There is a specific reason for the increased number of doctors and their rising income. Many people make their career in becoming a doctor so that they can lend their hands in social matters and save lives of many. Apart from this, many aim to earn more by becoming doctor. Plenty of discussion has surrounded the only question, why do doctors make so much money? This is a general question asked by everyone as doctors after getting a specific position become rich automatically.
The cost of education is high for getting admission in medical school. Once a person becomes a doctor, he/she gives full time and put a lot of money to get into this profession. The average figure of income for a general practitioner, who has completed 3-4 years of medical school after getting bachelors degree and minimum 1 year residency training was about $137,000 USD. This is the amount reported by the US Department of Labor in mid 2000. So, now you can assume the amount to be very less for the doctors who are starting their careers. As per today’s market, the amount has not risen for the doctors who come in middle class in some parts of the U.S.
Starting salary of General practitioners may seem like a lot, especially in some parts of U.S. However, there are several factors that automatically reduce the salary. One of the biggest reasons to give is that most of the doctors don’t get scholarships for education and need to pay money through student loans. If we consider both medical school and living expenses, their expenditure would be around $225,000 USD for private school and public school costs $140,000 USB as reported by the New England Journal of Medicine. Some of the money may be paid through scholarships and grants, but many face the problem of paying more than the amount mentioned for other expenses.
Years of training and practices then come in picture after education. This makes the seeker eligible to draw little amount of salary. There is a specific reason for doctors making so much money – the pay off loans and compensation for thorough training. The higher the position becomes, the higher the doctor gets paid. Specialist doctors earn more money than the general medicine practitioners. Some of the highest paid physicians in this matter are the specialized ones into surgery and anesthesiology. This specialized category requires seven years of additional training before getting board certified. The highest salaried doctors are trained the most and have completed 10-11 years of training after graduating from college (4-year degree). So, the total duration for preparation takes 15 years.
This is true that higher salary is viewed as comfortable and median salary with few years of experience is closer to $322,000 for anesthesiologist. However, this is important to focus on the demands of the profession. If an anesthesiologist is in high demand, he may work for 60 hours a week, but it happens sometimes and not always.
There is one more reason for why do doctors make so much money – the cost of medical malpractice insurance. Some of the doctors are paid as a third of their income (standard fee for say a starting gynecologist/obstetrician a year).