3 advantages for primary care docs:
1. Continuity of care and development of long-term relationships with patients
2. Variety of clinical presentations
3. Opportunities to graduate debt-free from medical school
3 disadvantages for primary care docs:
1. Difficulty associated with developing expertise in a given area (e.g., obstetrics) because of the need to stay abreast of a wide variety of medical developments--i.e., a diversified knowledge base that lacks depth
2. Reimbursement rates are considerably less than those of specialists, particularly specialists with a procedural orientation (as opposed to a cognitive bent); in effect, primary care docs, especially internists, have to work hard for less money. Internists work, on average, 58 hours a week and the median income is $150,000/yr. In contrast, otolaryngologists work, on average, 53 hrs/wk and the median compensation for all physicians in this specialty is $253,971/yr. That's a significant difference.
3. Trend of dealing with chronically ill patients who never really improve. If you're going into medicine to "fix" health problems, primary care probably isn't a good choice.
3 advantages for specialists:
1. The median income for specialists is considerably higher than that of primary care docs, which means that specialists get paid more to do less. Even so, specialists tend to work as many or more hours than generalists.
2. The opportunity to develop expertise in a given area (e.g., microvascular surgery)
3. The ability to treat patients and see immediate results (i.e., "curative intervention")
3 disadvantages for specialists:
1. High malpractice liability insurance and constant threat of lawsuits forces many specialists to practice defensive medicine
2. Little or no continuity of care (some people might perceive this as an advantage)
3. Long and rigorous postgraduate training, esp. surgery and surgical subspecialties