Doctor Pay...

[bobk]

It was very satisfying reading the comments section. I don't think a single person agreed with the article, mostly slams for the shoddy research. Here's my favorite response:

You can lower physician salaries when you

1. Pay for their schooling;
2. Pay their bills while they're in residency;
3. Pay to defend them when, not if, they're sued;
4. Pay for the vacations that help make up for all the time they spend away from their families; and
5. Pay for their retirement.

What would that do to healthcare costs?

I slightly disagree with #5, as everyone has to deal with retirement in some way. However during the training years, it's nearly impossible to save because of #1 and #2, so the higher pay later on helps offset that.

[scrub-jay]

I slightly disagree with #5, as everyone has to deal with retirement in some way. However during the training years, it's nearly impossible to save because of #1 and #2, so the higher pay later on helps offset that.

I think that is a reference to the systems that are rapidly disappearing... such as public educator or union-based retirement systems.

[bobk]

I think that is a reference to the systems that are rapidly disappearing... such as public educator or union-based retirement systems.

Ah, makes sense. For those that are done with training, what's typical for retirement benefits? Is it limited to 401k type accounts, or do some practices and/or hospitals offer a pension system?

[scrub-jay]

Ah, makes sense. For those that are done with training, what's typical for retirement benefits? Is it limited to 401k type accounts, or do some practices and/or hospitals offer a pension system?

Honestly, in most fields it is 401k and other personal retirement accounts, I would be shocked to hear that the medical field is moving toward a pension system, there are very few that remain today in any industry (some left in government and education systems) but those that do remain are a dying breed. I read that as a "it'd be nice..." but not realistic. I support that being on the list because physicians especially do lose quite a bit of retirement value by not being able to contribute through training, but you are right, that benefit is not really offered anymore like it was 60 years ago.

[spotty_dog]

I thought it was referring as much to the fact that there may be a higher-income Social Security phase-out by the time we retire, which coupled with the lack of compounding power from investing during one's 20s (we saved only about 6-10% per year during med school and residency) puts physicians at a bit of a disadvantage.

DH works as an independent contractor, and as such has no employer benefits. We administer our own solo 401(k)/Keogh (which actually has higher contribution limits than an employer 401(k) so it works well for us as we play catch-up).

[SuzySunshine]

I know Mayo has a pension and its for any Allied Health staff after being on staff for 3 years.

For DH we are able to invest in a 403b and a 457 through his employer - everything else we do on our own.

[weeniegeniewife]

DH has a pension through his hospital employment. We also have 401k's and other retirement vehicles.

[corn poffi]

Wait, somebody was suggesting that physicians get paid to go on vacation because they miss out on time with their families?!?!?! I'm sorry, but any successful career person will probably have sacrificed family time for their career! That is ridiculous. Yes, it's a total tangent, but that suggestion boggled my mind.

Anyway...back to the discussion....the original article was also quite ridiculous. I'm sick of the argument "x makes more money than I do, therefore they are overpaid"

[scrub-jay]

As a tangent CP... there is a software company who is making waves in corporate America because they give each employee $7500 (on top of their PTO) to leave town for their vacation and un-plug (required to not take company cell phones or computers). The company feels that it increases worker motivation and productivity and is worth the additional cost. If only all companies were as innovative. *sigh*

[ladymoreta]

Wait, somebody was suggesting that physicians get paid to go on vacation because they miss out on time with their families?!?!?!

It's not that unheard of... Most white collar jobs offer some paid vacation. When I was working, I always got at least one week of paid leave, (although at 2 jobs I had to wait a year to be eligible for it). DH was lucky to get paid vacation in his contract, but at least in anesthesia, "eat what you kill" is a common form of salary structure, so any time off is unpaid.

[weeniegeniewife]

DH gets many weeks of paid vacation each year.

[Deebs]

EM is eat what you kill, generally. No paid vacation. Most contracts also have monthly minimums stipulated, so if a doc wants an extended vaca, he/she would work all shifts in the first part of a month, and bunch the next month's shifts at the end of the month. There is also no paid time for CME, so the months that DH is traveling extensively for work, he still has to get his minimum shifts in somewhere during the month.

[corn poffi]

I understand paid vacations...I get them as do our physicians. I interpreting the comment as somebody wanting extra money to go on vacation!

My pay check is actually quite larger than my husbands. As a ph.d he doesnt get a lot of money. But people tend to think that because he graduated from med School the money is flowing in on his bank account.....I wish


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