Physicians are amongst the highest paid professionals in the world.
Most follow the code of ethics to first do no harm and help others. I
believe that the command on large paychecks should be greater.
When we think about the additional years of study that they go
through just to be a doctor, I believe it is worth it. These are the
people that have our lives in their hands when we become sick. If we
know about education, we know that after a bachelor's degree, there
is no more financial aid given. This then creates an accrual of
thousands and sometimes hundreds of thousands of dollars in
student loan debt. During their residency and fellowships, they are
not making six figure salaries, though they are putting in work and
time. They also have families that they have to care for and just like
everyday people, some salaries are just not enough to sustain a
household. I work with 9 fellows in my current position along with
other faculty in the Hematology and Medical Oncology Department.
When I go through their contracts, they are making at an average of
$66,000 a year, compared to the faculty that are averaging at a
minimum $180,000 a year. Each year of fellowship they get an
increase in wages, but when we think of how much the United States
taxes are, they are really only bringing home about $48,000. Once
you go through all those years of school and sacrificing your youth
(in many cases), I do believe that you should be compensated
accordingly, especially if you a good doctor. This is especially
relevant when there are certain specialties that they are in or going
in to. "One study concluded
that half of the wage premium for high-
cost specialties may be explained by restrictions on entry. Another
has suggested
that medical students might be willing to forego
salaries and pay hospitals to obtain residencies in the most lucrative
specialties—enticing the costliest surgeons to spend more time
training new entrants into the profession" (Schrager, 2020). It can be
so heartbreaking to sacrifice so much and then not be able to get a
job. It takes time and commitment to be a physician and I believe
they should be compensated for the work and time they put in to
ensure the safety and health of the public.
Schrager, A. (2020, March 9). One reason why doctors are paid so
much: North American Education. Economics21. Retrieved March 9,
2022, from https://economics21.org/one-reason-why-doctors-paid-
so-much-education
