There is plenty of discussion about the amount of money doctors make and contentions that doctors make so much money they must automatically be rich. This profile is changing, especially as we understand the costs of medical school in terms of both time and money, the average wage of doctors, and the high costs of things like maintaining medical practice insurance.

According to the US Department of Labor, in mid 2000, the median starting wage for general practitioners, those who completed three to four years of medical school after getting a bachelors degree and did at least one year of residency training, was about $137,000 US Dollars (USD). Note this is a median figure, which means half of doctors starting their careers made less than this amount. In today’s market in the US, this amount is not high and would place doctors firmly in the middle class, and in some parts of the US, this amount as a sole income would mean some penny pinching.

Starting salaries for doctors who are general practitioners may seem like a lot, especially in certain parts of the US, but there are some factors that automatically reduce these salaries. First off, most doctors don’t get educated on scholarships alone, and many will need to pay a significant amount of money off in student loans. According to the New England Journal of Medicine, average cost of medical school plus living expenses is approximately $225,000 USD if you attend a private school and $140,000 USD if you attend a public one. While some expenses may be met through grants and scholarships, many people leave medical school owing in excess of $100,000 USD, and this amount can increase if additional years of residency or training are required.

It’s a pretty safe bet that if you’re not independently wealthy, training to become a doctor can mean years of lean times, even if you begin to draw a small salary as a fellow or resident during specialty training. One reason “doctors make so much money” is to pay off these loans and compensate for rigorous training. It’s fairly indisputable to say that specialist doctors make so much more than those who practice general medicine. Some of the highest paid physicians are those who specialize in anesthesiology and surgery. These specialties can require up to seven years of additional training prior to becoming board certified. Some of the doctors who make the most, also trained the most, and may have completed ten to eleven years of training after graduating from college with a four year degree, a total of fifteen years preparation.

It is true that higher salary ranges may be viewed as quite comfortable. Median salary for an anesthesiologist with a few years experience is close to $322,000. It’s also important to consider the demands of the profession. An anesthesiologist in high demand may work in excess of 60 hours a week, though this is not always the case.

Another reason why doctors make so much money or seem to is due to the cost of medical malpractice insurance. Some doctors will pay as much as a third of their salary, a fairly standard fee for the beginning obstetrician/gynecologist for instance, per year. The exorbitant fees, which continue to rise to protect against potential lawsuits may make a serious dent in what actually constitutes take home pay, so that some physicians will make significantly under $100,000 USD per year.

Though there are certainly physicians who may charge too much or make too much, the run of the mill doctor is not making a lot, and has put in a lot of sacrifice to receive the training they need. They work in high risk profession, which can be emotionally challenging and difficult, may remain in debt for many years while they pay off student loans, and due to cost cutting, may be increasingly overburdened by complex demands of the health insurance industry.