As I have several friends who are IM and FM docs, no they are not earning those salaries, working those hours, and apparently it is you who need to
update your purview. In fact, I know of one FP who made less than $100k their first year out, even less than one of the NPs at their same practice. That is certainly the exception, but so is $250k right out of residency. Frankly, that is a fantasy. A $250k starting salary is typical for surgical specialists and maybe a few others (EM, derm, and anesthesiology), not general physicians. The majority I know are making just under $200k on their first contract, and I know a good number of practicing physicians.
If you don't believe me, have a look at the AAMC's own figures for FM and IM which jive with what I have seen with my own friends and acquaintances:
Family Practice (w/OB) $187,298
Internal Medicine: General $180,000
Hospitalist: Internal Medicine $205,378
Also, you really give yourself away by suggesting that FM and IM only work M-F 8-5. Most generalists I know are clocking
at least 50 hours per week, often more. The last official figure I saw put internists somewhere around 55 hours per week. You are also likely not factoring in call, and if you think that a physician's day is done when the clinic closes then you simply don't know the volume of paperwork required of modern physicians. I know a few surgeons who finished fellowship last year and were
shocked to discover how much of their time is spent charting and completing notes. Remember, you are not paid to dictate, you are not paid to take notes, you are not paid to chart. You are paid according to a fee-for-service model, but you will not get paid if you don't complete your notes as the patient often can't be billed until you do.
I would be happy to relay your comments about physicians to my physician friends and fiancee who are generally
very happy to enlighten medical students about the realities of real world medicine.
As an example, I was at a dinner with a dozen orthopedic surgeons last year. One of them found out that I was going to dental school. He stood up at the table, gathered everyone's attention, and then announced that I was the
"smartest person in the room" because I was going into dentistry. There was a lot of good spirited laughter and ribbing. It turns out that his father-in-law is a dentist, and he says he wishes he had gone to dental school instead of medicine. To each their own, but you'll find in time that many physicians are very bitter about the current state of medicine.
PS - Kudos to you on having a residency directory who is cool with you moonlighting. Not every residency program allows that, nor is it possible everywhere.
Not really.
Pharmacists don't perform procedures. It is much easier to stick them behind a desk and turn them into glorified clerks. One of my fellow dental students left pharmacy and came to dentistry because his perception is the opposite of yours. (He did very well on the MCAT by the way)
You think there hasn't been a corporate takeover of medicine? You can't hope to make it as a solo practitioner anymore in most regions. My soon to be brother-in-law's father runs a solo ortho practice in Florida and he has been in the red for years now.
The market simply does not favor independent practitioners, hence the large corporate hospital networks which contract group practices for specialty work. The physician employee is here to stay. Contrast that with dentistry where the majority of dentists are self-employed.
You want to talk about downward pressure on salaries? Let's talk about midlevel providers. Also, you left malpractice insurance out of the equation entirely. My fiancee is paying $32,000 in tail coverage because she worked in a practice for one year and is now moving to another one. That is on top of the nearly $30,000 already paid in malpractice insurance for the year she practiced. That sounds like a lot of money (and it is), but OB/GYN docs often pay close to $100,000 in tail coverage when they leave a practice! These are things nobody tells you about until you are practicing in the real world.