2013
To answer the question are physicians overpaid perhaps we need a frame of reference.
Many football coaches in leading colleges make far more than most physicians. Many heads of large unions make more than physicians. Some members of Congress make more than physicians. Then, of course there is the Hollywood and sports elite who earn more than just about everyone while contributing nothing of significance to society.
I’ve done some research and I am convinced that on average physicians are not overpaid in any sense of the word.
Before we get to specifics lets consider the training and investment a physician must make, the risks they take, the irregular hours many physicians have to deal with, the emotional issues on a daily basis, dealing with patients and their families, continuing education and more.
When one compares U.S. physician income with other countries, we find many countries lower and some higher. When you look at the overall average income you get apples to oranges because the U.S. has far more higher paid specialists than other countries (it’s yet to be determined if so many specialists is a good thing).
Below you can see average physician salaries by specialty. This is from the Medscape News 2013 survey. As you can see, there is a wide range among the specialties.
Putting on my compensation and benefits hat, I see nothing wrong with these numbers except perhaps some physicians may be underpaid.
So what’s your opinion?
QUINNSCOMMENTARY 
T This is a difficult question to answer, Anumber of years ago I spent time in Russia and Kiev. Most of the physicians there were women. The physical workers were better paid; Women were not particularly well paid; therefore physicians were not especially valued. I can remember a time when docs were not paid particularly well in this country but that all changed when Medicare was enacted. I would guess that your analysis is about right.
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We need to keep in mind that the numbers here are net of business operational expenses so to generate that individual income their gross business income is considerably higher.
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