American print media seems to have an obsession with the subject of physician compensation. Several times each year, some media outfit publishes the results of a survey on physician income. How much physicians are paid seems to be a big deal, or so they seem to think. I mentioned my concern a few weeks ago in the article titled “Physician Overcompensation,” that I wrote for DrGOpines.com. It was based on an article in Medscape.com. I opined that in this day of 3.8% inflation and sky-high gas and food prices, reporting that 8 physician specialties had average annual incomes that exceeded $500,000 was pouring salt in a wound. It gives the impression physicians are “in it” just for the money. These physician groups were called members of the $500K club.
Now, USA Today, the newspaper with the third-ranked national circulation, added their opinion in an article called “The 20 highest-paying jobs in America? Doctors, doctors, more Doctors.” Wouldn’t you know, according to the U.S. Bureau of Labor Statistics, 19 out of the top 20 highest paid jobs in America are doctors. The only non-doctor job in the top 20 is airline pilots.
Doctors earn more than any other broad category of worker. Separating a broad category into subcategories, however, we find that partners in law firms, and corporate CEO’s are paid more than physicians. A law partner can average $1.4 million while CEO’s averaged $17 million. An extreme example I recall from many years ago, was when Stephen Hilbert, the founder and CEO of Conseco, an insurance company in Indianapolis, pulled down a cool $144 Million when he was replaced by the board. One Hundred Forty Four Million dollars to take your ball and go home.
The argument on behalf of physicians is their training takes up to 15 years, or more, depending on the specialty they pursue, and that they work long hours with no break. The argument against physicians is that a lot other professions do, too. Farmers work harder and longer than most other people, but aren’t paid nearly as much as doctors. It’s not even close.
Another allegation is that medical students tend to gravitate toward specialties that pay better, but they also choose specialties that fulfill the passionate interest they have in a particular area of medicine. Money is not the primary reason most students choose a particular specialty. I didn’t choose family medicine because it pays well. It does not compared to orthopedic surgery or cardiology. I chose family medicine because the variety of problems seen, and that I didn’t like the limitation of a specialty. For example, Ophthalmologists see only eyes. I was interested in all of the organ systems. Limiting what I saw to only eye problems quickly became very boring. Family medicine does not have a procedure, or procedures, that generate a lot of revenue. Family docs are “saddled” with one cognitive, diagnostic challenge after another which produce barely enough revenue to stay in business. So don’t look for family docs anywhere in the top 20. Surprisingly, general pediatricians and general internists come in at 15 and 19, respectively.
Another allegation mentioned in the article is the physician shortage in the US is due to medical industry leaders and federal officials “keep[ing] a lid on the number of seats (slots) in American medical schools and on residency positions.” This has been a notion for many decades and may actually be true. Schools of osteopathy have increased in number while MD schools remain unchanged in number and availability of positions, allegedly to control the profession and maintain the income level it enjoys.
I don’t know if this is true, but if it is, it has led to a proliferation of practitioners from foreign countries. India, the Middle East, and Europe are frequent sources of U.S. physicians who fill the shortage left by too few domestically-trained practitioners.
I wish there was less media attention paid to physician competition. The image it presents leaves me cold and embarrassed and shouldn’t be the focus it has become. I think its emphasis in the wrong place. An ad campaign for remaking the image of the medical profession from greedy, money-worshipping, egotists to compassionate, caring, humanitarians might do some good, but the media would have to buy it, and their attitude would be hard to change.
Well, to offset the negative, a person must do numerous good things. Family physicians have that opportunity every day by communicating well with their patients, being available to them, and providing competent care. This is where emphasis should be, not in which specialties produce the most rich doctors.
Reference: de Vise D. The 30 highest-paying jobs in America? Doctors, doctors, more doctors.” USA Today 2026 June 5.
