Physician Salary

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YES123

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Hi,
Of course their is much more to medicine than Physician Salary, however, any responsible person has got to have some concern for his financial future and security. That said, does anyone know if the standard median salaries for various physicians given on the BLS (Government Bureau of Labor Statistics) website (as well as many others) take overhead into account, or are the gross income before overhead? For example, according to the BLS the median psychiatrist salary is recorded at about 165,000. Is this before paying rent, insurance, electricity, or afterwards? Also, when I hear that radiologists can make between 300-400K is that before overhead or not. I would appreciate any responses.
Thanks!

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Hi,
Of course their is much more to medicine than Physician Salary, however, any responsible person has got to have some concern for his financial future and security. That said, does anyone know if the standard median salaries for various physicians given on the BLS (Government Bureau of Labor Statistics) website (as well as many others) take overhead into account, or are the gross income before overhead? For example, according to the BLS the median psychiatrist salary is recorded at about 165,000. Is this before paying rent, insurance, electricity, or afterwards? Also, when I hear that radiologists can make between 300-400K is that before overhead or not. I would appreciate any responses.
Thanks!

Most (likely all) surveys like this are AFTER overhead, and malpractice insurance, but before taxes and other fees. It can be likened to an employees gross pay.
 
i agree with Sheldor. it's what you take home before taxes and fees.
 
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I wouldn't put any faith in the BLS numbers. I don't know how they calculate that fantasy, but at least for anesthesia, it's not even close to the average, not even for academics.
The MGMA report is the standard.

Really? I feel like the MGMA report seems to report salaries that are quite high. Surprisingly high. But then I guess perhaps salaries ARE that high.
 
Really? I feel like the MGMA report seems to report salaries that are quite high. Surprisingly high. But then I guess perhaps salaries ARE that high.

I think you're on to something there...
The one that gets posted around is for private groups. Academic salaries are less, though not always less than the average. Pay depends on location, clinical workload, payor mix, and academic rank.
 
Wow, half? That seems like a lot. I have considered academics for a while now, but I may have to reconsider with a salary cut of HALF.

I know money is not everything, but half the pay is still quite a bit.
 
The problem with "average" salaries in medicine is that they don't exist. Here me out. Example: psychiatrists.

I know many academic psychiatrists that work less than 30 hours/week that basically supervise residents. They do little actual work involving direct patient care. Very cush. They earn less than 100k.

Full time academic psychiatrists start at 150k.

Full time psychiatrists working in the government sector (mhmr, va) start around 175k. They get almost all holidays off.

Full time private practice psychiatrists start around 225k. Usually some call involved.

Are you willing to go to less desirable regions of the US? If so, it could add 50k to your starting private practice salary.

I just presented averages ranging from around 80k - 275k. Any website claiming an average between those numbers could be correct depending on who you ask. This is why general average salaries are worthless in medicine.

All of my numbers are after overhead and pre-tax. All are for newly graduating general psychiatrists. Psychiatrists that are fellowship trained are more likely to make even more.
 
Wow, half? That seems like a lot. I have considered academics for a while now, but I may have to reconsider with a salary cut of HALF.

I know money is not everything, but half the pay is still quite a bit.

When the time comes, take the time to actually look at your options. You might be surprised. Of course some academic jobs pay very poorly, so you also might be horrified.:eek: Also, don't forget that salary is just a starting point. Some have a large annual bonus, pay you for call, late work, weekends, etc. Call is also a huge deal, and very variable. Some PP call is q4 or 5. I take about one a month and one weekend every other month. That has a lot of value to me, more time at home, unteathered to the pager. It's all part of the pay:workload ratio. I had a job that was Q3 for a while. That really sucks. But, ususally, the more you work the more you make, even in academics.
Surgical academic positions are often productivity based. One guy left for a $180k base salary job, but they were all making 3x base. Not bad at all. Could he have gone into PP for even more, probably, but he wouldn't have had any time or support to pursue his research interests.
People on the forums regularly throw out a lot of blanket statements that are generalizations and only 1/2 true. Talk to people actually doing the work, and not just the folks at your training program.
 
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