$200k is very low for physician compensation in 2023 with inflation through the roof ,especially if you have large amounts of loans and are going to be the primary income provider for a family. However, a PCP with decent patient load should be able to pull in at least low $300k nowadays. However burnout is high among PCPs, a lot of it due to high patient volumes you need to see and the multitude of tasks that have to be done as the patient's PCP (eg paperwork and administrative burden tends to be high for PCP than specialists). However, PCPs are much more needed across the board (while derm and optho are pretty saturated in the big cities at this point).
Derm and optho do have higher compensation but the difference between them and PCP is smaller than it looks once you consider the longer training time and high tax brackets physicians are in. Insurance reimbursements for optho have also declined significantly so pay is not that good anymore for many new grads, unless you're into selling cash based elective procedures (Eg Lasik). Matching into to derm/optho is also very uncertain, and unless your school offers enough dedicated research time already, you'll usually need take a research year off to get specialty-specific research done (and even then there's still no guarantee of matching). And without a Step 2 score it's also not known yet whether you'll be competitive.
Yes and no.
Agree:
- PCPs can make >$300k, but that's about the ceiling on average
- Burnout is high and scutwork is still rampant in primary care
- Higher salaries lead to higher taxes
- Op
htho has had cuts recently, as have most other fields outside of primary care
- Hard to count your chickens with competitive specialties before they hatch
Disagree:
- The extra single year of training to potentially double+ your income is not a bad return on investment.
- The higher taxes lead to you losing around 4-5% of income once you cross the border beyond PCP money. It's not good, but not terrible.
- The op
htho job market is pretty good, and most make around the ceiling for PCPs. You'll take a hit in big cities but jobs are there.
- The LASIK market is a little tough to break into. Most ophthalmologists getting cash pay dollars get it from premium intraocular lenses in cataract surgery or cosmetic facial things like Botox.
- Most people don't wind up doing a research year in op
htho, though some do to be more competitive. Can't speak to derm, which is traditionally more competitive.
Bottom line: Do what floats your boat clinically, and, more importantly, life-wise.