Physicians are known for holding highly prestigious positions and are
compensated as such. A 2011 study found that American doctors
who make and average salary of $300,000 are paid twice as much as
doctors in other countries (Rosalsky, 2019). Doctors are overpaid and
a large reason why it because of residency programs. Medical schools
and hospitals have a match making system in which medical students
apply for residency however, the residency system turns away
thousands of students each year. The increased costs associated with
physician salaries increase overall healthcare costs
(PricewaterhouseCoopers, 2007). To make matters worse, the
shortage of physicians results in an increased demand and allows for
physicians to negotiate for higher pay.
I think it is important to note that physicians accumulate a large
amount of debt secondary to their education programs. In 2006, the
average indebtedness for medical students was $130,000 which was
8.5% higher than the previous year (PricewaterhouseCoopers, 2007).
Unsurprisingly, graduates are looking for positions that will give them
a better return on investment and pay that will help them pay down
their debt. Given the extent of the education and training, the long
hours worked, and the nature of their job, physicians definitely do
deserve higher paychecks compared to other medical professionals.
However, there should be a limit to how much they can make so
there is a reduction in overall healthcare costs.
References
PricewaterhouseCoopers. (2007). (rep.). What works: Healing the
healthcare staffing shortage (pp. 1–43). PricewaterhouseCoopers’
Health Research Institute.
Rosalsky, G. (2019, March 12). Are doctors overpaid? NPR. Retrieved
March 6, 2022, from
https://www.npr.org/sections/money/2019/03/12/702500408/are
-doctors-overpaid#:~:text=A%202011%20study%20in
%20Health,people%20who%20can%20get%20residencies.
