@@jacob476 First responders are not paid nearly enough for their responsibilities but to compare them to doctors is unfair. Paramedic training does not cost hundreds of thousands.
@@jacob476 Paramedics don't go through grad schooling,medical school, 3-7 years of residencies,1-3 years of fellowships and in some specialities extra 4-5 years for PhD research...Though Paramedics are definitely underpaid but honestly there is no comparison at all between a paramedic and a Doctor/Surgeon.
Hey Dr. Webb! I ran into you at the grill at Methodist Stone Oak. I told you that you were the one that inspired me to become a nurse. Big bald dude. Was great to meet you. You’re inspirational and so awesome! Be safe!
Fantastic video. Appreciate the transparency. Most people would be surprised to hear that INTRA-specialty salaries can vary more than INTER-speciality salaries.
It’s opposite in the nursing world everyone shares their salary because us nurses know that companies want it to be taboo to talk about to pay us less so we talk about it a LOT and now as a independant contract nurse I’m making $150,000 a year!
Ideally any employee, regardless of profession, should have a plan to make money passively. That is making money without having to physically be there. At the end of the day we can only work so many hours in a day.
It’s hard to be a medical doctor. Not my cup of tea even for those salaries. The reason being is mostly Internship and Residency. It’s just brutal. My hat goes off to all those MD’s.
Hard to be an engineer too! Try studying science, like a doctor, but add physics & calculus, then head out into the real world & develop innovative products that work within a variety of systems & environments - safely. Engineers learn more than just the human body & Latin names for diseases.
@@sloane6362 Well, don't I feel like an ass! You are absolutely right - they do have a heavy science load, and are also encouraged to study subjects that ignite their passion to make a more well-rounded person/doctor. Thank you.
@@scottb.6725 mate I'm a civil engineer, imo trying to become a doctor especially a specialist or a surgeon is probably much much harder than becoming an engineer. Firstly it's super difficult to get into Med School, add all the years of schooling and then on top of that residencies, c'mon man they're not just "learning the human body and latin names for diseases".
Self selection bias... people who report their salaries are more likely to be on the higher earning end, such as practice owners. Data may be skewed on the higher end as a result.
Great video. I think it's important to share that information because some times it's difficult to know if you are getting a fair payment. I'm an IMG currently following the steps to become a doctor in the U.S and every job that I take like medical assistant, health manager or health advisor, I noticed an enormous difference in payments. Nobody likes to talk about how much money they make but it will definitely help to make things better. Thank you for giving us your perspective.
Hey I am an IMG too. I am looking for Jobs that I can do before entering residency. I don't know how to find it. Background : Indian IMG, Step 1 done. Step 2 taking on March . Could you help me with this?
love videos Dr. Webb! I'm actually the young guy that you met at chipotle with my friend a couple of months ago, stated I was in nursing school. Actually just finished and will be graduating on the 22nd of this month. I start again for my RN in April. It was nice to meet you in person! Keep doing great things!
There’s another practice model. I’m a psychiatrist that does strictly telemedicine work. I’m licensed in multiple states so I can work for many different telepsych companies and practice in multiple states. For telepsych or telemedicine providers volume has increased tremendously post Covid. Medscape psychiatrist salary is much lower than most of my colleagues.
Psychiatrist here. For tele you can make about $200/hr sometimes more. I have a few jobs. inpatient, outpatient, and tele and made 800k last year working about 40 hrs a week and most weekends.
@@Bryan-ny4ss I’m interested in psychiatry. Have been for some time. My goal is to one day have a private practice that I can work part time into old age. Would you be be willing to have a brief informal interview? Currently studying for the MCAT.
Dr Webb, can you speak about the increase in salary for doctors? It seems like doctors’ salaries depend on a lot but mainly on their patient case load. This might be inaccurate, but let’s say that a doctor stays with same amount of demand or patient case load, same amount of surgeries, and other workload, and does not have any other outside investments or source of income. How does their salary increase is expected? Or a salary increase based on inflation not really the case for doctors? The reason I ask is because regular jobs like an engineer, accountant, construction workers, get an hourly wage or salary, but they can expect 3% or 4% annual salary adjustment. Does that happen with doctors in private practice, employeed, or other practices?
Many physicians make the most money within their first 10 years out of residency/fellowship. They often take on more patients, procedures, call shifts, etc. Then they tend to make less and less from their practice as they get older. Also, many have investments such as real estate that takes over the difference in pay.
If you're employed - and there are a few specialties that almost require employment since you have to work in a hospital - the number of pateints doesn't make a difference. A good example is anaesthesiologist (that said if you don't want to become pain specialist), radiologist, and many types of surgeons (for exmaple brain). You get a fixed salery (increasing yearly) regardless of how many patients you see (ofc, if you see too few, you'll get problems with the management). On the other hand if you are in private practice, you earn more with every patient.
Hey Dr Webb, could you make another update video on your student loans? It’s something that worries me as a premed and I’d love to see how you’ve continued to tackle it
Doctor's wages have been going up and up compared to the cost of school. The debt to expected income ratio, even for the low end of physicians, isn't bad at all compared to most other professions and careers requiring a degree (look at the ratio for social workers with masters, for comparison). I don't think need med students have much to be concerned about, so long as they graduate.
Thank you for sharing. I'm not in the medical field, but I am really interested in learning about finance and salaries. It's good to know how other professions are compensated. Thanks for posting!
Physician salaries can vary widely even amongst folks in the same specialty group. So many factors go into compensation, so folks should be careful about looking at these averages. You’d be surprised how much (or how little) folks make, especially out here in Long island.
To be honest, I am surprised at how little doctors make relative to the training / schooling involved. Far more lucrative fields in business, sales, etc without the schooling commitment.
@@crazy808ish Go look up typical comp packages for Wall Street, Private Equity, Management Consulting, Tech, etc. BigLaw firms are paying 1st year lawyers $200k right out of law school. You can clear $500k as a 20 something year old on Wall Street.
@@medmahieddine There aren't any low paid doctors because of the barriers of entry to become a doctor. So average doctor makes a lot relatively speaking. However, the point is that if you are talented / driven, you can make more than a typical doctor in other fields without the barriers to entry or schooling commitment.
@@Unc0mmonSense okay read my comment once again. The charts say otherwise. Between risking my financial wellbeing going into business I rather go into med and be guaranteed a nice salary
Like you said, there are so many factors that apply. People also need to consider if you are in private practice and you came right out of fellowship. It will take longer to build your practice because you are starting from scratch. Verses if you came from a practice where you were there for a while, you are more likely to have patients follow you. Therefore, your practice will be up and running faster. Looks like you are doing a great job! Nice videos.
Interesting. I agree that most people who elect to go into medicine are not doing it exclusively to chase the money because of the rigorous and costly path involved in becoming and remaining a physician. As a physician, you are responsible for the care of an actual human being, not some inanimate object like a computer program or report that can be recreated in a worse-case scenario! Whatever physicians make, it's not enough in my view; the same applies to teachers as well. Conversely, you have CEOs who make these lavish 7 and 8 figure yearly salaries off the backs of everyone else at the company!
I think you failed to look at one aspect. Some people who had family to pay for their school debt might not be as hungry or have the need to do the most surgeries to pay their bills where as someone with a lot of student loans might be more aggressive in how much surgeries that they do to earn the type of money they need to make. I would think that those that don’t have allot of student debt may work for a group as an employee and need and make less since their financial needs may not be as high.
Well you don’t need more money to pay off your student debt, paying it off consistently over time is fine. People have this weird view of student debt as if it’s the worst thing in the world when reality not only is it a great way to maintain perfect credit (if you’re paying it off consistently), but it doesn’t affect your ability to obtain loans as much as you think when you have a profession that pays a lot of money like this. Doctors are very coveted clients in the mortgage or lending industry in general.
I still don’t understand why it’s so “taboo” for people to talk about their salaries. Not only in medicine but across the board. But specifically in medicine.
I work in healthcare and we NEVER talk about our salary. because everyone gets different pay depending on their license, years in experience and practice, and certification (for some). Also I think because of jealousy.
If you take call at a hospital and see someone either in the ER or inpatient. Are you allowed to refer them to come see you in your office for care or potential care or is that allowed?
@@antoniowebbmd you just can't refer someone for services that you don't directly do but have a financial interest in, correct? Like going to this MRI company because you're an investor or something
@@kaitlynkilpatrick36 That’s generally true. It’s called Physician Self-referral or, commonly, the "Stark law", named for former U.S. Representative Pete Stark (CA), who was instrumental in the genesis of the bill. It applies to Medicare and Medicaid patients. There are exceptions (we used to call them "safe harbors") and they were formalized by the CMS (which oversees Medicare and Medicaid) in 2020. I’m not aware of any more recent changes.
We all know that there is not a fixed number for salary in any profession . Most of these videos waste time in just explaining there are a lot of factors without providing any significant info. .
Hi, Doctor Webb. Could you do a video on "what it means/entails to build your practice?" I thought the purpose of joining a group was to get referrals from physicians that are already established. If you have to build up your own clientele, or establish a relationship with a hospital on your own, then what was the purpose of joining a group?
@@fulltimeslackerii8229 Unless you are talking about government or HMO owned hospitals like Kaiser, hospitals do not hire doctors. Hospitals do give out exclusive contracts to in hospital specialties such as emergency medicine, radiology, pathology and anesthesia. The rest depends on private doctors who don't get paid by the hospitals for admissions, consultations and treatments.
Imagine you have established a good and busy practice over many years and now you recruit a new doctor to share some of the work load, do you really just give out part of your patient population free or will you want a % of the income generated from that portion? It is commonly known as buy in either a lump sum or a % over a certain number of years reducing the amount of money earned by the new doctor.
I am quite confident that you are correct in that those are the numbers. The challenge is that it does not take into account of a million other factors that affect how much you as a surgeon gets to take home. 1) What is your overhead? 2) How much malpractice insurance do you have to pay? 3) How much do you need to pay to your respective colleges, boards, state certification (Sorry I am Canadian so it is provincial), etc... 4) How many hours are you working? If you are working twice or 3 times as much as a 40 hour work week... then you are only making between $250 000 or $160 000 compared to the person who works a 40 hour work week with respect to time. 5) How much debt did you incur and delayed income did you have as you completed your 4 years of undergrad, 4 years of medical school, 5 years of orthopedic residents and 2-3 years worth of fellowship and how would the money you made - say worked really hard and made $50 000 grand out of highschool (I am sure unrealistic, but you hustled and worked 80 hours a week and continued to only make $50 000 grand all those years and didn't move up in the world - that would equate to at least $750 000). Where as coming out of all your training... you may be $300 000 in debt? So that person made 1 million dollars more than you over that time. And also didn't have to do between 80 and 120 hour work weeks. 6) A lot of other workers have pensions, have coverage for health insurance or dental or injury... we have to pay for all these. And no... we do NOT get a pension. Our money at least in Canada gets taxed 50%. That means if we make $500 000, then we only take home $250 000. Again... it is not about the money, but... if you are trying to get into medicine for the money you are an absolute fool. There is only one thing that I will say about medicine as it pertains to money that I think is good. If you are a good doctor and hard working and caring and don't do anything stupid or crazy. You technically could have a job for life. You won't necessarily get fired because your company is downsizing. You won't get let go cause there is a younger doctor who is more up to date and is going to ask for less money. You are your own boss. But you need to be smart with your money. Pay off your debts and save for your retirement. Okay... nobody is reading at this point, but that is why I hate it when people ask this question about how much you make. We are paid well. We deserve it. But compared to a lot of other jobs, medicine is not a smart way to become rich and wealthy. Not even close. Thanks for your candour and I appreciate you discussing an uncomfortable topic, but I do feel that this is only part of the story and the few things that I pointed out... are just the tip of the iceberg. I am sure someone far more educated than me can point out a thousand other things where these salaries don't hold up to your regular 9-5 office person.
@@blackjecha437 Isn't there a calculation that says a doctor really makes about $30 a hour at the end of his career when you count the hours and loans taken out.
@@harveylin3548depends on the specialty, average salary for spine surgeon in Midwest/south is 900k, peds is south of 3, so big range in gross lifetime earnings.
@@sisoelshennawy7289 You're right! I just watched it. Love it, thanks! I made a video recently where I showed mine and my wife's paystubs as Nurses and my effective hourly rate this year was $147/hr, meaning that, if I worked an average of 46/hrs per week (same as what an average ER doc would work) I would be earning 351k/yr.
I am always amazed, that there is any concern with this subject. These folks spend up to half of their lives in school, taking course work most all of us can't even imagine, working insane hours that few want to think about, racking up debts that some folks would retire on, so that they can literally save our very lives! How does one put a price tag on that?
@@techwerido3625 he also had semi celebrity status, so that automatically inflates things. It's like saying Dr Mike who is a family physician makes over 1 mill a year but he also has celebrity endorsements
Thank you for this. Money is important to me and a big factor in weighing up which specialty to apply to (UK) and what I am willing to sacrifice to achieve a certain lifestyle and it is SO hard to find accurate information online.
Let me put this in perspective another way. I graduated from high school with top grades and worked my tail off to pay for my own college with some scholarship money (not a ton). My brother came out of high school 2 years later with barely a C average and went to work as a union laborer in a factory. I did not make as much money as his starting salary until I was a chief resident. That meant 4 years of undergrad, 4 years of med school, and in my 4th year or residency till I saw his starting salary. Then I did a 3 year fellowship at a good university that didn't pay well, so they matched my chief resident salary for those 3 years. Total of 15 years and a lot of educational costs until my salary equalled his starting salary. I'm not whining, and from the time I started in practice, my salary jumped dramatically. But it is only fair to look at 15 years of training, 8 of it potentially accruing a large amount of debt before you see any significant earning.
Med school is not worth it in the current climate. The loss of life experience, massive debt, abusive schedule, lack of respect and low compensation is unreal. The way this country does doctors is absolutely horrible
As a physician that recently completely residency. I completely agree with you. The abusive schedule alone jaded me and like you said. It takes aways years of not just life experience but also lost income opportunity. Doctors really aren’t rich. We worked hard. Harder than a lot of other careers to be middle class.
The climate of healthcare is not worth it. It touches all areas of healthcare. I am a health professional as well and i have friends from across all field of healthcare. We all came to accept that the grass is not greener on the otherside of each profession.
@@zajdabneeg Ya I'm a nurse. I wanted to be a Dr but didn't get in. After working a few years as a nurse man do I wish I took nursing right out of high-school. Because women are I charge of that profession and they always want fluffy bunny stuff you can practically come and go as a term employee anytime you want with any contract length you want. You never have to work your way up the pay scale when you come back. You earn a lot it you work at lot. I came out of school with no debt. If I graduated at 22 instead of 29 from nursing I could have travelled the world for 6 months a year every year and still banked 40k a year. Having seen what Dr's do yes a Dr is a better job if you plan to do it the rest of your life but I'm not that person. A Dr can never travel for 4 months. Not until they are like 40 year old anyways. They buy into group practices costing 100s of thousands on top of their student debt. It takes a decade to pay that back with hard work in a brutal environment (hospitals) for most of them. Nurses have it worse if you work in medicine like me. But then again I can work 6 months and leave for 6 months and repeat....at 22 years old! When you look back at life those who spend their 20's experiencing new cultures got it right. I regret not opening my mind sooner. Those that dedicate life to ungrateful corporate cash flow are the chumps in my opinion. Not that a don't like working. It makes me feel valuable and productive but there is more to life than being a slave to the corporate dollar. Trying backpacking a developing country for a few months. Get a cheap appartment. Such a better life. I realized that I'd have hated being 95/100 doctor jobs too. You still have to be in a hospital where you are a slave to the mouthy verbally abusive patient under Canada's gross public Healthcare system. A patient can literally do no wrong. No matter what you must ass kiss. As a nurse OR a Dr. So forget that. I don't particularly like my job but it gives me a good life. Dr's hate it equally but can't say the same about the good life. With the status Drs might get a sexier wife....you a few years until she goes back to the streets partying like all the hot ones do. Might as well live it up in 3rd world countries yourself. Of course the women in charge of nursing hate when masculine men enter the nursing profession. The are constantly passive aggressive like little weasels lol. But you quickly become valuable on a unit and stamp that out.
My objection to the medical field is the Med Schools not producing enough graduates. If those salaries are going up because positions are not being filled, that is a sign the medical schools need to increase admittance. Also the internship model for becoming a doctor needs to be revamped to increase the amount of general practice physicians.
Fwiw most medical schools have a set limit they can accept set by their board of regents or bylaws… that number can’t just be increased because of facilities, faculty ratio, clinical site capacity, etc. Not to mention there are also a set number of residency slots (and there are some graduates who don’t even fill those slots now).
Honestly it's true. I agree that salaries vary. However, the medical field is where you make the amount based on how much work you do. Any spinal surgeon making less than 300k-400k yearly (who's not in academics) should switch careers because they are not making close to their potential. Same goes for those in neurosurgery, plastics and even dermatology.
That “nice” salary doesn’t include income taxes. Uncle Sam is going to tax the $*** out of that income before you DOCS ever get paid. P.S. you docs do a very noble job taking care of all of us. My hats off to you.
Many things go into how much you’ll bring home. The cost of buying an EMR is exceedingly expensive and because there are multiple options you’d better guess correctly. Malpractice insurance is dependent upon your specialty. Cosmetics is a cash only business so they will always win the day. The rest of us deal with reimbursement rates controlled by insurance companies. Peds and family practice may be at the bottom but you can be a generational physician, taking care of the same family for decades. Drug trials used to be a great way to increase your income, not sure if they are these days. Private practice is a dying breed. The new kids graduating these days want the safety of a salary and no risk. Unfortunately, we’ve started to see (RVU) productivity based pay even in university and hospital settings so the “safety” of those workplaces is decreasing. My advice, do what you love. If you’re lucky you’ll be doing it for decades (43+ years).
The numbers aren't accurate and you know it! Most medical students only go in to it with expectation of becoming millionaires which they quickly do. Nurses, CNPs, PAs, all the rest are in on the $$$ gravy train. The American Medical Association (lobby for the Doctors defacto Union) ensures that there are not enough Doctors so demand and bloated salaries remain high. Examine progressive countries and you will learn that medical school is tuition free to their best and brightest who then agree to work for the public/govt sector for a certain number of years. Medicine & health care is not a for profit business and preventative care is practiced. In US a culture of sickness & death is promoted for the purpose of profit and ONLY profit. Keep it real please. People aren't that stupid.
DID YOU KNOW that there are more millionaire doctors in the US than any other profession? Did you also know, that the suicide rate among doctors is higher than any other profession?
Family doctors earn around 180k cad in Canada. 140k USD. surgeons I think earn around 180k USD. Average townhome in Canada is around 1 million cad and average detached home is around 1.4 million.
What exactly does it mean for a spine surgeon to have a private practice? Like... do they take out a business loan to build an operating room in a strip mall shop space or something and hire a bunch of radiologists and nurses...?
Typically, gross takings are quoted as if a ‘take home’ salary. This completely ignores the cost of facilities, staff etc, however the doctor may contribute to these overheads (percentage of earnings, flat-fee, pay as you go). It’s nonsense. It’s about as accurate as assuming the profits of a business you hold shares in, will reflect your own ‘income’ from your shareholding. Or, ‘ignoring’ your mortgage, utilities, any other loans, and your food & car expenses in equating your wealth in ‘disposable income’ terms, to your annualised salary. ‘Bears no relation’, basically
I bill in the well into the millions of dollars for my hospital. My take home pay is obviously a small fraction of that. So all the other money is going to overhead.
more details would have been helpful. is this $500k salary after or before you figure in office expenses and staff salaries? is 500k pre-tax and deductions or after?
I just realized I was following you on you tube! I transferred from Stone oak pacu to Main’s pacu! So cool!! Now I can say I met a you tuber in person 😎.
Lool imagine goverment hospitals pay you 500K while damn well knowing half of that is going to taxes and going right back to them. no way im working 60-70 hours a week for 240K
So would you say that generally a surgeon in private practice would be more likely to suggest surgery, because it affects his/her bottom line (versus a salaried surgeon employed by a hospital, who will be paid the same whether or not he/she recommends surgery)?
Greetings Dr.Webb, I was wondering do these salary represent both private and hospital based physicians?or is it only for private practice/hospital based physicians?
@@antoniowebbmd Being you are in private practice are you responsible for paying your own malpractice? I would imagine for a spine surgeon that could be costly.
Hello my local doctor sir I also live in San Antonio ok today is Jan 03rd’23 so I’m hoping we all won on HR8800? Please tell this bill passed 😬 thank you doctor
Besides taxes, Are these number net of insurance and other major expenses ? If he has $40k of monthly overhead (like he mentions in another video) is the $500k above and beyond that? So he grossed about $1m? Is that right.
@@APerson-zf3rz usually But in doctors case it really cannot be. He mentions that he has a $40k /month overhead he needs to pay to the group/partner to pay for his share of overall expenses. So obviously he can’t be making $500k per year gross. That would net him nothing at the end.
What is criminal is how much MD’s make during their first years of residency… most people don’t know often nurses are making more than the MD’s during the first few years of residency.
Alright but 500k with or without tax? And how much tax does a doctor have to pay in his/her private practice or total income coz I believe its important to know about 😅
Hello Dr. Webb. I have a comment. Salaries is the topic. Do you think this is all money made by the Doc. after all expenses have been deducted? There is no way a Family Doc. makes $230,000/year. They bill millions but have a huge overhead. Another thing, a ER Doc, a Hospitalist, a Neonatologist, and many other Doc's who have no overhead, what they make is theirs( Uncle Sam of course). Many of these other Doc's make a lot of money but require an office, equipment, light bill, employee payroll plus taxes, employee vacation time plus vacations, making sure what you as a Doc are pating them at thre ongoing rate for their profession as others, so it also depends on if you are required to have an office or no office with no overhead. A hospitalist makes a salary and it is all his.That is never included in conversations!!
No a family doctor can easily make $230,000 per year. Overheads are no particularly high considering. Remember there are multiple doctors in the same practice which reduces the overall overhead costs.
This individual seems to have learned nothing from the pandemic. Go ahead and spend all of your time at work. All income is taxable. Time is the most valuable thing in our lives.
before taxes/etc. a doctor i spoke to made around 400k but he had to pay his nurse, front desk worker, rent for his clinic, rent for some of the equipment... after all that and taxes.. he made less than 200k... and he works M-Sat 9am-7pm edit: he also has tech to draw blood/do labs. Oh and malpractice insurance for the practice and health insurance for his office
@@PranayBrajabashi definitely less ... since the doctor I spoke to was a specialized doctor. It honestly depends on how you decide to run your practice (with/without partners). Also the salary of an internist changes based on state (income tax, state tax), salary/contract etc. Can't really give you an exact number
it all depends on how much you work.. you can make less than what you see on there or you can work a shit ton and make way more than what you see.. all depends on you and the spectrum varies.
I mean you know that salaries are related to economic state of the country? Probably this salary is considered high in your country…i would assume everything is much cheaper than the (US).
its so unfair that residents earn only 50-60k starting, while working on average 70-80hrs/week. its literally slavery for 4-7years depending on specialty. then followship... ugh
I have no idea why the salaries of doctors are the most hidden thing. I can trace the salaries of various software engineers easily, and also other managerial roles. And if someone thinks it is because they are low, it is not necessarily true, some people do make 300K or even 400K (Seattle, NY, etc) but there is certainly a range. With doctors, I never have any idea, how the salaries even increase with time or what is initial pay or what is pay in different regions, everyone including this one, does give so much info but very few numbers.
But I wonder if the medical malpractice insurance is higher for those Specialties being that people can really mess up in cosmetic surgery or other and get sued. And I wonder how much of that money will be going to school school loans before they see their bottom line.
Basically medicine pays meh, with student debt, long hours, bureaucratic structure, and a compromised social life. Starting a youtube channel reviewing toys is more profitable...
Most important of all besides the outer galaxy incomes doctors make is that doctors are happy with what they do as it pertains to their respective careers.
It never brought good feelings when you shared or found out about someone else's pay at work. If it was higher you'd feel bad and envious and if it was lower you'd feel bad cause you knew they would be envious of you
This only exists because we've cultivated a culture of keeping it a secret. If people shared their wages more often, then it would be well understood that people make different decisions, have different skills, get hired at different times, and many other things that contribute to wages being different.
The answer is ~500k a year. You’re welcome.
Lol thank you
Thank u for saving me 10min of my life
Thank you. He talked too much.
@@jeremiahozales8063 he’s not your puppet, he’ll talk as much as he wants if you don’t like it, peace out
@@abstract9621 relax
If you spend over a decade in training, you deserve a 500K salary.
True.. Very True
Do paramedics who have 25 years of experience and have done training for the past 25 years deserve even more?
@@jacob476 First responders are not paid nearly enough for their responsibilities but to compare them to doctors is unfair. Paramedic training does not cost hundreds of thousands.
Agree, if they have to essentially give up their life and go through hell for 15 or so years it is the least they deserve lol
@@jacob476 Paramedics don't go through grad schooling,medical school, 3-7 years of residencies,1-3 years of fellowships and in some specialities extra 4-5 years for PhD research...Though Paramedics are definitely underpaid but honestly there is no comparison at all between a paramedic and a Doctor/Surgeon.
Hey Dr. Webb! I ran into you at the grill at Methodist Stone Oak. I told you that you were the one that inspired me to become a nurse. Big bald dude. Was great to meet you. You’re inspirational and so awesome! Be safe!
Hey big bald dude! Hope you're doing good out there. Just wanted to drop this.
Fantastic video. Appreciate the transparency. Most people would be surprised to hear that INTRA-specialty salaries can vary more than INTER-speciality salaries.
Thank you! I def agree
My man
Woowwww doc
Please explain!!
@@antoniowebbmd Great content Dr Webb👍🏾 thanks for being so transparent
It’s opposite in the nursing world everyone shares their salary because us nurses know that companies want it to be taboo to talk about to pay us less so we talk about it a LOT and now as a independant contract nurse I’m making $150,000 a year!
Yes, this is what I respect about nursing
Ideally any employee, regardless of profession, should have a plan to make money passively. That is making money without having to physically be there. At the end of the day we can only work so many hours in a day.
I truly think it is unprofessional to discuss salaries. Especially among coworkers. Folks be counting your bank account, IMO
You spend 90% of the video telling us “I’m going to answer if this number is accurate… but before I do….”. Literally every 2 minutes
yeah it's boring
Lol seriously 😂 😂
Love seeing the evolution of your channel Dr. Webb!
Appreciate it!
It’s hard to be a medical doctor. Not my cup of tea even for those salaries. The reason being is mostly Internship and Residency. It’s just brutal. My hat goes off to all those MD’s.
And risky jobs
Hard to be an engineer too! Try studying science, like a doctor, but add physics & calculus, then head out into the real world & develop innovative products that work within a variety of systems & environments - safely. Engineers learn more than just the human body & Latin names for diseases.
@@sloane6362 Well, don't I feel like an ass! You are absolutely right - they do have a heavy science load, and are also encouraged to study subjects that ignite their passion to make a more well-rounded person/doctor. Thank you.
All things are not easy,but it’s always good to try
@@scottb.6725 mate I'm a civil engineer, imo trying to become a doctor especially a specialist or a surgeon is probably much much harder than becoming an engineer. Firstly it's super difficult to get into Med School, add all the years of schooling and then on top of that residencies, c'mon man they're not just "learning the human body and latin names for diseases".
Self selection bias... people who report their salaries are more likely to be on the higher earning end, such as practice owners. Data may be skewed on the higher end as a result.
Good point
Although there are people who earn less and don’t self report also!
Great video. I think it's important to share that information because some times it's difficult to know if you are getting a fair payment.
I'm an IMG currently following the steps to become a doctor in the U.S and every job that I take like medical assistant, health manager or health advisor, I noticed an enormous difference in payments.
Nobody likes to talk about how much money they make but it will definitely help to make things better.
Thank you for giving us your perspective.
Hello uriel.....I'm also an IMG trying to navigate my medical path .....would be nice to connect
Hey I am an IMG too. I am looking for Jobs that I can do before entering residency. I don't know how to find it. Background : Indian IMG, Step 1 done. Step 2 taking on March .
Could you help me with this?
A master of saying nothing with a lot of words.
😂😂😂😂😂😂😂
I was looking for this comment, the guy is probably clearing close to 1 million in private practice
HAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAAHHAAH
love videos Dr. Webb! I'm actually the young guy that you met at chipotle with my friend a couple of months ago, stated I was in nursing school. Actually just finished and will be graduating on the 22nd of this month. I start again for my RN in April. It was nice to meet you in person! Keep doing great things!
Congratulations!!!
Respect bro. Good luck!
Filipino?
He doesnt care
@@losamarillos88 what?
My boy Dr. Webb, slayin em'. Cant stop, won't stop. You're the man my bro, don't ever quit. From one ninja to another...
There’s another practice model. I’m a psychiatrist that does strictly telemedicine work. I’m licensed in multiple states so I can work for many different telepsych companies and practice in multiple states. For telepsych or telemedicine providers volume has increased tremendously post Covid. Medscape psychiatrist salary is much lower than most of my colleagues.
Do you mind if I ask what your income is? I am interested in getting into psych
Psychiatrist here. For tele you can make about $200/hr sometimes more. I have a few jobs. inpatient, outpatient, and tele and made 800k last year working about 40 hrs a week and most weekends.
@@Bryan-ny4ss Thank you this was very helpful.
@@Bryan-ny4ss I’m interested in psychiatry. Have been for some time. My goal is to one day have a private practice that I can work part time into old age. Would you be be willing to have a brief informal interview? Currently studying for the MCAT.
@@Bryan-ny4ss How flexible is telemedicine? Are you allowed to choose when you work?
Dr Webb, can you speak about the increase in salary for doctors?
It seems like doctors’ salaries depend on a lot but mainly on their patient case load. This might be inaccurate, but let’s say that a doctor stays with same amount of demand or patient case load, same amount of surgeries, and other workload, and does not have any other outside investments or source of income. How does their salary increase is expected? Or a salary increase based on inflation not really the case for doctors?
The reason I ask is because regular jobs like an engineer, accountant, construction workers, get an hourly wage or salary, but they can expect 3% or 4% annual salary adjustment. Does that happen with doctors in private practice, employeed, or other practices?
As you get more experienced and famous in your city, you can ask for more money during patient visits or surgeries
Many physicians make the most money within their first 10 years out of residency/fellowship. They often take on more patients, procedures, call shifts, etc. Then they tend to make less and less from their practice as they get older. Also, many have investments such as real estate that takes over the difference in pay.
If you're employed - and there are a few specialties that almost require employment since you have to work in a hospital - the number of pateints doesn't make a difference. A good example is anaesthesiologist (that said if you don't want to become pain specialist), radiologist, and many types of surgeons (for exmaple brain). You get a fixed salery (increasing yearly) regardless of how many patients you see (ofc, if you see too few, you'll get problems with the management). On the other hand if you are in private practice, you earn more with every patient.
Primary care docs, EM, inpatient internal med, intensivists probably deserve a raise during this pandemic era
Yes, but I would defend that all professionals in the filed get some love, everybody got screw in the pandemic
Radiologist: there was a pandemic? 🤔
(Just joking, But yeh radiologist only comes out in there dark room probably one time)
Amen brother…they are the real heroes in this pandemic along with all other associated medical workers
They have been making bank just in case you haven't caught up
@johannsebastianbach9003
Everything in Medicine depends on Radiology though, diagnosis etc.
Hey Dr Webb, could you make another update video on your student loans? It’s something that worries me as a premed and I’d love to see how you’ve continued to tackle it
This would be great because it’s something that’s always on my mind
I’m pretty sure he made a video about that
@@Pixel_Po27 yea he did but it was a while back. I wanted another update on it
Doctor's wages have been going up and up compared to the cost of school. The debt to expected income ratio, even for the low end of physicians, isn't bad at all compared to most other professions and careers requiring a degree (look at the ratio for social workers with masters, for comparison). I don't think need med students have much to be concerned about, so long as they graduate.
NYU Medical School is tuition free...
Thank you for sharing. I'm not in the medical field, but I am really interested in learning about finance and salaries. It's good to know how other professions are compensated. Thanks for posting!
Physician salaries can vary widely even amongst folks in the same specialty group. So many factors go into compensation, so folks should be careful about looking at these averages. You’d be surprised how much (or how little) folks make, especially out here in Long island.
New York and big metro areas don't pay as much. Rural is the way to go.
answer is at 10:30
Appreciate it man ✨
I dunno why he extended it like that
😃😃
To be honest, I am surprised at how little doctors make relative to the training / schooling involved. Far more lucrative fields in business, sales, etc without the schooling commitment.
I don't believe for a second that you have a similiar chart with business jobs making above or around those wages.
The stuff you just stated such as business, that is a relatively low % of People. Alot of business graduates have average salaries
@@crazy808ish Go look up typical comp packages for Wall Street, Private Equity, Management Consulting, Tech, etc. BigLaw firms are paying 1st year lawyers $200k right out of law school. You can clear $500k as a 20 something year old on Wall Street.
@@medmahieddine There aren't any low paid doctors because of the barriers of entry to become a doctor. So average doctor makes a lot relatively speaking. However, the point is that if you are talented / driven, you can make more than a typical doctor in other fields without the barriers to entry or schooling commitment.
@@Unc0mmonSense okay read my comment once again. The charts say otherwise. Between risking my financial wellbeing going into business I rather go into med and be guaranteed a nice salary
Like you said, there are so many factors that apply. People also need to consider if you are in private practice and you came right out of fellowship. It will take longer to build your practice because you are starting from scratch. Verses if you came from a practice where you were there for a while, you are more likely to have patients follow you. Therefore, your practice will be up and running faster. Looks like you are doing a great job! Nice videos.
10:32 the answer to the question 😂
Interesting. I agree that most people who elect to go into medicine are not doing it exclusively to chase the money because of the rigorous and costly path involved in becoming and remaining a physician. As a physician, you are responsible for the care of an actual human being, not some inanimate object like a computer program or report that can be recreated in a worse-case scenario!
Whatever physicians make, it's not enough in my view; the same applies to teachers as well. Conversely, you have CEOs who make these lavish 7 and 8 figure yearly salaries off the backs of everyone else at the company!
Never underestimate how much some people would go through for money. Our society's relationship with money is often pathological.
I'll save you 12 minutes: the answer to the question is yes. He won't reveal his salary. Don't waste your precious time
I think you failed to look at one aspect. Some people who had family to pay for their school debt might not be as hungry or have the need to do the most surgeries to pay their bills where as someone with a lot of student loans might be more aggressive in how much surgeries that they do to earn the type of money they need to make. I would think that those that don’t have allot of student debt may work for a group as an employee and need and make less since their financial needs may not be as high.
Well you don’t need more money to pay off your student debt, paying it off consistently over time is fine. People have this weird view of student debt as if it’s the worst thing in the world when reality not only is it a great way to maintain perfect credit (if you’re paying it off consistently), but it doesn’t affect your ability to obtain loans as much as you think when you have a profession that pays a lot of money like this. Doctors are very coveted clients in the mortgage or lending industry in general.
I still don’t understand why it’s so “taboo” for people to talk about their salaries. Not only in medicine but across the board. But specifically in medicine.
because of haters.
@@iggyzootz1 exactly🙄
I agree, I don’t give a shit if people know how much I make
It was a ploy by businesses to prevent employees from comparing salaries and asking for more money
I work in healthcare and we NEVER talk about our salary. because everyone gets different pay depending on their license, years in experience and practice, and certification (for some). Also I think because of jealousy.
If you take call at a hospital and see someone either in the ER or inpatient. Are you allowed to refer them to come see you in your office for care or potential care or is that allowed?
Absolutely
That’s how call works
@@antoniowebbmd you just can't refer someone for services that you don't directly do but have a financial interest in, correct? Like going to this MRI company because you're an investor or something
@@kaitlynkilpatrick36 That’s generally true. It’s called Physician Self-referral or, commonly, the "Stark law", named for former U.S. Representative Pete Stark (CA), who was instrumental in the genesis of the bill. It applies to Medicare and Medicaid patients. There are exceptions (we used to call them "safe harbors") and they were formalized by the CMS (which oversees Medicare and Medicaid) in 2020. I’m not aware of any more recent changes.
We all know that there is not a fixed number for salary in any profession . Most of these videos waste time in just explaining there are a lot of factors without providing any significant info. .
Unless you have a military pay grade
06:15 minutes ramble for an "Yes and No / depends" answer.
Doc, you are wasting my time.
08:46 "this number is pretty accurate". FINALLY!!!
Hi, Doctor Webb. Could you do a video on "what it means/entails to build your practice?" I thought the purpose of joining a group was to get referrals from physicians that are already established. If you have to build up your own clientele, or establish a relationship with a hospital on your own, then what was the purpose of joining a group?
many hospitals prefer to hire en masse with these groups. very rarely do hospitals have single openings like other jobs
@@fulltimeslackerii8229 Unless you are talking about government or HMO owned hospitals like Kaiser, hospitals do not hire doctors. Hospitals do give out exclusive contracts to in hospital specialties such as emergency medicine, radiology, pathology and anesthesia. The rest depends on private doctors who don't get paid by the hospitals for admissions, consultations and treatments.
Imagine you have established a good and busy practice over many years and now you recruit a new doctor to share some of the work load, do you really just give out part of your patient population free or will you want a % of the income generated from that portion? It is commonly known as buy in either a lump sum or a % over a certain number of years reducing the amount of money earned by the new doctor.
I am quite confident that you are correct in that those are the numbers. The challenge is that it does not take into account of a million other factors that affect how much you as a surgeon gets to take home. 1) What is your overhead? 2) How much malpractice insurance do you have to pay? 3) How much do you need to pay to your respective colleges, boards, state certification (Sorry I am Canadian so it is provincial), etc... 4) How many hours are you working? If you are working twice or 3 times as much as a 40 hour work week... then you are only making between $250 000 or $160 000 compared to the person who works a 40 hour work week with respect to time. 5) How much debt did you incur and delayed income did you have as you completed your 4 years of undergrad, 4 years of medical school, 5 years of orthopedic residents and 2-3 years worth of fellowship and how would the money you made - say worked really hard and made $50 000 grand out of highschool (I am sure unrealistic, but you hustled and worked 80 hours a week and continued to only make $50 000 grand all those years and didn't move up in the world - that would equate to at least $750 000). Where as coming out of all your training... you may be $300 000 in debt? So that person made 1 million dollars more than you over that time. And also didn't have to do between 80 and 120 hour work weeks. 6) A lot of other workers have pensions, have coverage for health insurance or dental or injury... we have to pay for all these. And no... we do NOT get a pension. Our money at least in Canada gets taxed 50%. That means if we make $500 000, then we only take home $250 000. Again... it is not about the money, but... if you are trying to get into medicine for the money you are an absolute fool. There is only one thing that I will say about medicine as it pertains to money that I think is good. If you are a good doctor and hard working and caring and don't do anything stupid or crazy. You technically could have a job for life. You won't necessarily get fired because your company is downsizing. You won't get let go cause there is a younger doctor who is more up to date and is going to ask for less money. You are your own boss. But you need to be smart with your money. Pay off your debts and save for your retirement. Okay... nobody is reading at this point, but that is why I hate it when people ask this question about how much you make. We are paid well. We deserve it. But compared to a lot of other jobs, medicine is not a smart way to become rich and wealthy. Not even close.
Thanks for your candour and I appreciate you discussing an uncomfortable topic, but I do feel that this is only part of the story and the few things that I pointed out... are just the tip of the iceberg. I am sure someone far more educated than me can point out a thousand other things where these salaries don't hold up to your regular 9-5 office person.
you are right dude.medicine is not as lucrative as it sounds
@@blackjecha437 Isn't there a calculation that says a doctor really makes about $30 a hour at the end of his career when you count the hours and loans taken out.
@@harveylin3548depends on the specialty, average salary for spine surgeon in Midwest/south is 900k, peds is south of 3, so big range in gross lifetime earnings.
I would like to know what this income translates to per hour when you take into account the amount of hours worked to attain it.
Medschool insiders made a video about that you can check their channl and honestly it's pretty good
@@sisoelshennawy7289 You're right! I just watched it. Love it, thanks! I made a video recently where I showed mine and my wife's paystubs as Nurses and my effective hourly rate this year was $147/hr, meaning that, if I worked an average of 46/hrs per week (same as what an average ER doc would work) I would be earning 351k/yr.
I am always amazed, that there is any concern with this subject. These folks spend up to half of their lives in school, taking course work most all of us can't even imagine, working insane hours that few want to think about, racking up debts that some folks would retire on, so that they can literally save our very lives! How does one put a price tag on that?
When is the next “I am doctor” series Dr Webb??!
The hospital for special surgery in Manhattan the #2 ranked orthopedic hospital the surgeons make 1-4 millions
This seems to be true
@Antonio J. Webb, M.D.
Bryan sir how much are their take home salary after income taxes and overhead costs?
@@pikusarker1359 Idk about the take home but if you search up dr han jo kim salary it shows everything
@@techwerido3625 he also had semi celebrity status, so that automatically inflates things. It's like saying Dr Mike who is a family physician makes over 1 mill a year but he also has celebrity endorsements
Not sure about the numbers but they have some of the worlds best surgeons there
Thanks doctor for giving us the real fact’s 🙏
Thanks for the insights Dr. Webb 🇳🇬
Thank you for this. Money is important to me and a big factor in weighing up which specialty to apply to (UK) and what I am willing to sacrifice to achieve a certain lifestyle and it is SO hard to find accurate information online.
become youtube doctor then or youtuber
Let me put this in perspective another way. I graduated from high school with top grades and worked my tail off to pay for my own college with some scholarship money (not a ton). My brother came out of high school 2 years later with barely a C average and went to work as a union laborer in a factory. I did not make as much money as his starting salary until I was a chief resident. That meant 4 years of undergrad, 4 years of med school, and in my 4th year or residency till I saw his starting salary. Then I did a 3 year fellowship at a good university that didn't pay well, so they matched my chief resident salary for those 3 years. Total of 15 years and a lot of educational costs until my salary equalled his starting salary. I'm not whining, and from the time I started in practice, my salary jumped dramatically. But it is only fair to look at 15 years of training, 8 of it potentially accruing a large amount of debt before you see any significant earning.
Med school is not worth it in the current climate. The loss of life experience, massive debt, abusive schedule, lack of respect and low compensation is unreal. The way this country does doctors is absolutely horrible
As a physician that recently completely residency. I completely agree with you. The abusive schedule alone jaded me and like you said. It takes aways years of not just life experience but also lost income opportunity. Doctors really aren’t rich. We worked hard. Harder than a lot of other careers to be middle class.
The climate of healthcare is not worth it. It touches all areas of healthcare. I am a health professional as well and i have friends from across all field of healthcare. We all came to accept that the grass is not greener on the otherside of each profession.
@@0vershadow tax alot too.
This is part of the medical tradition. Don't blame this on the public.
@@zajdabneeg Ya I'm a nurse. I wanted to be a Dr but didn't get in. After working a few years as a nurse man do I wish I took nursing right out of high-school. Because women are I charge of that profession and they always want fluffy bunny stuff you can practically come and go as a term employee anytime you want with any contract length you want. You never have to work your way up the pay scale when you come back. You earn a lot it you work at lot. I came out of school with no debt. If I graduated at 22 instead of 29 from nursing I could have travelled the world for 6 months a year every year and still banked 40k a year. Having seen what Dr's do yes a Dr is a better job if you plan to do it the rest of your life but I'm not that person. A Dr can never travel for 4 months. Not until they are like 40 year old anyways. They buy into group practices costing 100s of thousands on top of their student debt. It takes a decade to pay that back with hard work in a brutal environment (hospitals) for most of them. Nurses have it worse if you work in medicine like me. But then again I can work 6 months and leave for 6 months and repeat....at 22 years old! When you look back at life those who spend their 20's experiencing new cultures got it right. I regret not opening my mind sooner. Those that dedicate life to ungrateful corporate cash flow are the chumps in my opinion. Not that a don't like working. It makes me feel valuable and productive but there is more to life than being a slave to the corporate dollar. Trying backpacking a developing country for a few months. Get a cheap appartment. Such a better life. I realized that I'd have hated being 95/100 doctor jobs too. You still have to be in a hospital where you are a slave to the mouthy verbally abusive patient under Canada's gross public Healthcare system. A patient can literally do no wrong. No matter what you must ass kiss. As a nurse OR a Dr. So forget that. I don't particularly like my job but it gives me a good life. Dr's hate it equally but can't say the same about the good life. With the status Drs might get a sexier wife....you a few years until she goes back to the streets partying like all the hot ones do. Might as well live it up in 3rd world countries yourself. Of course the women in charge of nursing hate when masculine men enter the nursing profession. The are constantly passive aggressive like little weasels lol. But you quickly become valuable on a unit and stamp that out.
My objection to the medical field is the Med Schools not producing enough graduates. If those salaries are going up because positions are not being filled, that is a sign the medical schools need to increase admittance. Also the internship model for becoming a doctor needs to be revamped to increase the amount of general practice physicians.
Fwiw most medical schools have a set limit they can accept set by their board of regents or bylaws… that number can’t just be increased because of facilities, faculty ratio, clinical site capacity, etc. Not to mention there are also a set number of residency slots (and there are some graduates who don’t even fill those slots now).
Honestly it's true. I agree that salaries vary. However, the medical field is where you make the amount based on how much work you do. Any spinal surgeon making less than 300k-400k yearly (who's not in academics) should switch careers because they are not making close to their potential. Same goes for those in neurosurgery, plastics and even dermatology.
Agreed, someone is ripping you off if you are working average hours and making less than that in one of those fields
Get a lot more than UK doctors. NHS pays around £100k per year for consultant level doctors
I would expect with 14 years studies and residency and 500k in student debts, i would expect they earn 500k upward
great video dr webb! definitely something that's not talked a lot about
I thank you so much for actually sharing this!
No prob!
The average doctor salary in my country - Bulgaria, which is an Eu country is between 500-1800 dollars.
6:16 if you just want to get straight to the point
That “nice” salary doesn’t include income taxes. Uncle Sam is going to tax the $*** out of that income before you DOCS ever get paid.
P.S. you docs do a very noble job taking care of all of us. My hats off to you.
Many things go into how much you’ll bring home. The cost of buying an EMR is exceedingly expensive and because there are multiple options you’d better guess correctly. Malpractice insurance is dependent upon your specialty. Cosmetics is a cash only business so they will always win the day. The rest of us deal with reimbursement rates controlled by insurance companies. Peds and family practice may be at the bottom but you can be a generational physician, taking care of the same family for decades. Drug trials used to be a great way to increase your income, not sure if they are these days. Private practice is a dying breed. The new kids graduating these days want the safety of a salary and no risk. Unfortunately, we’ve started to see (RVU) productivity based pay even in university and hospital settings so the “safety” of those workplaces is decreasing. My advice, do what you love. If you’re lucky you’ll be doing it for decades (43+ years).
I love your channel! Thank you so much for the content.
The numbers aren't accurate and you know it! Most medical students only go in to it with expectation of becoming millionaires which they quickly do. Nurses, CNPs, PAs, all the rest are in on the $$$ gravy train. The American Medical Association (lobby for the Doctors defacto Union) ensures that there are not enough Doctors so demand and bloated salaries remain high. Examine progressive countries and you will learn that medical school is tuition free to their best and brightest who then agree to work for the public/govt sector for a certain number of years. Medicine & health care is not a for profit business and preventative care is practiced. In US a culture of sickness & death is promoted for the purpose of profit and ONLY profit. Keep it real please. People aren't that stupid.
DID YOU KNOW that there are more millionaire doctors in the US than any other profession?
Did you also know, that the suicide rate among doctors is higher than any other profession?
And what about the taxes? Do they have to pay more money? How much money more?
Great stuff Amigo !!!! ER is up there 😎
Family doctors earn around 180k cad in Canada. 140k USD. surgeons I think earn around 180k USD. Average townhome in Canada is around 1 million cad and average detached home is around 1.4 million.
What exactly does it mean for a spine surgeon to have a private practice? Like... do they take out a business loan to build an operating room in a strip mall shop space or something and hire a bunch of radiologists and nurses...?
Typically, gross takings are quoted as if a ‘take home’ salary. This completely ignores the cost of facilities, staff etc, however the doctor may contribute to these overheads (percentage of earnings, flat-fee, pay as you go). It’s nonsense.
It’s about as accurate as assuming the profits of a business you hold shares in, will reflect your own ‘income’ from your shareholding.
Or, ‘ignoring’ your mortgage, utilities, any other loans, and your food & car expenses in equating your wealth in ‘disposable income’ terms, to your annualised salary.
‘Bears no relation’, basically
He talks about all of that in those videos that he mentioned within this video.
Just taxes alone on $500k income means you should subtract about $151k to get the actual number you'd be working with.
I bill in the well into the millions of dollars for my hospital. My take home pay is obviously a small fraction of that. So all the other money is going to overhead.
more details would have been helpful. is this $500k salary after or before you figure in office expenses and staff salaries? is 500k pre-tax and deductions or after?
Thanks for the information Doctor Antonio
I just realized I was following you on you tube! I transferred from Stone oak pacu to Main’s pacu! So cool!! Now I can say I met a you tuber in person 😎.
Lool imagine goverment hospitals pay you 500K while damn well knowing half of that is going to taxes and going right back to them. no way im working 60-70 hours a week for 240K
Great Video Dr Webb, thank you for your transparency! Please do more finance videos if possible please!
So would you say that generally a surgeon in private practice would be more likely to suggest surgery, because it affects his/her bottom line (versus a salaried surgeon employed by a hospital, who will be paid the same whether or not he/she recommends surgery)?
Yes
What would be an estimated production/collection of the practice for a single orthopedic surgeon owner who makes $500k annually?
I'd be curious to see the patient hours/non-patient hours/continuing education hours for each profession.
I've heard docs say MGMA is more accurate than Netscape
Greetings Dr.Webb, I was wondering do these salary represent both private and hospital based physicians?or is it only for private practice/hospital based physicians?
Both across the board. It varies so widely though
@@antoniowebbmd You entered the field at the right time and the right age. imagine people who started later in age?
@@antoniowebbmd Thanks
@@antoniowebbmd Being you are in private practice are you responsible for paying your own malpractice? I would imagine for a spine surgeon that could be costly.
Hello my local doctor sir I also live in San Antonio ok today is Jan 03rd’23 so
I’m hoping we all won on HR8800? Please tell this bill passed 😬 thank you doctor
Besides taxes, Are these number net of insurance and other major expenses ? If he has $40k of monthly overhead (like he mentions in another video) is the $500k above and beyond that? So he grossed about $1m? Is that right.
Salary is usually gross
@@APerson-zf3rz usually But in doctors case it really cannot be. He mentions that he has a $40k /month overhead he needs to pay to the group/partner to pay for his share of overall expenses. So obviously he can’t be making $500k per year gross. That would net him nothing at the end.
These are what the physician is paid. Private practice will usually earn much more than the medscape list
What is criminal is how much MD’s make during their first years of residency… most people don’t know often nurses are making more than the MD’s during the first few years of residency.
sure its cruel
All nurses make way more per hour than any resident. Part of it.
Getting paid to be trained?
Alright but 500k with or without tax? And how much tax does a doctor have to pay in his/her private practice or total income coz I believe its important to know about 😅
Hello Dr. Webb. I have a comment. Salaries is the topic. Do you think this is all money made by the Doc. after all expenses have been deducted? There is no way a Family Doc. makes $230,000/year. They bill millions but have a huge overhead. Another thing, a ER Doc, a Hospitalist, a Neonatologist, and many other Doc's who have no overhead, what they make is theirs( Uncle Sam of course). Many of these other Doc's make a lot of money but require an office, equipment, light bill, employee payroll plus taxes, employee vacation time plus vacations, making sure what you as a Doc are pating them at thre ongoing rate for their profession as others, so it also depends on if you are required to have an office or no office with no overhead. A hospitalist makes a salary and it is all his.That is never included in conversations!!
No a family doctor can easily make $230,000 per year. Overheads are no particularly high considering. Remember there are multiple doctors in the same practice which reduces the overall overhead costs.
A family doc easily makes that. Most of these salaries are based on employed money. Private practice makes so much more
This individual seems to have learned nothing from the pandemic. Go ahead and spend all of your time at work. All income is taxable. Time is the most valuable thing in our lives.
i didn’t see dentists on that chart. did i miss it? is there a reason they weren’t on that chart?
So umm....... what did you make your first year specializing in spine surgery? That's what we all want to know, haha :)
The BLS has the median and average numbers even by state and city.
When l worked in medical coding and billing l learned the truth about the deceitful tricks
pulled by insurance companies including Medicare,
Thanks Dr Webb! Follow up question: are these figures of revenue prior to or net after deductionss, office expenses etc?
before taxes/etc.
a doctor i spoke to made around 400k but he had to pay his nurse, front desk worker, rent for his clinic, rent for some of the equipment... after all that and taxes.. he made less than 200k... and he works M-Sat
9am-7pm
edit: he also has tech to draw blood/do labs. Oh and malpractice insurance for the practice and health insurance for his office
@@winter7091 how does he survive ?
@@PranayBrajabashi he also moonlight/on call
@@winter7091 can you tell me how much Internal medicine doctor earn by private practice ( after tax and malpractice insurance)
@@PranayBrajabashi definitely less ... since the doctor I spoke to was a specialized doctor.
It honestly depends on how you decide to run your practice (with/without partners).
Also the salary of an internist changes based on state (income tax, state tax), salary/contract etc. Can't really give you an exact number
The orthopedic guy who fixed my cervical spine saved my life!
I have been watching your channel for 2 years
And this video is awesome 👏, I like the improvement of the video quality
Keep it up 👍
After paying taxes, staff, lease, and malpractice what is their net. less than a nurse in many cases.
it all depends on how much you work.. you can make less than what you see on there or you can work a shit ton and make way more than what you see.. all depends on you and the spectrum varies.
Most general practitioners in my country make averagely $6000/year😞. I'm writing the USMLE ASAP.
which country is this
I mean you know that salaries are related to economic state of the country? Probably this salary is considered high in your country…i would assume everything is much cheaper than the (US).
I'm interested in knowing what percentage of a doctor's salary take home after taxes, insurance or other expenses. Thank you.
Even if one doctor makes more than 100k. It is definitely deserved after working 15+ years for basically nothing ...
its so unfair that residents earn only 50-60k starting, while working on average 70-80hrs/week.
its literally slavery for 4-7years depending on specialty. then followship... ugh
I made $550,000 as an Hospitalist physician in 2022.
So how much are doctors making fresh out of residency working at a hospital? Are these numbers skewed by older doctors?
I have no idea why the salaries of doctors are the most hidden thing. I can trace the salaries of various software engineers easily, and also other managerial roles.
And if someone thinks it is because they are low, it is not necessarily true, some people do make 300K or even 400K (Seattle, NY, etc) but there is certainly a range.
With doctors, I never have any idea, how the salaries even increase with time or what is initial pay or what is pay in different regions, everyone including this one, does give so much info but very few numbers.
But I wonder if the medical malpractice insurance is higher for those Specialties being that people can really mess up in cosmetic surgery or other and get sued. And I wonder how much of that money will be going to school school loans before they see their bottom line.
Can you talk about the stress doctors have and burnout?
Basically medicine pays meh, with student debt, long hours, bureaucratic structure, and a compromised social life.
Starting a youtube channel reviewing toys is more profitable...
Answer: 6:18
you all should be looking at the median salary and not the average... average is skewed the median is not
After many years in practice, I think that the medscape survey numbers are quite accurate. (I'm a Pathologist)
Thanks for sharing doc!
I'm a physician. Answer the question or the delete the video. The fluff isn't needed. Be honest or don't broach the subject.
Most important of all besides the outer galaxy incomes doctors make is that doctors are happy with what they do as it pertains to their respective careers.
It never brought good feelings when you shared or found out about someone else's pay at work. If it was higher you'd feel bad and envious and if it was lower you'd feel bad cause you knew they would be envious of you
I would argue that it's important to know what people in your field are making, to ensure that you're not being underpaid.
This only exists because we've cultivated a culture of keeping it a secret. If people shared their wages more often, then it would be well understood that people make different decisions, have different skills, get hired at different times, and many other things that contribute to wages being different.