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  • Doctors are so rich.

  • Right?

  • Well, it depends on the specialty.

  • A plastic surgeon and general practitioner are both doctors, but one makes much more

  • than the other.

  • In this video, we'll go over the best paid specialties.

  • What's going on guys, Dr. Jubbal, MedSchoolInsiders.com.

  • While the money should absolutely not be a primary reason for you to go into medicine,

  • let's be real, it is an important factor.

  • After all, we wouldn't pursue being a career as a doctor if it only paid $50,000 per year and came

  • with hundreds of thousands of dollars in debt.

  • That's just not a smart move..

  • That being said, I would argue that the salary of each specialty should not sway your decision

  • in which specialty to pursue.

  • It's simply not nearly as important as finding a good fit in doing something that you love.

  • It doesn't matter if you are making half a million dollars per year as a plastic surgeon if you can't stand the operating room.

  • I have additional thoughts on choosing a specialty in another video.

  • First, let's set a frame of reference with

  • the average physician salaries overall.

  • If you took all the doctors in the United States and averaged their salaries, it would

  • come out close to $299,000.

  • That's not bad.

  • Subdividing that group further, you'll notice that primary care physicians average a much

  • lower $223,000 per year, and specialists average $329,000 per year.

  • Here's the good news for doctors: physician income overall has been steadily rising over

  • the past 7 years.

  • One reason is the fundamental economic principle of supply and demand.

  • However, it should be noted that their rate of salary growth slow and steady, very much

  • unlike hospital administrator salaries, but that's a topic for another video.

  • It's important to note that the average salary of each specialty changes year to year.

  • In this last year, psychiatrists' average salary increased by a whopping 16%, in large

  • part owed to the increased demand for psychiatrists in recent years.

  • Other specialties that have seen significant increases in compensation include plastic

  • surgery at 14%, PM&R at 13%, and oncology at 10%.

  • So Which Doctors Make the Most?

  • This year, plastic surgery topped the list at an average of $501,000 per year.

  • Orthopedic surgery trailed closely in second with $497,000 and cardiology in third with

  • $423,000.

  • None of these surveys are perfect.

  • The data I'm using comes from the Medscape 2018 survey of physicians.

  • There are other surveys out there, with similar but slightly different results.

  • In recent years, you'll notice that a handful of specialties consistently perform at the

  • top in terms of compensation.

  • Those top 5 specialties include neurosurgery, orthopedic surgery, plastic surgery, cardiology,

  • and gastroenterology.

  • So what do neurosurgery, plastics, orthopedics,

  • cardiology, and gastroenterology have in common that results in such high salaries?

  • It comes down to one key thing: procedures.

  • The way the current healthcare system works in the U.S., procedures are compensated quite

  • handsomely.

  • On the flip side, you'll notice that the 5 lowest compensated specialties are not

  • procedurally focused.

  • Does that mean you should pursue a specialty that is procedure heavy?

  • Not based on salary alone.

  • I personally love working with my hands and I love precise, meticulous attention to detail, which

  • is why I matched into plastic surgery.

  • But if you don't love working with your hands, you'd be miserable doing any form

  • of surgery.

  • Now, there are several other factors beyond specialty

  • choice that can significantly sway the average compensation of a doctor.

  • A huge one is location.

  • In this year's survey, Indiana, Oklahoma, Connecticut, Wisconsin, and Nevada topped

  • the list as the top-earning states for doctors.

  • States like New York and California are much lower on the list, even though both California

  • and New York have much higher average costs of living.

  • So what gives?

  • Again, it's a matter of supply and demand.

  • Lots of doctors want to live in California, since it's obviously the best state in the

  • U.S., in my totally unbiased opinion, and therefore there's relatively more supply of doctors than demand.

  • As a result, hospitals can pay doctors less than if they were in, say, Wisconsin.

  • Because fewer doctors are eager to work in less populated areas like Wisconsin or Oklahoma,

  • hospitals need to pay a higher salary to attract talent there.

  • Simple economics at play.

  • The second factor is practice type.

  • Self-employed physicians, meaning private practice docs, on average make substantially

  • more than employed physicians.

  • This has held true for decades, although private practice is less appealing than it was 10

  • years ago.

  • Again, your decision shouldn't be based on just the money.

  • Private practice usually comes with the significant added headache of handling the business side

  • of things, and you can expect to be working harder hours than if you were employed.

  • Unfortunately, there are factors outside of

  • your control, including race, gender, and age that factor into your compensation.

  • However, this is a topic for another video.

  • Do you think that the top earners would be the most likely to choose their specialty

  • again?

  • The correlation is there, but it is not as strong as you think.

  • Orthopedic surgery and plastic surgery topped the list, just as they do with average salaries,

  • but radiologists and oncologists also seem quite happy with their decision, despite having

  • significantly lower salaries.

  • Again, money isn't everything, and it's important you find a specialty you love.

  • Getting into one of these top paying specialties is insanely competitive, and you need to have

  • the strongest of applications to make it.

  • That's where Med School Insides comes in.

  • We do much more than just make insanely helpful YouTube videos.

  • We have an entire team of top doctors who have excelled in plastic surgery, dermatology,

  • orthopedic surgery, and several more specialties.

  • They understand what it takes, because not only did they do it, but they even served

  • on admissions committees at top medical schools and residencies.

  • If you're serious about maximizing your chances of acceptance and becoming the best

  • doctor that you can be, visit MedSchoolInsiders.com.

  • So what sets us apart from other companies?

  • Our team spent months creating a proprietary systematic approach that guarantees the best

  • results every time.

  • That means that, with us, you never have to worry about getting unlucky or getting a bad advisor.

  • And we don't do cookie cutter approachesjust as we advocate here on YouTube, each

  • individual is unique, and to be the best doctor that you can be requires much more than just checking

  • all the boxes.

  • For you, ultimately, that means less variability and uncertainty with our services, and much more of

  • what you actually want: awesome service with awesome results.

  • From MCAT or Step 1 tutoring to personal statement editing and advising, we've got you covered.

  • For a limited time, use the coupon code YOUTUBEJAN for $30 off your purchase.

  • That is it for this video, thank you all so much for watching.

  • If you liked the video, please press that like button, and if you weren't a fan, let me

  • know with a thumbs down.

  • New videos every Saturday morning that you won't want to miss!

  • Make sure you're subscribed and have that notification bell enabled.

  • And I will see you guys in that next one.

Doctors are so rich.

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B1 surgery specialty average plastic surgery salary orthopedic

Top 10 Highest Paid Doctor Specialties | Why Are Only Some Physicians Wealthy?

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    Summer posted on 2020/09/16
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