Physician income analyzed.
I stumbled upon a very interesting blog post the other day. It's entitled, The Deceptive Income of Physicians, and was written by Dr. Benjamin Brown, a plastic surgery resident who is also the author of the upcoming book, Informed Consent: The US Medical Education System Explained. Here's how it begins:
Physicians spend about 40,000 hours training and over $300,000 on their education, yet the amount of money they earn per hour is only a few dollars more than a high school teacher. Physicians spend over a decade of potential earning, saving and investing time training and taking on more debt, debt that isn’t tax deductible. When they finish training and finally have an income – they are taxed heavily and must repay their debt with what remains. The cost of tuition, the length of training and the U.S. tax code places physicians into a deceptive financial situation.
The post is an interesting read and has generated a lot of discussion. As of today, there have been 203 comments.
What I find most "curious" about this post-- aside from the passionate comments-- is the fact that I have never seen physician incomes analyzed like this before. It is an unfortunate fact that most medical students remain completely naive to the financial implications of their choice of profession, and their potential specialty choices.
I wrote a recent blog post about this very issue where I quoted Dr. Robert Doroghazi, author of the book, The Physician's Guide to Investing: A Practical Guide to Building Wealth , as saying:
"I believe the position of the academic medical establishment to deny medical students financial instruction is naive, hypocritical, and indefensible. They should acknowledge that money is important. It is never as important as your patient. It is never as important as your family, your health, your freedom, or your integrity. But is is important."
I couldn't agree more.
The medical establishment in this country should be ashamed of themselves. Instead of having very frank and necessary discussions with medical students about the financial implications of becoming a physician, our medical leaders turn a blind eye to this very real need, and medical students are cast out into a harsh economic world with little financial knowledge to protect themselves and their families from potential financial ruin.
It is really an embarrassment to the medical community that this information isn't coming from the academic medical establishment, but a surgery resident who did the work in his spare time.
Thanks to Dr. Brown for making this information available to all of us. I look forward to reading his upcoming book.