This videos help , thanks a lot 🙏 . But would it be okay to get new videos about the cases and how to manage them in orthopedic. I believe this may help too either in exams or in practice
Antonio J. Webb, M.D. thanks for always creating great content. If I may ask a question to you: How do you foresee a single payer health care policy impacting your career?
My friend died on the way to the hospital. He was revived and went flat again. They revived him. The cardiologist went to work on him an hour after getting there. Test etc were performed, first. He of course got immediate attention. He is not over weight and was only thirty nine. I can’t medically explain his condition but it was serious. The main artery to his heart was almost completely shut off. He was in there for almost five hours. This was nine years ago. He is healthy and has since that time created two wonderful children. I don’t know what the surgeon made but.....he earned it and we are so.....so grateful. What a wonderful job he did and saved my best friend.
As a current third year medical student, I really appreciate this video! I feel like the topic of money doesn’t get talked about enough with students. It’s not the reason most people want to become a doctor, but it’s undoubtedly an important topic to cover. So, thank you for this video and the transparency you displayed with it!
To answer your question, in my opinion I don’t think doctors get paid enough for the amount of time and effort they put into their jobs and the education leading up to their jobs (let’s keep in mind that their job is saving lives and making lives better). We have athletes making $100 million + and they score touchdowns and make 3 pointers for a living. Not fair. Doctors and nurses deserve more.
I know that is the feel good thing to say but I really dont think so that is a lot of money and many people go to school for that long that do not make that much. We get hate in Investment Banking for making money but doctors make almost as much and get told they are underpaid. This is simply because people are only capable of understanding how those people help there lives because its right in front of there face.
Audio sounded very odd on my Beats headphones LOL.. Sounded like you were sitting right behind me talking. Longtime sub, and I just got accepted to an MD program after a career change and then multiple rejections. Your videos really inspire me. Thank you doc!
Jonathan Noel yea taxes are ridiculous, 50% of his income will go to stupid taxes. It’s not even fair man. Hardworking people are being screwed from there money
Wow this was such an in-depth video! I definitely think that either primary care physicians should be better paid, or that college/med schools should cost less.
I agree. If you want to retain a high quality individual, you will have to pay them more. If their cost to practice goes up (including medical education), they will simply transfer the cost to the patients and insurance. Thus, cost of medical care skyrockets. This is business 101, that many do not think applies to medicine. We need high quality providers, which will cost us money to retain. But, we also need to consider the cost of the education for these providers and understand that has significant effect on the costs associated with healthcare. Love your channel, watch all the time. Following in your path now: combat medic to physician. Applying next year. And yes, I hold an MBA, in the even anyone wants to contest the business side of medicine. Been on both sides of healthcare now (provider and administration).
I think Doc might need a lesson in taxes and owning a business. You're not taxed on revenue when you own a business. You're taxed on profit. All of you overhead is that you pay is basically a write-off and you'd only be taxed on the 500k profit. You'd be left with roughly 300k after all federal, state, and local taxes are paid, not 130k.
People never want to talk about money, but it’s always important no matter what you do. It’s a serious financial debt to become a doctor, and it’s certainly not easy to even get there. Imo doctors deserve everything they make and more
These reports should really include pay per hour worked. Some specialties make way more than others, but also work a lot more during residency and post-residency life.
The reason for that is: specialties that perform procedures earn for because billing is done per procedure. So surgeons, interventional radiologists, cardiologists make the most money and paediatricians and geriatric medicine specialists make the least. Surgeons can earn tens of thousands of dollars on a one hour procedure whereas a pediatric consultation can easily be a whole hour and it would’ve only earned them a few hundred dollars.
We’ve had the same pc doctor for. a number of years and he’s mentioned he gets so frustrated with the amount of paperwork required for Medicare. I think a lot of that should be eliminated, and that would keep costs down. He’s a very good doctor and we try to thank him. each time we see him, as I’ve heard that sometimes they get very depressed and even suicidal. Love your videos and I’m impressed with all of the “grit” and determination you have.
In the video it's stated that if the doctor makes 1 million in revenue at their private practice, with 500k overhead, they will have to pay 370k in taxes and will be left with 130k. This is false. The 500k overhead would be considered part of business expenses and not take home revenue. As such, instead of the 1 million being taxed, only the 500k profit would be taxed. The doctor would probably be then left with about half of that (250k) as their post-tax income.
What about business/corporate taxes? I'd assume you'd get "double-taxed" if you will before the business profit gets dispersed in payroll, then that gets taxed on the physician's W2. Could be wrong, our tax code is retarded and I haven't started a business yet, just been researching.
Compensation is always a great topic I like covering as well. Medscape puts my specialty ophthalmology at 366k . Ophtho has a huge range. Low starting salary but a very high ceiling. Lots of cash based work too. We are sort of secretive about our pay for bureaucratic reasons. Because most of our practice is outpatient the base salary is not necessarily our take home. Contracts are based off production and partnerships. Also depends on subspecialty . Retina surgeons average 6 to 7 hundred thousand. Thus, there are definitely many making in the 7 figures Ie. High volume cataract surgeons and lasik surgeons. But like Dr. Webb mentions there are so many factors that can boost your salary. Private practice will make much more than academics. Partnership will always be more than employed.
Hey doc can you plz elaborate more on opthalmology compensation this doc made it sound way tooo depressing 1million 130 k carrying home doenst sound right and can be discorusging plz explain with more sincerity
Opthalmology is the best specialty in medicine in my opinion and i hope after i finish my medical school to enter residency in opth pray for me🙏🙏.... subbed btw would like to c more videos from you
@@MrThelegendary754 yes you can avoid toxic environamnest such as the hospital you cna be a partner and own your own practice best specialty for men and a peace of mind
Wow. Orthopedists make on average around 200,000 here. And top earning doctors in Germany are radiologists at around 300,000 a year. Quite a difference to the U.S.
doctors in the us tend to work longer hours, and medical school costs are extremely high. Also it takes longer to become a physician here because of the mandatory bachelor's degree which also costs an exorbitant amount. So the higher salaries are justified imo
then the military shouldn't either. and the fire department. and law enforcement. teachers save lives. parents save lives religiously. TAXES ARE NOT A PUNISHMENT. THEY'RE NECESSARY FOR OUR WAY OF LIFE.
I'm a final year med student and I'm planning to specialise in Opthalmology or Dermatology. But these fields are very competitive and my GPA is just average... Planning to take usmle 1 - 2CK. Please pray for me!
Dear Dr.webb if you find the time please a video about medical oncoloy would be fantastic considering how they are doing very well with medscape reports makes me really eager to know more about it. As always thank you for making these videos 🌹
Sir if any student studying in residency program in usa so they have medical benefits or not like if he want to do his surgery like limb lengthening so who will pay for this sir pls tell me
You lost me at paying 370k in taxes on 500k of profit. This is not how taxes work. You would pay 37 (or whatever percent) on your profit not on your gross revenue (then of course there is how you pay yourself whether you draw a salary or not and various applicable laws, types of corporations etc.). I hate how well to do people always grossly misrepresent how much they pay in taxes. I'm all for reasonable taxes and regulations but this trend makes me a lot less sensitive to their plight.
700K a year? this is amazing/unbelievable. in my country, Argentina, a Senior Doctor, if he only works in one hospital 40h/week he get 13K a year. truely sad
sadly our money came from 2001 value 1ARS=1USD. now at 2020 its 135ARS=1USD.... Doctors are paid the same than teachers. workers, and any kind of profession...It's really sad to live and work in a place like this... ohh I almost forgot.. if you are a professional you may be earning more than the common standards.so if you gain more than the common they take 35% of your salary, plus 21% of the value of each product is a TAX. and if you're Senior and you gain more money they take you 50%. welcome to Argentina brother ......
Marius G. It is a very small community. Prob not enough data if you only have like 6 respondents. There are only about 3000-4000 neurosurgeons in the USA serving 311 million people which is kinda crazy to think about
Anyone making 6 figures in this country cannot complain. If you live outside your means, that's a choice at any income level above the national poverty level. You may owe 250k after school, and if you make 200k after residency, you can live comfortably on 100k and pay off the loans with the rest. It's not hard, nor a struggle. Just saying.
You are forgetting tax and other costs like medical insurance. You also seem to be forgetting the stupid hours that doctors have to work. So yes they can complain. Until you are in their shoes you don't get to tell them they can't complain
Nicely done, very diplomatic with your delivery. Of course, this data is based off surveys, and gets published in a format that can be released publicly. That’s the biggest reason why I have in the the past and will continue to decline responding to such surveys - why would I want the possibility of drawing negative attention?
Your income taxes are taken after overhead not before. So 370k in taxes and 130 left for you is not really accurate. Just wanted to point that out. Great vid either way :D
bruh it's not because of inequality that women make less... women work less hours generally speaking and men tend to work in more high-paying specialities...
I would imagine private practice doctors (owners) have the potential to make the most, as well as the potential to make the lease bc it’s just like running any other business
Hi Dr. Webb, I think there's an error in your math at 8:33 ! If your revenue is $1M, you would subtract the company expenses of 500k. Your taxable income falls at 500k, so you will be charged accordingly for that tax bracket.
Well that is something that's not shared. If you are an orthopedic spine surgeon how much are you charging for surgery? I know it's dependent on the case obviously and insurance, but do you learn that during residency the business aspect of owning your own practice?
It’s interesting that public health & preventive medicine was number 1 in specialties that felt fairly compensated. Some surveys have also put them as the least to get burnt out.
I'm pretty sure you only pay taxes on your net profits as a business owner. If $500k goes towards overhead, that should be considered a business expense
That was great insight that I didn’t know before. I’m also curious how the breakdown of pay works for after you graduate med school and are an intern, resident, fellow, etc. Are the figures you were talking about just for after you finish all the training and are fully set up in your job? If so, I would love to know the breakdown of compensation leading up to it including paid time off, benefits, and salary. Love your videos!
Pay on revenue. That’s what your deductions are for. You subtract your deductions from revenue. Revenue - deductions = profit. That’s the idea behind it anyway. Not saying everyone does that.
Sad thing in my area is doctors just want you in and out. They don’t want to answer your questions or concerns , and say we’ll i think this is what it is. And for heavens sake don’t make any suggestion about your care to them, then you really are treated with disrespect. They just say we’ll im the doctor so I know what’s best. My wife went to the doctor many times over 2-4 years with severe pain in her lower abdomen and lady parts, was told by many that it was Just cramps or gas pains. A year later while giving birth to our only child they had to do an emergency hysterectomy because her uterus, ovaries, and Fallopian tubes were completely destroyed by endometriosis, the doc that did the surgery said if it was caught years prior it could have been removed by ablation and no one ever answered for this. So I think they are paid to much for what little they care for their patients. Can’t say that for all doctors but the ones in my area are a joke.
I think the fact that doctors can take home “only” $130,000 after doing a million in revenue is pretty ludicrous to me. Since overhead is generally comprised of things that are independently taxed-salaries (payroll tax), equipment (sales tax), building (property tax)- it seems ridiculous that they should have to pay an additional tax on that sum. I think whatever they’re paying after overhead is deducted is what they should be taxed on. -a future orthopedic trauma surgeon
Welcome to capitalism. the only one making money is the hospital owner this way. overhead is a scam to make doctors pay the expanses while the hospitals board pay nothing
Doctor's Little Secret capitalism allows docs to make more as much or more than that. When docs in socialized medicine countries usually ONLY make 100k.
Doctor's Little Secret you do understand the tax rates over there are higher so more docs bring home 130k in socialized medicine than the u.s, right? You’re literally describing a specific kind of situation and applying them to all
@@jamesboone2729 Doctors in public health care systems such as that in Australia can make over $400,000 AUD if they are a specialist, and guess what... NO OVERHEADS. Sure, when most people think of public health care they think of the UK's NHS system, where it has to be acknowledge doctors are underpaid, but the UK is only one country. In Australia, all an experienced specialist in the public health care system has to pay for is their regular taxes, no overheads, no malpractice insurance because they're agents of the government. It's much more profitable for the doctors, even if it's not a completely "Free market". Mind you, we do also have a private healthcare sector where you can earn even more with significantly less overheads than you have in the states
With the difference between male and female salary - is there any credence to the idea that women tend to gravitate towards specialties that pay less? Or was that figure based on male vs. female in the same specialty?
It's amazing how low these averages are. But, I know a lot of physicians who won't complete these surveys because they are making very high income. So, this should be a guide but know that there are physicians easily making double those numbers reported by surveys.
@@johnsmith-kd4ck look at the physician recruitment websites and the numbers they advertise for new or experienced physicians. As consultant to hospitals and medical groups, I get to see those contracts. That's why I know those averages are low.
@@haroldpierre1726 no i meant like it would be ridiculous to consider some of those salary low, not disputing the accuracy of your statement. I am somewhat annoyed at the fact that in investment banking everyone hates that we can easily make half a million to a few million a year but yet if a doctor makes half a million most people say how the doctor is under paid and deserves to be paid more.
I recently graduated from biomedical science and will be attending my graduate entry program next year in medicine (Australian student, by the way). My key areas of interest are zoonotic diseases, microbiology, and otorhinolaryngology - if I was pressed for a specialized field. Could you tell me why ENT specialists are paid so highly? I have reviewed aggregate data and it seems to indicate that they are paid more than cardiologists and oncologists. Why is this so?
All the numbers are way lower because they include physicians that work part time or less . I knew 3-4 pediatrician back in Med school that only worked three days a week . Then the academic physicians make a lot less etc.
Same in my industry. I'm a hairdresser, the data collected on our earnings is heavily skewed by people who work part time and in high volume shops like supercuts. A hairdresser working full time at a real salon in a middle class area can easily make twice what the surveys say, and much much more in expensive areas.
Just a question I would like your opinion on: veterinarians have the same amount of student debt yet get paid significantly less; vet specialists get less than PCP’s! Thoughts?
I guess that's why very few people are vets and you have maybe 1 vet school for every 5 med schools (pulled stat out of butt but the ratio is imbalanced)? They don't do as important a job though as human society see's it. I mean, humans care about humans, obviously. I wouldn't say vets should get paid more, but get indebted less (as in not have to take out so much debt).
Hi. Love your videos. At 8:30 you seem to say that taxes are calculated on gross revenues but shouldn’t the taxes be calculated on profits after your overhead has been deducted. Seems the $130k take home on $1m revenues is not right. Am I missing something ? Thanks again. You are an inspiration to so many.
There is one thing you didn't included in a doctor's overhead/expense.. malpractice insurance. While inhave no first hand knowledge, I am sure its not cheap but a necessary thing and most people never think about the Drs having to pay for that. Plus with all the new rules /polices due to this virus, I know some doctors and seeing less patients because they are making more time between appointment slots thus limiting number of people in waiting room at same time so I'm sure that cuts into their revenue but the same overhead is still there
Maybe expenses are different in the U.S. or it is because as a doctor you want to keep up with your peers. But here in Germany it is quit agreed upon, that you can live very comfortably making 50,000 a year. Even supporting a family. It is even said, those who earn 40,000 to 50,000 a year are the people with the highest life satisfaction. If your partner has income too, even better. Dollars to Euros is about around a 1-to-1-conversion rate and the countries are similar enough economically. So, I dont really see, why making 100,000 a year would be such a problem? Even paying off a debt of 250,000. You could live off 40,000 to 50,000 for the first 4 to 5 years and then be debt free. Maybe there are different aspects to life in the U.S., that I am not aware of, that can lead to higher running costs?
because doctor Webb spent 11 years to be a spine surgeon. If you spend one decade studying and being a high skilled worker, its human to feel underpaid or want more money
holy cow, wish i actually gave a damn about biology, etc. i'm just an engineering pleb over here. i guess it works out alright considering only had to do 4 years of school and generally get to slack off at work
??? Sorry what are you referring to? If you mean practice medicine it isn't all "slacking off at work" and even if it was it isn't 4 years of school. It's 4 years of UG education, 4 years of med school, then (WOOHOO NO MORE TAKING OUT LOANS) 3-12 years or so of residency depending on what you do. It's minimum 11 years of school, 8 of which you make $0 and are taking on debt.
Thank you Dr. Webb for your insights. I am not an expert on this, but I believe some if not most of the overhead expenses could be written off taxes. And some other stuff like a personal car could also potentially be written off taxes. So honestly I feel you got that part somewhat skewed. As I see it a solo self employed physician realistically could end up having more than 250k, possibly much more. Even if not, the major expenses associated with the profession had already taken care of so it is like saying 100-250K to the pocket. And for some reason Dr. Webb rounded 48% of a million to half a million, it is 20K deviation. Which also end up in the pocket at some extent. I am by no means suggesting that Docs getting overpaid. I am saying that most of them live comfortably, and with the right "life hacks" they can improve their lifestyle and economics. Would really appreciate videos and maybe some sharing of experience that made Docs from having 130K to >250K.
Would you be able to interview a certified register nurse first assistant(CRNFA)? From my understanding they are considered the P.A's but in the nursing side. Its an alternate option for those who don't want the debt of P.A school but still want to work with surgeon and do procedures.
In addition to what I've figured out from Google, how would you describe the field of pain management? What are typical day today procedures or activities?
@@pkatsiaunis sorry I'm a patient. My doctor is a trigger point injectionist. I'm crazy about her. A pain manager who can go on month long medical missions 3 times a year. She's knows there's a rhythm to pain and she's mastered it
I am wondering, what about trauma surgeons? Well actually will be moving towards critical care surgeon. Where do you see that fitting in on the list? If I may be so bold in asking. Would think some type of compensation would be present considering it is falling out of favor rather quickly. Hopefully legal coverage at least? Anyway, your thoughts? Thank you
Any advice on what resources to use to learn about the business of medicine (private practice, etc)? Do you think it would be worth it for med students to invest time into this?
Just a quick correction, In self employment taxes you only pay taxes on the profit you make, not the overhead. This is how some companies manage to pay little to no taxes, it’s because they say they have more overhead than they actually have.
that maths at 8:34 don't add up, that's scary that one slipped through the net. you would only pay taxes on the net after overhead, so it would be on the 500k. at 37% that would be 185 in tax, leaving you with 315 after tax, surely...
Hey there....the figures which you talked about in this video initially that this speciality makes this amount of money....was that after removing taxes and overhead or we need to remove like 90% of that amount just for the overhead and taxes? Can you please tell that how much amount we get in our hand to spend on our dreams and life out of that amount?....you told it varies but I just wanted to know an approx range for each speciality
I had to gasp and laugh at the beginning of this video. "So, witch doctors get paid the most." As one can tell, either form of "which" or "witch" could be inserted into the sentence.
Thanks for watching everyone! Hope this video helps!
Antonio J. Webb, M.D. can you make a video of becoming a Pa or switching careers from PA to MD?
This videos help , thanks a lot 🙏 . But would it be okay to get new videos about the cases and how to manage them in orthopedic. I believe this may help too either in exams or in practice
Antonio J. Webb, M.D. thanks for always creating great content. If I may ask a question to you: How do you foresee a single payer health care policy impacting your career?
Antonio J. Webb, M.D. would you mind making a video about Mohs Surgery?
Very insightful, thank you
My friend died on the way to the hospital. He was revived and went flat again. They revived him. The cardiologist went to work on him an hour after getting there. Test etc were performed, first. He of course got immediate attention. He is not over weight and was only thirty nine. I can’t medically explain his condition but it was serious. The main artery to his heart was almost completely shut off. He was in there for almost five hours. This was nine years ago. He is healthy and has since that time created two wonderful children. I don’t know what the surgeon made but.....he earned it and we are so.....so grateful. What a wonderful job he did and saved my best friend.
Wow! Thanks for sharing. I’m glad he is better!
Oncologists have saved my moms life twice from leukemia. I've said many times these doctors will never be paid enough for what they do.
God bless
Remember cancer never goes away it just stays in remision
@@JS-up8oe yeah well they never fucking helped my family so they can go fuck themselves
@@michaelp3010 they tried their best dipshit. They are not gods, wtf do you expect them to do?
@@michaelp3010 doctors are not gods, they try their best but everyone's condition is different. No need for all the hate ffs.
As a current third year medical student, I really appreciate this video! I feel like the topic of money doesn’t get talked about enough with students. It’s not the reason most people want to become a doctor, but it’s undoubtedly an important topic to cover. So, thank you for this video and the transparency you displayed with it!
Hi 4th year!!!
@@Moodtoodrude hi first year
To me it makes more sense for a new doctor to be an employee for a few years and save, then get his own practice.
To answer your question, in my opinion I don’t think doctors get paid enough for the amount of time and effort they put into their jobs and the education leading up to their jobs (let’s keep in mind that their job is saving lives and making lives better). We have athletes making $100 million + and they score touchdowns and make 3 pointers for a living. Not fair. Doctors and nurses deserve more.
They also make their company a lot more money than doctors do
Athletes are more valuable and doctors are important. Value and important. two different things
It’s always comical when people overlook the hard work and dedication athletes put into their career
I know that is the feel good thing to say but I really dont think so that is a lot of money and many people go to school for that long that do not make that much. We get hate in Investment Banking for making money but doctors make almost as much and get told they are underpaid. This is simply because people are only capable of understanding how those people help there lives because its right in front of there face.
Well athletes get payed based on how much they generate
Audio sounded very odd on my Beats headphones LOL.. Sounded like you were sitting right behind me talking. Longtime sub, and I just got accepted to an MD program after a career change and then multiple rejections. Your videos really inspire me. Thank you doc!
Good luck!
Congratulations! Best of luck
Congrats!!!
Congrats 👍
Dr Webb why are you sayin 800k without a smile on your face? You can be happy about your future salary, we won’t be mad😂😂
you missed that overhead and tax chart
Jonathan Noel yea taxes are ridiculous, 50% of his income will go to stupid taxes. It’s not even fair man. Hardworking people are being screwed from there money
@@SK-mr6ov tell me about it my year to date right now is 120k and i paid 50k in taxes so far
Because he has to pay his loans back
@@alezandradavila2581 800k salary. 100k in loans. Wow that's going to take forever.
I really wished that Medscape would divide up the salaries by specialty, location, and experience, i.e. entry level
Doctors should be the highest paid people in the world .
Wow this was such an in-depth video! I definitely think that either primary care physicians should be better paid, or that college/med schools should cost less.
I agree. If you want to retain a high quality individual, you will have to pay them more. If their cost to practice goes up (including medical education), they will simply transfer the cost to the patients and insurance. Thus, cost of medical care skyrockets. This is business 101, that many do not think applies to medicine. We need high quality providers, which will cost us money to retain. But, we also need to consider the cost of the education for these providers and understand that has significant effect on the costs associated with healthcare.
Love your channel, watch all the time. Following in your path now: combat medic to physician. Applying next year. And yes, I hold an MBA, in the even anyone wants to contest the business side of medicine. Been on both sides of healthcare now (provider and administration).
I think Doc might need a lesson in taxes and owning a business. You're not taxed on revenue when you own a business. You're taxed on profit. All of you overhead is that you pay is basically a write-off and you'd only be taxed on the 500k profit. You'd be left with roughly 300k after all federal, state, and local taxes are paid, not 130k.
People never want to talk about money, but it’s always important no matter what you do. It’s a serious financial debt to become a doctor, and it’s certainly not easy to even get there. Imo doctors deserve everything they make and more
These reports should really include pay per hour worked. Some specialties make way more than others, but also work a lot more during residency and post-residency life.
I agree if your working 80hours making 500k its really the same as someone making 250 working 40 hours.
Do pediatricians only make 100-150K? I feel like that’s too low...
It IS low. CRNAs makes more. It's pretty sad.
Doctor Bobby the pediatricians here where I live make at least 150
@@princess287love and that is honestly still low.
Doctor Bobby I agree
The reason for that is: specialties that perform procedures earn for because billing is done per procedure. So surgeons, interventional radiologists, cardiologists make the most money and paediatricians and geriatric medicine specialists make the least. Surgeons can earn tens of thousands of dollars on a one hour procedure whereas a pediatric consultation can easily be a whole hour and it would’ve only earned them a few hundred dollars.
We’ve had the same pc doctor for. a number of years and he’s mentioned he gets so frustrated with the amount of paperwork required for Medicare. I think a lot of that should be eliminated, and that would keep costs down. He’s a very good doctor and we try to thank him. each time we see him, as I’ve heard that sometimes they get very depressed and even suicidal. Love your videos and I’m impressed with all of the “grit” and determination you have.
In the video it's stated that if the doctor makes 1 million in revenue at their private practice, with 500k overhead, they will have to pay 370k in taxes and will be left with 130k.
This is false. The 500k overhead would be considered part of business expenses and not take home revenue. As such, instead of the 1 million being taxed, only the 500k profit would be taxed. The doctor would probably be then left with about half of that (250k) as their post-tax income.
I was looking for this before i commented the same. Im shocked Dr.Webb didn't spot that.
What about business/corporate taxes? I'd assume you'd get "double-taxed" if you will before the business profit gets dispersed in payroll, then that gets taxed on the physician's W2. Could be wrong, our tax code is retarded and I haven't started a business yet, just been researching.
Compensation is always a great topic I like covering as well. Medscape puts my specialty ophthalmology at 366k . Ophtho has a huge range. Low starting salary but a very high ceiling. Lots of cash based work too. We are sort of secretive about our pay for bureaucratic reasons. Because most of our practice is outpatient the base salary is not necessarily our take home. Contracts are based off production and partnerships. Also depends on subspecialty . Retina surgeons average 6 to 7 hundred thousand. Thus, there are definitely many making in the 7 figures Ie. High volume cataract surgeons and lasik surgeons. But like Dr. Webb mentions there are so many factors that can boost your salary. Private practice will make much more than academics. Partnership will always be more than employed.
Hey doc can you plz elaborate more on opthalmology compensation this doc made it sound way tooo depressing 1million 130 k carrying home doenst sound right and can be discorusging plz explain with more sincerity
Opthalmology is the best specialty in medicine in my opinion and i hope after i finish my medical school to enter residency in opth pray for me🙏🙏.... subbed btw would like to c more videos from you
@@MrThelegendary754 yes you can avoid toxic environamnest such as the hospital you cna be a partner and own your own practice best specialty for men and a peace of mind
Super interesting video! Those numbers seem really high in comparison to what doctors earn here in Europe! Thanks for this summary!
Wow. Orthopedists make on average around 200,000 here. And top earning doctors in Germany are radiologists at around 300,000 a year. Quite a difference to the U.S.
doctors in the us tend to work longer hours, and medical school costs are extremely high. Also it takes longer to become a physician here because of the mandatory bachelor's degree which also costs an exorbitant amount. So the higher salaries are justified imo
if we're including per hour worked, I think Radiology, EM, and Derm probably make the most.
Doctors shouldn’t have to pay taxes. They save lives for God sakes❗️
then the military shouldn't either. and the fire department. and law enforcement. teachers save lives. parents save lives religiously. TAXES ARE NOT A PUNISHMENT. THEY'RE NECESSARY FOR OUR WAY OF LIFE.
@@Locopueblo My comment is not up for debate. 😘
@@Sweet_Love_-lu6lb stfu he put u in ur place
@@mugiwara9507 😂😂😂😂😂😂
Fuck you dumbass
I'm a final year med student and I'm planning to specialise in Opthalmology or Dermatology. But these fields are very competitive and my GPA is just average... Planning to take usmle 1 - 2CK. Please pray for me!
All the best!
Your look when you said neurosurgeons says it all Dr. Webb 😂
Love the integrity of this man!
Thanks Nolan!
Hey Dr. Webb is finally an attending! Congrats!
Your Doctors deserve every dollar they earn imo.
Dear Dr.webb if you find the time please a video about medical oncoloy would be fantastic considering how they are doing very well with medscape reports makes me really eager to know more about it.
As always thank you for making these videos 🌹
Sir if any student studying in residency program in usa so they have medical benefits or not like if he want to do his surgery like limb lengthening so who will pay for this sir pls tell me
Leave the tables up on the screen instead of flicking back and forth.
whatever you wonderful, selfless, brilliant human beings make, it's not enough. same goes for nurses
You lost me at paying 370k in taxes on 500k of profit. This is not how taxes work. You would pay 37 (or whatever percent) on your profit not on your gross revenue (then of course there is how you pay yourself whether you draw a salary or not and various applicable laws, types of corporations etc.). I hate how well to do people always grossly misrepresent how much they pay in taxes. I'm all for reasonable taxes and regulations but this trend makes me a lot less sensitive to their plight.
700K a year? this is amazing/unbelievable. in my country, Argentina, a Senior Doctor, if he only works in one hospital 40h/week he get 13K a year. truely sad
WTF?
Yeah...
WTF?
sadly our money came from 2001 value 1ARS=1USD. now at 2020 its 135ARS=1USD.... Doctors are paid the same than teachers. workers, and any kind of profession...It's really sad to live and work in a place like this... ohh I almost forgot.. if you are a professional you may be earning more than the common standards.so if you gain more than the common they take 35% of your salary, plus 21% of the value of each product is a TAX. and if you're Senior and you gain more money they take you 50%. welcome to Argentina brother ......
Very educational, thank you! - we hadn’t read the newest Medscape article!
What I know for sure is that YOU should get paid more.
How come they never include neurosurgery? Most surveys don’t include them that I’ve seen
Good old boys club?
Marius G. It is a very small community. Prob not enough data if you only have like 6 respondents. There are only about 3000-4000 neurosurgeons in the USA serving 311 million people which is kinda crazy to think about
Anyone making 6 figures in this country cannot complain. If you live outside your means, that's a choice at any income level above the national poverty level. You may owe 250k after school, and if you make 200k after residency, you can live comfortably on 100k and pay off the loans with the rest. It's not hard, nor a struggle. Just saying.
You are forgetting tax and other costs like medical insurance. You also seem to be forgetting the stupid hours that doctors have to work. So yes they can complain. Until you are in their shoes you don't get to tell them they can't complain
lol, obviously they can complain, 100k is very very low for everyone, not just doctors
Nicely done, very diplomatic with your delivery. Of course, this data is based off surveys, and gets published in a format that can be released publicly. That’s the biggest reason why I have in the the past and will continue to decline responding to such surveys - why would I want the possibility of drawing negative attention?
Your income taxes are taken after overhead not before. So 370k in taxes and 130 left for you is not really accurate. Just wanted to point that out. Great vid either way :D
bruh it's not because of inequality that women make less... women work less hours generally speaking and men tend to work in more high-paying specialities...
I would imagine private practice doctors (owners) have the potential to make the most, as well as the potential to make the lease bc it’s just like running any other business
Hi Dr. Webb, I think there's an error in your math at 8:33 !
If your revenue is $1M, you would subtract the company expenses of 500k. Your taxable income falls at 500k, so you will be charged accordingly for that tax bracket.
Correct - all those overhead costs will be pre-tax deductions.
Well that is something that's not shared. If you are an orthopedic spine surgeon how much are you charging for surgery? I know it's dependent on the case obviously and insurance, but do you learn that during residency the business aspect of owning your own practice?
It’s interesting that public health & preventive medicine was number 1 in specialties that felt fairly compensated. Some surveys have also put them as the least to get burnt out.
my mom says im special
u are.
Your mom is right. We are all special in our own ways
You aren’t kid. No one is🤗🤗🤗
@@tiggerperez8524 everyone is special in their on way, let's not spread negativity :)
@@orinzaman7634 im only telling him the truth 😓
I'm pretty sure you only pay taxes on your net profits as a business owner. If $500k goes towards overhead, that should be considered a business expense
Hello Dr. Webb! I also want to be a orthopaedic surgeon! You are my Idol ( just wanted you too know)!
You can do it! 👍🏾👍🏾👍🏾
@@antoniowebbmd OMG OMG OMG MY IDOL REPLIED OMG OH MY GOD OH MY GOD!!!!!!!!!
@@antoniowebbmd THANK YOU SOOO MUCH!!!
That was great insight that I didn’t know before. I’m also curious how the breakdown of pay works for after you graduate med school and are an intern, resident, fellow, etc. Are the figures you were talking about just for after you finish all the training and are fully set up in your job? If so, I would love to know the breakdown of compensation leading up to it including paid time off, benefits, and salary. Love your videos!
You pay taxes on profit not on revenue as far as I know
If you work as an employed physician, you pay taxes on everything. It all depends on your business structure.
Pay on revenue. That’s what your deductions are for. You subtract your deductions from revenue. Revenue - deductions = profit. That’s the idea behind it anyway. Not saying everyone does that.
Sad thing in my area is doctors just want you in and out. They don’t want to answer your questions or concerns , and say we’ll i think this is what it is. And for heavens sake don’t make any suggestion about your care to them, then you really are treated with disrespect. They just say we’ll im the doctor so I know what’s best. My wife went to the doctor many times over 2-4 years with severe pain in her lower abdomen and lady parts, was told by many that it was Just cramps or gas pains. A year later while giving birth to our only child they had to do an emergency hysterectomy because her uterus, ovaries, and Fallopian tubes were completely destroyed by endometriosis, the doc that did the surgery said if it was caught years prior it could have been removed by ablation and no one ever answered for this. So I think they are paid to much for what little they care for their patients. Can’t say that for all doctors but the ones in my area are a joke.
I think the fact that doctors can take home “only” $130,000 after doing a million in revenue is pretty ludicrous to me. Since overhead is generally comprised of things that are independently taxed-salaries (payroll tax), equipment (sales tax), building (property tax)- it seems ridiculous that they should have to pay an additional tax on that sum. I think whatever they’re paying after overhead is deducted is what they should be taxed on. -a future orthopedic trauma surgeon
Welcome to capitalism. the only one making money is the hospital owner this way. overhead is a scam to make doctors pay the expanses while the hospitals board pay nothing
Doctor's Little Secret capitalism allows docs to make more as much or more than that. When docs in socialized medicine countries usually ONLY make 100k.
@@jamesboone2729 well according to dr.webb if a doc makes 1m he takes home only 130k so it's around the same thing tbh
Doctor's Little Secret you do understand the tax rates over there are higher so more docs bring home 130k in socialized medicine than the u.s, right? You’re literally describing a specific kind of situation and applying them to all
@@jamesboone2729 Doctors in public health care systems such as that in Australia can make over $400,000 AUD if they are a specialist, and guess what... NO OVERHEADS. Sure, when most people think of public health care they think of the UK's NHS system, where it has to be acknowledge doctors are underpaid, but the UK is only one country. In Australia, all an experienced specialist in the public health care system has to pay for is their regular taxes, no overheads, no malpractice insurance because they're agents of the government. It's much more profitable for the doctors, even if it's not a completely "Free market". Mind you, we do also have a private healthcare sector where you can earn even more with significantly less overheads than you have in the states
Hey I don’t think pediatrician only makes 100-150K a year...
Looking into pediatric neurosurgery. Bummed they didn’t participate !
The only peds neurosurgeon I know makes like, a million a year lol
It's amazing money but you start earning it possibly later in life and I've seen so many burnt out doctors
Yeah very easy to get burnt out when you don't see the fruits of your intense labor for so long.
With the difference between male and female salary - is there any credence to the idea that women tend to gravitate towards specialties that pay less? Or was that figure based on male vs. female in the same specialty?
What ever they earn ....... they certainly charge enough ! Your very well spoken !
Is that 30-60k per physician? Or would the physicians pool the money together?
Shout out to my fellow Nephrologists out there!
How are taxes calculated for a Doctor I don't get that part
I’m getting job offers for Urology for $700k
It's amazing how low these averages are. But, I know a lot of physicians who won't complete these surveys because they are making very high income. So, this should be a guide but know that there are physicians easily making double those numbers reported by surveys.
All those numbers seem extremely high to be honest, ridiculous to call that low
@@johnsmith-kd4ck look at the physician recruitment websites and the numbers they advertise for new or experienced physicians. As consultant to hospitals and medical groups, I get to see those contracts. That's why I know those averages are low.
@@haroldpierre1726 no i meant like it would be ridiculous to consider some of those salary low, not disputing the accuracy of your statement. I am somewhat annoyed at the fact that in investment banking everyone hates that we can easily make half a million to a few million a year but yet if a doctor makes half a million most people say how the doctor is under paid and deserves to be paid more.
I recently graduated from biomedical science and will be attending my graduate entry program next year in medicine (Australian student, by the way). My key areas of interest are zoonotic diseases, microbiology, and otorhinolaryngology - if I was pressed for a specialized field. Could you tell me why ENT specialists are paid so highly? I have reviewed aggregate data and it seems to indicate that they are paid more than cardiologists and oncologists. Why is this so?
All the numbers are way lower because they include physicians that work part time or less . I knew 3-4 pediatrician back in Med school that only worked three days a week . Then the academic physicians make a lot less etc.
Same in my industry. I'm a hairdresser, the data collected on our earnings is heavily skewed by people who work part time and in high volume shops like supercuts. A hairdresser working full time at a real salon in a middle class area can easily make twice what the surveys say, and much much more in expensive areas.
What age did you start medical school and what age did you start residency????
if i want to challenge general surgery residency and fellowship at age 42, is it too late or commonly seen case?
Thanks fir this insightful video~! I never thought of private vs non-private and what will be the pros and cons of it.
Thanks for the videos dr
No prob. Thanks for watching!
Just a question I would like your opinion on: veterinarians have the same amount of student debt yet get paid significantly less; vet specialists get less than PCP’s! Thoughts?
I guess that's why very few people are vets and you have maybe 1 vet school for every 5 med schools (pulled stat out of butt but the ratio is imbalanced)? They don't do as important a job though as human society see's it. I mean, humans care about humans, obviously. I wouldn't say vets should get paid more, but get indebted less (as in not have to take out so much debt).
Hi. Love your videos. At 8:30 you seem to say that taxes are calculated on gross revenues but shouldn’t the taxes be calculated on profits after your overhead has been deducted. Seems the $130k take home on $1m revenues is not right. Am I missing something ? Thanks again. You are an inspiration to so many.
What about interventional radiology is there data for that specialty?
they make similar to some surgical specialties
300's, usually
There is one thing you didn't included in a doctor's overhead/expense.. malpractice insurance. While inhave no first hand knowledge, I am sure its not cheap but a necessary thing and most people never think about the Drs having to pay for that. Plus with all the new rules /polices due to this virus, I know some doctors and seeing less patients because they are making more time between appointment slots thus limiting number of people in waiting room at same time so I'm sure that cuts into their revenue but the same overhead is still there
he included that. did you watch the video?
Im sorry but are these numbers take-home or pre-tax? 😅
Cause with a 700k income, your take home would be around 400k? 😓😅
Thank you doc
Maybe expenses are different in the U.S. or it is because as a doctor you want to keep up with your peers. But here in Germany it is quit agreed upon, that you can live very comfortably making 50,000 a year. Even supporting a family. It is even said, those who earn 40,000 to 50,000 a year are the people with the highest life satisfaction. If your partner has income too, even better. Dollars to Euros is about around a 1-to-1-conversion rate and the countries are similar enough economically. So, I dont really see, why making 100,000 a year would be such a problem? Even paying off a debt of 250,000. You could live off 40,000 to 50,000 for the first 4 to 5 years and then be debt free. Maybe there are different aspects to life in the U.S., that I am not aware of, that can lead to higher running costs?
because doctor Webb spent 11 years to be a spine surgeon. If you spend one decade studying and being a high skilled worker, its human to feel underpaid or want more money
holy cow, wish i actually gave a damn about biology, etc. i'm just an engineering pleb over here. i guess it works out alright considering only had to do 4 years of school and generally get to slack off at work
??? Sorry what are you referring to? If you mean practice medicine it isn't all "slacking off at work" and even if it was it isn't 4 years of school. It's 4 years of UG education, 4 years of med school, then (WOOHOO NO MORE TAKING OUT LOANS) 3-12 years or so of residency depending on what you do. It's minimum 11 years of school, 8 of which you make $0 and are taking on debt.
DOCTOR'S MAKE ALOT IN THE US AND CANADA,IN THE UK AND OTHER COUNTRIES THERE POORLY PAID
Thank you Dr. Webb for your insights.
I am not an expert on this, but I believe some if not most of the overhead expenses could be written off taxes. And some other stuff like a personal car could also potentially be written off taxes. So honestly I feel you got that part somewhat skewed. As I see it a solo self employed physician realistically could end up having more than 250k, possibly much more. Even if not, the major expenses associated with the profession had already taken care of so it is like saying 100-250K to the pocket.
And for some reason Dr. Webb rounded 48% of a million to half a million, it is 20K deviation. Which also end up in the pocket at some extent.
I am by no means suggesting that Docs getting overpaid. I am saying that most of them live comfortably, and with the right "life hacks" they can improve their lifestyle and economics.
Would really appreciate videos and maybe some sharing of experience that made Docs from having 130K to >250K.
great video doc!
Thanks!
Would you be able to interview a certified register nurse first assistant(CRNFA)? From my understanding they are considered the P.A's but in the nursing side. Its an alternate option for those who don't want the debt of P.A school but still want to work with surgeon and do procedures.
Good video. Can your next video be about Bs/Md programmes
0:01 Witch doctors get paid the most??! 🧙♀️ 🧪
Used to be anesthesiology. Now pain management. 1.5 million.
Hey athletes make a lot more. Do you man
Daniel Bencosme no fucking shit
In addition to what I've figured out from Google, how would you describe the field of pain management? What are typical day today procedures or activities?
@@pkatsiaunis sorry I'm a patient. My doctor is a trigger point injectionist. I'm crazy about her. A pain manager who can go on month long medical missions 3 times a year. She's knows there's a rhythm to pain and she's mastered it
Honerd Couster Thank you, I will look into the field regardless. Seems fascinating
Can a international student get a scholarship from a us medical school if he/she does his pre medicine from USA?
Considering no debt how much % is saved per year avj. ?
I am wondering, what about trauma surgeons?
Well actually will be moving towards critical care surgeon. Where do you see that fitting in on the list?
If I may be so bold in asking.
Would think some type of compensation would be present considering it is falling out of favor rather quickly.
Hopefully legal coverage at least?
Anyway, your thoughts?
Thank you
Is all of that after taxes and deductions?
Great Video.
Thanks!
Any advice on what resources to use to learn about the business of medicine (private practice, etc)? Do you think it would be worth it for med students to invest time into this?
Check out White Coat Investor
How does malpractice insurance play into this
Just a quick correction,
In self employment taxes you only pay taxes on the profit you make, not the overhead. This is how some companies manage to pay little to no taxes, it’s because they say they have more overhead than they actually have.
If you hire a accountant to do your bidding would itnbe easier like what the hell 1 mill revenue 130000 doenst sound right
Where's cardiovascular/thoracic surgery doc? We used to be the highest until cardiology fucked it up for us
Great video!
Thanks!
that maths at 8:34 don't add up, that's scary that one slipped through the net. you would only pay taxes on the net after overhead, so it would be on the 500k. at 37% that would be 185 in tax, leaving you with 315 after tax, surely...
This conversation should be part of M4 year along with some Dave Ramsey stuff.
Does insurance go under regulation?
you should expand your understanding of the factors leading to the gender wage gap.
The overhead would be a tax deductible business expense correct? Would you not just be responsible for taxes on the 500,000?
Yes, you are correct.
Hey there....the figures which you talked about in this video initially that this speciality makes this amount of money....was that after removing taxes and overhead or we need to remove like 90% of that amount just for the overhead and taxes? Can you please tell that how much amount we get in our hand to spend on our dreams and life out of that amount?....you told it varies but I just wanted to know an approx range for each speciality
Reply please
I had to gasp and laugh at the beginning of this video. "So, witch doctors get paid the most." As one can tell, either form of "which" or "witch" could be inserted into the sentence.