How to make it big as a physician

[mbadoc]

---

Members do not see this ad.

I know a cardiologist and his colleague who founded a group practice, 6 physicians total + staff. He makes over $1,000,000 a year. Works 50 hours. on call one weekend a month...

Each patient that walks in the door brings in revenue by:

1) potential clinical trial participant (pharmaceutical company pays the group practice for each patient enrolled)

2) Procedural related (angioplasties, pacemakers, etc.)

3) office visits

4) myriad of tests normally done in hospitals are done at the group practice. (the group invested in expensive equipment that only hospitals normally have)

5) Concierge service for cash paying patients. Provide hand holding to rich patients who want to/willing to pay extra

Him and his partner make 7 digit incomes, the other 4 salaried doctors make only like $300,000

The partners could sell the practice to a hospital or a larger group for literally, $10,000,000+, if they wanted to cash out. Or they could continue growing it, maybe hiring primary care docs as well, etc.

Thats a way to make it big as a physician!!!

 

[thedelicatessen]

I know another way to make it big as a physician. Care about your patients and help them with their health. Being a doctor should first and foremost be about your contribution to society.

 

[notdeadyet]

I've done a lot of consulting, some with healthcare and have found that with some rare exceptions, doctors that get caught up in doing the doctor/business-tycoon thang usually are mediocre at both. At best.

 

[kirexhana]

I know another way to make it big as a physician. Care about your patients and help them with their health. Being a doctor should first and foremost be about your contribution to society.

guess people just have multiple takes on "making it big". it all depends on what you want to be recognized for.

business- money, material goods

philanthropist- improving the quality of life for patients

teacher- impacting students who are one day going to be doctors too

researcher- expanding knowledge and methods of medicine

 

[QuantumMechanic]

I know another way to make it big as a physician. Care about your patients and help them with their health. Being a doctor should first and foremost be about your contribution to society.

thank you for the token sdn reply... 😴

 

[jebus]

Making it big as a physician is the same as every other industry.
Seriously, if you want to make it big, go into hospital administration. >30% of all private healthcare spending goes to administrative costs. Use your MBA to take a piece of that pie if you're really interested in money.

 

[mercaptovizadeh]

Moneywise,

Comfier:

ROAD: Radiology/Radiation Oncology-Ophthalmology/Orthodopedics Anesthesiology Dermatology.

Less comfy: surgery, neurosurgery, pathology.

 

[Zoom-Zoom]

As far as financial success is concerned i think it just takes a good business sense and obviously the will to run a business and not a philanthropic type practice, if that's what you're aiming for.

Personally I plan to invent some cool gadgets. I always get crazy ideas for places where I work and if I had money to hire engineers to build them for me, I'de be rolling. So hopefully I'll invent some new medical gadget, then I get to do all the philanthropic stuff I please 😀 This is, assuming I get into med school...

 

[bkpa2med]

It's not that difficult. With even the lowest physicians income you can buy up real estate, even some commercial and keep it as an entire medicial arts building and rent to other docs.

 

[NonTradMed]

I think in any field, people can make it big with their own business. No one gets rich by working for someone else. The OP's cardiologist knows how to cater to his clients, especially those that can pay really well. It's good business sense. However, that doesn't mean a physician who doesn't own their own practice, or serve rich patients can't also make it big, it's all about knowing where to put your money. Doctors can all become rich by investing their money wisely, either in their own practice, or in other business ventures.

 

[riceman04]

I know a cardiologist and his colleague who founded a group practice, 6 physicians total + staff. He makes over $1,000,000 a year. Works 50 hours. on call one weekend a month...

Each patient that walks in the door brings in revenue by:

1) potential clinical trial participant (pharmaceutical company pays the group practice for each patient enrolled)

2) Procedural related (angioplasties, pacemakers, etc.)

3) office visits

4) myriad of tests normally done in hospitals are done at the group practice. (the group invested in expensive equipment that only hospitals normally have)

5) Concierge service for cash paying patients. Provide hand holding to rich patients who want to/willing to pay extra

Him and his partner make 7 digit incomes, the other 4 salaried doctors make only like $300,000

The partners could sell the practice to a hospital or a larger group for literally, $10,000,000+, if they wanted to cash out. Or they could continue growing it, maybe hiring primary care docs as well, etc.

Thats a way to make it big as a physician!!!

I think the possibility of selling back their practice to a hospital is one of the current phenomenons that is occuring right now.

 

[Mr. Tee]

guess people just have multiple takes on "making it big". it all depends on what you want to be recognized for.

business- money, material goods

philanthropist- improving the quality of life for patients

teacher- impacting students who are one day going to be doctors too

researcher- expanding knowledge and methods of medicine

Great post, I agree 👍

 

[DrRads101]

I know a cardiologist and his colleague who founded a group practice, 6 physicians total + staff. He makes over $1,000,000 a year. Works 50 hours. on call one weekend a month...

Each patient that walks in the door brings in revenue by:

1) potential clinical trial participant (pharmaceutical company pays the group practice for each patient enrolled)

2) Procedural related (angioplasties, pacemakers, etc.)

3) office visits

4) myriad of tests normally done in hospitals are done at the group practice. (the group invested in expensive equipment that only hospitals normally have)

5) Concierge service for cash paying patients. Provide hand holding to rich patients who want to/willing to pay extra

Him and his partner make 7 digit incomes, the other 4 salaried doctors make only like $300,000

The partners could sell the practice to a hospital or a larger group for literally, $10,000,000+, if they wanted to cash out. Or they could continue growing it, maybe hiring primary care docs as well, etc.

Thats a way to make it big as a physician!!!

If you want to make a lot of money and not work a lot, please do yourself a favor and get the heck out of medicine and go into business or investment banking. My friend works half the hours I do in medical school, and seeing that I make absolutely nothing and will graduate in huge debt, he is making $200K/year at 40 hours a week, and he's 23 years old. It will be at least another 7 years before I make $200K/year, and by that time he'll be making $800K. And it's only then that I can begin to pay off my debt, so think years later even after that for me to be in the black. Ya dig?

The guys that take a million dollars home a year in medicine are completely the exceptions. Whereas in business and investments, there are a lot of guys like this, even ones that I know personally. And they are making this money in their 20's, not in their 40's, 50's and 60's like the time you'll max out your income as a doctor. And you'll never, ever make as much money as even the top doctor in the world relative to business.

I've seen your posts MBADOC. I think you are a going to be very very dissapointed with your decision to go into medicine if stuff like this is your train of thought. You will be dirt poor for your 20's and into your early 30's as an MD, and these are the best years of your life when making lots of dough and driving nice cars really matters. If you want to be a cardiologist, you won't receive a starting salary for 10 years from today's date (.5 years to start med school, 4 years school, 3 years internship, 2 years fellowship, then start the job search), and it's only THEN that you will begin to be able to pay off your debt. So plan on around 14 years from now until you are actually in the black. That's the starting point when you are at zero. So count on another several years after that until you are actually decently wealthy. So maybe 17-18 years from today's date, that is when you will be making great bank, but not like your friends in business. That's the reality, and why going into medicine for the money is really foolish in my opinion.

 

[BozoSparky]

I know a cardiologist and his colleague who founded a group practice, 6 physicians total + staff. He makes over $1,000,000 a year. Works 50 hours. on call one weekend a month...

Each patient that walks in the door brings in revenue by:

........
4) myriad of tests normally done in hospitals are done at the group practice. (the group invested in expensive equipment that only hospitals normally have)
.......
Thats a way to make it big as a physician!!!

There are a lot of ethical issues concerning the myriad of tests that private docs perform with their own equipment. Often, it is tempting to test everyone! When it's unnecessary, that's just wrong and it takes money out of the healthcare system and makes docs rich. If unchecked, this can lead to patient mistrust. mistrust of docs = BAD

 

[Dr. K]

I noticed several physicians are going into group practice lately. Is this mainly to cut down/share costs? Do you think this trend will continue? Is it hard to be recruited by places like Kaiser, etc?

I know a cardiologist and his colleague who founded a group practice, 6 physicians total + staff. He makes over $1,000,000 a year. Works 50 hours. on call one weekend a month...

Each patient that walks in the door brings in revenue by:

1) potential clinical trial participant (pharmaceutical company pays the group practice for each patient enrolled)

2) Procedural related (angioplasties, pacemakers, etc.)

3) office visits

4) myriad of tests normally done in hospitals are done at the group practice. (the group invested in expensive equipment that only hospitals normally have)

5) Concierge service for cash paying patients. Provide hand holding to rich patients who want to/willing to pay extra

Him and his partner make 7 digit incomes, the other 4 salaried doctors make only like $300,000

The partners could sell the practice to a hospital or a larger group for literally, $10,000,000+, if they wanted to cash out. Or they could continue growing it, maybe hiring primary care docs as well, etc.

Thats a way to make it big as a physician!!!

 

[Law2Doc]

With even the lowest physicians income you can buy up real estate, even some commercial and keep it as an entire medicial arts building and rent to other docs.

LOL - the lowest physicians income is not as high as you are thinking then. To put down 20% (let alone servicing the mortgage, property taxes, property management costs, transaction fees) on commercial real estate is going to be several years of your entire post residency salary at least. (And I'm assuming this is even a good investment, but bear in mind that plenty of folks go bankrupt in the real estate game -- foreclosures are a big business for most lenders).

I've found that there's a pretty good inverse correlation between folks who say how easy it is to make serious money and those who actually do, I'm afraid. But good luck.

 

[Law2Doc]

If you want to make a lot of money and not work a lot, please do yourself a favor and get the heck out of medicine and go into business or investment banking. My friend works half the hours I do in medical school, and seeing that I make absolutely nothing and will graduate in huge debt, he is making $200K/year at 40 hours a week, and he's 23 years old. It will be at least another 7 years before I make $200K/year, and by that time he'll be making $800K. And it's only then that I can begin to pay off my debt, so think years later even after that for me to be in the black. Ya dig?

The guys that take a million dollars home a year in medicine are completely the exceptions. Whereas in business and investments, there are a lot of guys like this, even ones that I know personally. And they are making this money in their 20's, not in their 40's, 50's and 60's like the time you'll max out your income as a doctor. And you'll never, ever make as much money as even the top doctor in the world relative to business.

I've seen your posts MBADOC. I think you are a going to be very very dissapointed with your decision to go into medicine if stuff like this is your train of thought. You will be dirt poor for your 20's and into your early 30's as an MD, and these are the best years of your life when making lots of dough and driving nice cars really matters. If you want to be a cardiologist, you won't receive a starting salary for 10 years from today's date (.5 years to start med school, 4 years school, 3 years internship, 2 years fellowship, then start the job search), and it's only THEN that you will begin to be able to pay off your debt. So plan on around 14 years from now until you are actually in the black. That's the starting point when you are at zero. So count on another several years after that until you are actually decently wealthy. So maybe 17-18 years from today's date, that is when you will be making great bank, but not like your friends in business. That's the reality, and why going into medicine for the money is really foolish in my opinion.

Could not have said it better. 👍

 

[mbadoc]

If you want to make a lot of money and not work a lot, please do yourself a favor and get the heck out of medicine and go into business or investment banking. My friend works half the hours I do in medical school, and seeing that I make absolutely nothing and will graduate in huge debt, he is making $200K/year at 40 hours a week, and he's 23 years old. It will be at least another 7 years before I make $200K/year, and by that time he'll be making $800K. And it's only then that I can begin to pay off my debt, so think years later even after that for me to be in the black. Ya dig?

The guys that take a million dollars home a year in medicine are completely the exceptions. Whereas in business and investments, there are a lot of guys like this, even ones that I know personally. And they are making this money in their 20's, not in their 40's, 50's and 60's like the time you'll max out your income as a doctor. And you'll never, ever make as much money as even the top doctor in the world relative to business.

I've seen your posts MBADOC. I think you are a going to be very very dissapointed with your decision to go into medicine if stuff like this is your train of thought. You will be dirt poor for your 20's and into your early 30's as an MD, and these are the best years of your life when making lots of dough and driving nice cars really matters. If you want to be a cardiologist, you won't receive a starting salary for 10 years from today's date (.5 years to start med school, 4 years school, 3 years internship, 2 years fellowship, then start the job search), and it's only THEN that you will begin to be able to pay off your debt. So plan on around 14 years from now until you are actually in the black. That's the starting point when you are at zero. So count on another several years after that until you are actually decently wealthy. So maybe 17-18 years from today's date, that is when you will be making great bank, but not like your friends in business. That's the reality, and why going into medicine for the money is really foolish in my opinion.

First of all, I already am in investment banking, and yes, I am that 23 year old making over $100,000 already. I know what the whole business side is about...As I type this I am on the 32nd floor of a top investment bank's corporate headquarters surrounded by millionaires.

With that said, I do want to go into medicine because I am intrinsically interested in patient care and medical science. I just wanted to say that I am still interested in making a lot of money and serving my patients as well. That example I gave of the cardiologist is my father and so I know the group practice very well... He provides the best care in the state, everyone with heart condition wants to see him AND he also is making a lot of money, beyond a normal salaried physician. The way he did it was through forming this group practice.

All I am saying is that you can do right by your patients and still make tons of money. Finance is finance and that is the place to make a killing, but if you like medicine like I, you can still pursue it and make a lot of money.

 

[newguy357]

deleted

 

[Rafa]

That example I gave of the cardiologist is my father and so I know the group practice very well... .

I wonder why you went through the hassle of being deceptive in your OP. "I know a cardiologist..." 🙄

 

[beefballs]

gl

 

[Law2Doc]

First of all, I already am in investment banking, and yes, I am that 23 year old making over $100,000 already. I know what the whole business side is about...As I type this I am on the 32nd floor of a top investment bank's corporate headquarters surrounded by millionaires.

With that said, I do want to go into medicine because I am intrinsically interested in patient care and medical science. I just wanted to say that I am still interested in making a lot of money and serving my patients as well. That example I gave of the cardiologist is my father and so I know the group practice very well... He provides the best care in the state, everyone with heart condition wants to see him AND he also is making a lot of money, beyond a normal salaried physician. The way he did it was through forming this group practice.

All I am saying is that you can do right by your patients and still make tons of money. Finance is finance and that is the place to make a killing, but if you like medicine like I, you can still pursue it and make a lot of money.

That's fine but bear in mind that if you are bringing in 6 digits already, and going to forego that now for a decade, your opportunity cost is huge, the time value of money is huge, and it's almost a foregone conclusion that you will never catch up (in terms of lifetime income) to where you would have been had you stayed the course and stayed in banking. If that's fine with you, then welcome to medicine, but know that you are not doing it for the money because, as shredder would put it, it fails the ROI analysis.

 

[TracksuitsRock]

Yeah, I don't get why people immediately assume that the nature of this guy's practice means that he doesn't care about his patients and doing good. Turns out you can do good things AND make a lot of money. Crazy I know.

 

[jebus]

That's fine but bear in mind that if you are bringing in 6 digits already, and going to forego that now for a decade, your opportunity cost is huge, the time value of money is huge, and it's almost a foregone conclusion that you will never catch up (in terms of lifetime income) to where you would have been had you stayed the course and stayed in banking. If that's fine with you, then welcome to medicine, but know that you are not doing it for the money because, as shredder would put it, it fails the ROI analysis.

To be fair, if his dad is pulling in that kind of money, I doubt this kid is going to be living a tough life for the next 10 years.

 

[Law2Doc]

To be fair, if his dad is pulling in that kind of money, I doubt this kid is going to be living a tough life for the next 10 years.

I agree. If he saved any of his I bank money, he won't be roughing it either. But the gist of his post wasn't about staying comfortable, it was about gettng rich. If that's a goal, then he should understand that 6 digits per year today is worth more than 6 digits a year a decade from now. If that's not of a concern, then he's fine.

 

[rivers]

Never realized SDN could be so fascist at times. Why not make this easier (and more pleasant) and just purge the forum of any posts that even slightly imply, or allude to to financial security as a reason for choosing a profession? While we're at it, could someone PLEASE give me the citation for that book or journal where the guide to the exclusive yet definitive (not to mention... right) reasons for going into medicine are published? Because I've been trying to find it and my school library doesn't seem to carry it. What's great to know though (I learned this from this thread!) is that wanting to be financially secure and being genuinely interested in medicine are mutually exclusive! I had no clue that if you wanted to be one, you couldn't be the other! You learn something new everyday. By the way, if anyone makes smart business moves in the future that churn out six figures and doesn't immediately donate most of it to charity (you know, so that you can "contribute" to society) and chooses to instead invest it in a Roth IRA for retirement (which, remember, is for YOU... not for others), please do the rest of the forum a favor and return that MD from whatever joke of a school let you in, because you clearly don't deserve to be a doctor. What we need in this increasingly business-driven profession is more judgmental narcissism, NOT business-savy individuals who actually MAY want the best for both themselves AND their patients. I mean, I think that would be called diversity in the workplace... and THAT would be the ultimate tear in the moral fabric of our society, right? Thank god for this thread.

 

[TypeA]

I know another way to make it big as a physician. Care about your patients and help them with their health. Being a doctor should first and foremost be about your contribution to society.

I am glad that the OP didn't have to wait long to read this. 👍

 

[Law2Doc]

Never realized SDN could be so fascist at times. Why not make this easier (and more pleasant) and just purge the forum of any posts that even slightly imply, or allude to to financial security as a reason for choosing a profession? While we're at it, could someone PLEASE give me the citation for that book or journal where the guide to the exclusive yet definitive (not to mention... right) reasons for going into medicine are published? Because I've been trying to find it and my school library doesn't seem to carry it. What's great to know though (I learned this from this thread!) is that wanting to be financially secure and being genuinely interested in medicine are mutually exclusive! I had no clue that if you wanted to be one, you couldn't be the other! You learn something new everyday. By the way, if anyone makes smart business moves in the future that churn out six figures and doesn't immediately donate most of it to charity (you know, so that you can "contribute" to society) and chooses to instead invest it in a Roth IRA for retirement (which, remember, is for YOU... not for others), please do the rest of the forum a favor and return that MD from whatever joke of a school let you in, because you clearly don't deserve to be a doctor. What we need in this increasingly business-driven profession is more judgmental narcissism, NOT business-savy individuals who actually MAY want the best for both themselves AND their patients. I mean, I think that would be called diversity in the workplace... and THAT would be the ultimate tear in the moral fabric of our society, right? Thank god for this thread.

I don't think most folks are saying that a doctor shoudn't do well, just that medicine isn't the path to choose if the primary goal is to make it big. The problem is that "financially secure" means comfortable. Making it "big" and throwing around figures like a practice worth 10 million is a step beyond. If your goal is to be extraordinarilly wealthy, and you are already in I banking making 6 digits, then medicine is not the path to bigger riches. If you are interested in medicine for medicine, go into medicine. If you are into being rich (not just adequately upper middle class comfortable), stay where the money is. (I also don't think you are using the term fascism correctly, as going into medicine for non-monetary reasons is a pretty moderate to liberal stance, but that is another point).

 

[Psychoanalyzed]

Never realized SDN could be so fascist at times. Why not make this easier (and more pleasant) and just purge the forum of any posts that even slightly imply, or allude to to financial security as a reason for choosing a profession? While we're at it, could someone PLEASE give me the citation for that book or journal where the guide to the exclusive yet definitive (not to mention... right) reasons for going into medicine are published? Because I've been trying to find it and my school library doesn't seem to carry it. What's great to know though (I learned this from this thread!) is that wanting to be financially secure and being genuinely interested in medicine are mutually exclusive! I had no clue that if you wanted to be one, you couldn't be the other! You learn something new everyday. By the way, if anyone makes smart business moves in the future that churn out six figures and doesn't immediately donate most of it to charity (you know, so that you can "contribute" to society) and chooses to instead invest it in a Roth IRA for retirement (which, remember, is for YOU... not for others), please do the rest of the forum a favor and return that MD from whatever joke of a school let you in, because you clearly don't deserve to be a doctor. What we need in this increasingly business-driven profession is more judgmental narcissism, NOT business-savy individuals who actually MAY want the best for both themselves AND their patients. I mean, I think that would be called diversity in the workplace... and THAT would be the ultimate tear in the moral fabric of our society, right? Thank god for this thread.

While you do have a point, noone wants to be a doctor and sleep on the streets. The people who are in it just to make it big and don't care about patients sometimes make the best doctors. Try the show "House" ..I love it. I wanna help people, if I was a doctor today, I would volunteer a few times, like I do right now and not only for my potential application. I love to wear the badge that says volunteer on it but being in school, volunteering like 15 hours a week and working for a living as well, is not easy so yeah, its not a crime to want to be comfortable....just as long as we don't forget that we are doctors and take the wrong path into teating people for diseases they don't have just to get the money...

 

[rivers]

I don't think most folks are saying that a doctor shoudn't do well, just that medicine isn't the path to choose if the primary goal is to make it big. The problem is that "financially secure" means comfortable. Making it "big" and throwing around figures like a practice worth 10 million is a step beyond. If your goal is to be extraordinarilly wealthy, and you are already in I banking making 6 digits, then medicine is not the path to bigger riches. If you are interested in medicine for medicine, go into medicine. If you are into being rich (not just adequately upper middle class comfortable), stay where the money is. (I also don't think you are using the term fascism correctly, as going into medicine for non-monetary reasons is a pretty moderate to liberal stance, but that is another point).

Law2Doc, I have no problems with your posts. My problem is with the implicit and underlying assumption that money IS the primary goal in mbadoc's plans to be a doctor. My problem is with everyone hiding their desire for financial security behind tones of social goodwill and instead attacking others for even mentioning money on this forum. My problem is with the notion that some people get so caught up in this ideal of contribution to society that they don't realize that their smug attitudes are more detrimental to the profession than any worldly thirst for wealth. I'm not saying that mbadoc is free of liberal guilt, or the desire to preserve one's "comfortable" lifestyle and justify it through service-oriented deeds. But I certainly refuse to make the instantaneous judgments about him that others feel are so convenient to make in this forum. It's just so utterly lame to read.

 

[Psychoanalyzed]

Law2Doc, I have no problems with your posts. My problem is with the implicit and underlying assumption that money IS the primary goal in mbadoc's plans to be a doctor. My problem is with everyone hiding their desire for financial security behind tones of social goodwill and instead attacking others for even mentioning money on this forum. My problem is with the notion that some people get so caught up in this ideal of contribution to society that they don't realize that their smug attitudes are more detrimental to the profession than any worldly thirst for wealth. I'm not saying that mbadoc is free of liberal guilt, or the desire to preserve one's "comfortable" lifestyle and justify it through service-oriented deeds. But I certainly refuse to make the instantaneous judgments about him that others feel are so convenient to make in this forum. It's just so utterly lame to read.

Hmmmm..I see where you are coming from/going with this but you kinda took it to the extreme. Be friendly...these are just opinions. 🙂 🙂

 

[MarzMD]

I too hate the "wanting money and being a good doctor are mutually exclusive" crap. Im sure most premeds will change their tune once they learn what they are really getting themselves into. Ive said this plenty of times before, medical school/residency is a huge investment. If you dont expect a return at the end of it then you are a fool. Sure there are less compassionate ways of making it rich as a physician, but all this judging of anyone who says they want to make money is just plain naive.

I like to drive fast cars, and buy any gadget I feel like. I also want to provide the best care for my patients in the future. Some of you need to stop the Mother Theresa act.

 

[Law2Doc]

Law2Doc, I have no problems with your posts. My problem is with the implicit and underlying assumption that money IS the primary goal in mbadoc's plans to be a doctor. My problem is with everyone hiding their desire for financial security behind tones of social goodwill and instead attacking others for even mentioning money on this forum. My problem is with the notion that some people get so caught up in this ideal of contribution to society that they don't realize that their smug attitudes are more detrimental to the profession than any worldly thirst for wealth. I'm not saying that mbadoc is free of liberal guilt, or the desire to preserve one's "comfortable" lifestyle and justify it through service-oriented deeds. But I certainly refuse to make the instantaneous judgments about him that others feel are so convenient to make in this forum. It's just so utterly lame to read.

The first line of his post talks about a doctor (his dad) who makes 7 digits while only working 50 hours per week. The title of his thread is about making it "big" as a physician. It's sort of hard to assume that money is not his primary focus when he led off with that.
While you may have a point about SDN, I think you may be backing the wrong horse here.

 

[Law2Doc]

I like to drive fast cars, and buy any gadget I feel like. I also want to provide the best care for my patients in the future. Some of you need to stop the Mother Theresa act.

I think the Mother Theresa point is the exaggeration of other extreme. What's wrong with being in the middle -- won't be super wealthy, wont be poor amongst the lepers, but will actually enjoy ones career? Most people who go into medicine won't be pulling in a million. Nor will most fly to calcutta to work with the indigent. And that, is what the reality of being a doctor is.

 

[MarzMD]

I think the Mother Theresa point is the exaggeration of other extreme. What's wrong with being in the middle -- won't be super wealthy, wont be poor amongst the lepers, but will actually enjoy ones career? Most people who go into medicine won't be pulling in a million. Nor will most fly to calcutta to work with the indigent. And that, is what the reality of being a doctor is.

I agree. I do not have high hopes of pulling in more than a million a year with my physician salary. But I do hope to be a millionaire. An Aston Martin isnt going to fall out of the sky. Also, I was not referring to you with the Mother Theresa comment. I have read several of your posts and know where you stand. I am referring to premeds who are still stuck in their cookie cutter mentality that makes them aspire to Ghandi or else they wont be able to get into medical school.

 

[BerkeleyMD]

I think the Mother Theresa point is the exaggeration of other extreme. What's wrong with being in the middle -- won't be super wealthy, wont be poor amongst the lepers, but will actually enjoy ones career? Most people who go into medicine won't be pulling in a million. Nor will most fly to calcutta to work with the indigent. And that, is what the reality of being a doctor is.

👍

 

[Law2Doc]

I agree. I do not have high hopes of pulling in more than a million a year with my physician salary. But I do hope to be a millionaire. An Aston Martin isnt going to fall out of the sky.

If it fell out of the sky and hit you, a good lawyer could get you at least a million dollars.

 

[Psychoanalyzed]

If it fell out of the sky and hit you, a good lawyer could get you at least a million dollars.

You would sue "the sky"? 😛

 

[chanx314]

This continues to be a heated topic on SDN for reasons beyond my comprehension. Anyone who says they are not even minutely interested in the potential lucrative side of medicine(This does not mean making millions, it also means having enough money to fund your future kids' education and maybe not flip out over everyday bills) is either lying or unbelievably rich from a trust fund so they never have to worry about money. If you truly only cared about enriched your patients lives, you would not become a doctor. Why? Because becoming a Nurse or Paramedic gives you so much more patient contact, and you don't have to deal with the bureaucratic side of medicine. As a person who has worked a great deal as an EMT before I'll be entering medical school this fall, I realized Paramedics are unbelievable, but I also want to be able to provide some kind of financial stability for my kids so they don't have to go into debt or take 3 jobs just to finance college.

I also think that now more than ever, doctors are losing their autonomy and becoming more helpless. It takes people with business knowledge to help make sense of a system where everyone especially the insurance companies are trying to screw doctors. I'm not going to say mbadoc's reasons for medicine are good or bad because I do not know him, and will not do him the disservice of trying to think I do from his SDN posts. However, people I have met on the interview trail already in lucrative professions continue to impress me. They not only are in medicine for the right reasons because they know medicine will not make them as rich as ibanking, however, they don't hide behind the whole shield of humanism and say they don't care about money. Both my parents are doctors, and the stuff they've told me about colleagues in their hospitals being backstabbed by other doctors for their business makes me realize that one needs some kind of business knowledge to survive.(Side note: One story they told me is this young doc who started working with an older doc, the older doc got into a car accident was in a wheelchair, young doc reported him to some kind of medical board saying he was unable to care for patients as he was incapacitated, old doc lost license for 6 months during which time young doc set up an office accross the street stole everything including patients, files, and the secretaries. Old doc had to sell the property of the practice since he could no longer afford the mortgage.)

 

[Law2Doc]

Anyone who says they are not even minutely interested in the potential lucrative side of medicine(This does not mean making millions, it also means having enough money to fund your future kids' education and maybe not flip out over everyday bills) is either lying or unbelievably rich from a trust fund so they never have to worry about money. If you truly only cared about enriched your patients lives, you would not become a doctor.

I think you are stuck with the two extremes mentality. I, for example can honestly say I am less interested in the money as I would have made more staying at my prior career. (I suspect the OP is in the same boat, whether he knows it or not) Nor, however am I solely or altruistically focused on enriching my patients lives. If I attain some or both of these prior things that's great. But I'm doing it because I'm interested in the field, excited to work in it, and think I will enjoy it. Life is long, and you need to be excited to come to work each day, because you will spend the bulk of your non-sleeping life at your job. Find something you enjoy doing and you are golden. If it pays the bills, more the better. If it helps people along the way, fantastic. Why all the focus on extremes?

 

[chanx314]

Good point law2doc, this thread certainly needed someone to cool down the extremes argument...it just seems during college, at least I have met an inordinate number of premed on the extreme end of altruism, so I am a tad irritated

 

[txfisher]

.

 

[DrRads101]

I think a few people may be misunderstanding some of these replies. No one says money isn't important, or that it shouldn't factor in to your decisions. All people are saying is that the reality that if you want to make big money and work 50 hours a week, medicine is certainly not the career path you need to take, because you are going to be poor for a very, very long time. Even if you graduate with no debt, the fastest you can get a starting salary will be about 8 years from now. The opportunity cost of what you could be doing during those 8 years is tremendous, so money should not be your primary motivating factor to enter medicine, especially when there are talks about universal health care and how there is a good chance that legislation may pass by the time you actually start or are in practice that will have a tremendous impact on your income. Health care and it's costs are the #1 issue on the mind of today's voters if you read the latest gallup polls, and streamlining costs and passing legislation is just years away from what I'm seeing.

 

[Law2Doc]

I think a few people may be misunderstanding some of these replies. No one says money isn't important, or that it shouldn't factor in to your decisions. All people are saying is that the reality that if you want to make big money and work 50 hours a week, medicine is certainly not the career path you need to take, because you are going to be poor for a very, very long time. Even if you graduate with no debt, the fastest you can get a starting salary will be about 8 years from now. The opportunity cost of what you could be doing during those 8 years is tremendous, so money should not be your primary motivating factor to enter medicine, especially when there are talks about universal health care and how there is a good chance that legislation may pass by the time you actually start or are in practice that will have a tremendous impact on your income. Health care and it's costs are the #1 issue on the mind of today's voters if you read the latest gallup polls, and streamlining costs and passing legislation is just years away from what I'm seeing.

Truth. They may take some of the money away. But if you actually enjoy the field and job function, that is something they cannot take away.

 

[NonTradMed]

It's nice to see some sane discussion on this topic. I also made the jump into medicine from another career. I didn't make six figures like the OP, was only a lowly engineer, but I am aware of the opportunity cost of the years years of lost income plus debt I will endure to become a doctor, but I figure I will always regret it if I don't give medicine an honest shot.

I will admit that if medicine paid only as well as my previous job, I would not about up and quit my job to focus fulltime on my MCAT and grades, but I also wasn't stupid enough to jump into medicine 'for the money'....there are many factors to consider when going into medicine: lifestyle, money, altruism, the 'ick' factor etc. It would be folly to focus only one thing.