How Much Money Does a Doctor Make? | The Financial Benefits of the Long Process to get Into Medical Profession

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Did you ever want to become a doctor? Once you reach your ultimate goal of becoming a doctor there are many financial benefits. Since the role of a doctor requires you to treat diseases and make diagnoses there’s a lot of pressure on your job. You want to be knowledgeable about the hospitals you’re planning to work at. Consider the salary, but also consider other factors such as work environment and benefits.

The amount of money you make as a doctor depends on your field. Think about which field you’re in and how long it would take for you to move up the ladder. There are different levels of salaries, depending on your specific occupation. Since each occupation will demand different requirements each salary will be associated with what your job entails.

How Much Money Does a Doctor Make

How much can you earn in a thriving practice? Whether you’re a primary care or a specialist, doctors have a responsibility to look over all their patients. This is a lot of work from the moment you wake up till the end of the day. The money you earn as a doctor will vary from $150,000 to $312,000.

The numbers will moderately weigh on your profession such as a physician, pediatrician, or emergency room doctor. Each position has different annual averages. Another factor is the location you’re working at. For instance, metropolitan areas tend to have higher tax rates which may increase your salary.

It’s important that you know the salary expectations for your occupation. This will help you better understand the ins and outs of what to anticipate for your salary. After all the time you put in you don’t want to be underpaid. Look at all the aspects of your program and make sure that your occupation matches.

Continue to do your research on your particular occupation. If you’re just starting out most likely you’ll be paid the average salary, however you want to consider the promotion rates or bonuses. The difference between MD vs DO matters.

All the factors include occupation, location, and job requirements. There is a wide range of doctors so you want to see the salary for the position you’ll be. 

What Is an Average Salary of a Doctor in the US?

The average doctor salary is $224,190 to around $397,000. After going through countless MCAT prep books reviews, attending medical school and finishing residency; the life of a doctor has many challenges. The salary increases due to the wide range of difficulties a doctor may face.

You want to highly consider the location and field you’ll be working. It’s best to have an overall idea of what’s the average salary so you can continually aim higher. With a doctor’s salary, you want to see your hospital's benefits and how these can improve the quality of your career.

The average salary is due to the countless rules and regulations of the medical field. On top of learning the intricate rules of biomedical ethics doctors are required to work long hours and can deal with hard case loads. There’s a concern about being sued and a continuous cycle of rotation.

The numbers of the average salary of a doctor will vary if you have a surgeon salary or a physician salary. The medical field has a variety of occupations that demand different fields of interest. The annual physician salary can star around $223,000, while medical specialists can get around $329,000. 

Why Certain Doctors Get Paid More

4 different doctors

If you’re deciding to go into surgery general surgeon salary or internal medicine each salary will be different amounts. Surgical doctors require special attention to detail when dealing with the human anatomy. This focuses on a higher demand for doctors to heavily concentrate on their work.

The higher risk procedures will usually become more of a liability issue. This can impact the safety of the surgeon and the entire procedure. There’s more on the line when a surgeon has to finish up a surgery. Also the materials could include organ transplants which requires an immense amount of financial payments and liability.

The top earning doctors are dependent on a gastroenterologist salary, ophthalmologist salary, or a urologist salary. For rheumatologist salary or a
general practitioner salary, you’ll make around $100,000 less than the top earning doctors. It’s important that you consider the pay, but most importantly think about the field you’re in. 

Are you passionate about that field? Do you see yourself working long term in that field? If you are you can still work in the field you love and build your salary throughout the years you work. 

Certain doctors get paid more because of the required speciality focus that a surgeon demands. For instance, a family medicine salary is more of a general consensus on diagnoses such as the common cold or flu. However, for harsher conditions such as cancer or tumor there’s more life risks involving surgical procedures. 

Payment Outlook for Young Doctors

The overall employment growth for young doctors is set to increase at 7 percent from 2018 to 2028. Job growth is expected to reach a higher demand which is good for young doctors to secure an employment. The payment outlook can depend on the hospital they’re located in and also how their occupation is contributing to their patients.

To secure employment after residency, you want to start making connections early on. Connections can look like anything from a fellowship or doing research with a faculty member. You don’t want to put all your experience and commitment to waste. It’s best to be as proactive as possible.

Being proactive is making the right connections. You don’t need to spread yourself thin by contacting every faculty you met, but consider contacting the ones that made a genuine impression on you. Also its a bonus if this member and you had a strong professional relationship. This way they could possibly recommend you to other hospitals.

It is a fast average for growing occupations, however the demand for healthcare services can fluctuate. Depending on the state of the economy, people’s access to healthcare is not fully predictable. This is why it's important for prospective doctors to keep in contact with their previous instructors to maintain a strong network after residency. 

Another factor tying into the payment outlook is the medical debt of a student. If you had to take out multiple loans, your first years of employment will be focused on paying those off.

This can reduce the amount of salary you’re receiving because loans can accrue interest rates, depending on your deadline. 

a young doctor

Top 10 States with the Highest-Earning Doctors

Through different hospital mergers, each practice can benefit from regional support. Wages are heavily impacted through each location. If you’re competing with a set number of jobs it can be difficult to make you stand out.

However if you’re located in any of the top 10 states you’ll be financially secured. It’s important to consider job benefits. Outweigh each of the benefits such as the health insurance or their retirements plans. Think long term because this can help you make your final decisions.

To begin, the top three will benefit you in terms of living and job offers. The top of the list is Oklahoma with an annual salary of $337,000. It will highly benefit you because of the low costs of living as well as their numerous hospital and healthcare institutions. Next is Alabama with the average salary of $330,000. It also has a low cost of living and is a good choice to expand your career options. Nevada has a physician average of $329,000 with no personal income tax. 

The rest of the top states are Arkansas ($326,000), Florida ($325,000), Kentucky ($324,000), Tennessee ($323,000), Connecticut ($323,000), Georgia $322,000, and Indiana ($313,000). Consider a number of factors when you’re considering which state to work in. Including experience, speciality, and permanent positions. 

Medical Schools Which Promise Higher Earnings

When your medical school is top ranked this expands your circle of connections. It’s best to maintain strong professional relationships because this can contribute to job security and career advancements. For instance, the medical schools that promise higher earnings are top-notch and known for the medical research.

The best thing about top-ranked medical schools is that it can give you the inside scoop of incredible role models. You’ll be working alongside some of the best doctors and instructors. This can help you gain confidence and credibility, by asking them questions and interacting with their ways of professionalism.

Investing in different ways of professionalism can make you stand out. Not only from your top ranked med school, but with the ability to make higher earnings. This is a very good trait especially if you’re a young doctor just starting out. Continue to invest in your level of professionalism because it can heavily impact the way that you interact with your colleagues and advance in your career.

A few include Stanford University School of Medicine, Johns Hopkins School of Medicine, and Keck School of Medicine of USC. For aspiring doctors, our team suggest that you make the most out of the medical school you attend. Since you’ll have access to core specialities, the amount of connections you make can give you a competitive advantage.

Harvard Medical School and the University of Michigan Medical School (Ann Arbor) are great examples of medical schools that start off from higher salaries, however it ultimately depends on where you plan to work. If you’re considering a more research involvement or a private practice, salaries will be decided by your employer and location. 

Leonard Haggin
 

I created this site to help students like you learn from the experiences my team had learned during our extensive academic careers. I am now studying Law at Stanford, but I also make time to write articles here in order to help all you fellow students advance in your academic careers and beyond. I hope our efforts on Study Prep Lounge will arm you with the knowledge you need to overcome whatever trial or test you find in front of you.

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