost-of-living:

    “As we’ve noted before, prices for everything from housing to groceries vary widely from place to place, with the result being that a given income can mean very different things in New York, New Orleans, or New Bern, North Carolina. To get a handle on those variations, one can use the “regional price parities,” or RPPs, developed by the federal Bureau of Economic Analysis. The RPPs measure local price levels in each of the nation’s 381 metropolitan statistical areas, as well as the nonmetropolitan portions of states, relative to the overall national price level.”

    The highest weekly wages for 3rd Quarter 2015, after adjusting for cost-of-living, were found in: 1) San Jose-Sunnyvale-Santa Clara, California, 2) California-Lexington Park, Maryland, 3) San Francisco-Oakland-Hayward, California, and 4) Seattle-Tacoma-Bellevue, Washington.

    The lowest wages, after adjustment, were paid in: 1) Yakima, Washington, 2) Wenatchee, Washington, 3) Logan, Utah-Idaho, and 4) Grants Pass, Oregon.

    Arthur Chalekian GEPC
    [Financial Consultant]

    Like

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