As one who practiced cardiovascular medicine in the eastern US for 25 yrs. in both a 1000 bed medical center and in private practice, my income was quite different. Though it varied somewhat from year to year, When the practice was mature (which happened very quickly), an average year was approx. $1.5 million and my maximum was about $2 million. Since I performed a number of procedures that were fully covered by insurance, I was able to treat approx. 20% of my pts. free of charge, something that pleased me. My policy was not to bill for deductibles unless my contract required it. I know a number of other cardiologists, of course, and my figures were not atypical. The incomes of some of the surgical specialists at the top of your list were also very much higher than indicated.
Marc, we’ve talked before. Great dissection of what life is as a fellow and young attending in cards. Could you make a video on how cardiologists can expand/maximize their sources of active/passive income? If possible include ambulatory surgical centers, and other types of privately own practices. Thank you!
As an IMG, I need to understand a point I didn’t get from the video. If you’re in your first year of fellowship you get paid from the hospital as PGY-4 approximately 70k$ a year, so those 544k$ a year depending on the doximty report who is gonna pay me that amount? I think there’s something I’m missing TIA
Dr. Katz: I loved the concluding 4 words 😂😂 I also really liked your short on the 5 things that may actually work for the wellbeing of residents. Do you have a longer or different videos on the subject?
its simple supply and demand, not all doctors want to live in rural areas so there's a shortage and the only way hospitals can entice doctors to move out there is with the higher salaries. Everyone wants to live in a big city so there's a lot of supply driving down salaries
Thank you so much for sharing! Could you do a video of ''women in cardiology''? Like, how do they achieve a life-style balance? I am a medical student super interested in cardiology but all the cardiologist I have happened to know are man. I am truly passionate about cardiology but not sure if I would be willing to spent so many years in training considering I would like to have a family in the future
Couldn’t find that information. Generally though advanced imaging cardiologists will split their time between clinical medicine (like a non-invasive cardiologist) and reading studies. Multiple career pathways available though depending on what you want and where you practice. I also thought about it but was sick of being in training and ready to work
There’s less doctors in rural or smaller areas so they will pay more as an incentive to recruit more talent. Think of scarcity and how it effects economics.
Mostly because the US healthcare system rewards doctors who 'do' things. Very complex topic but just shows you how the American political and healthcare system prioritizes things. Unfortunately people think that primary/preventative care is an easy specialty when it is quite challenging and demanding
I will be the first to admit I don't fully understand all of the economic and political aspects of healthcare in the US. Unfortunately I don't foresee universal healthcare happening in the US anytime soon due to the political hurdles it would require to overcome
Sir please tell what is the thing that cardiologist can do and cardiac surgeon can't i mean surgeons are physicians to so they can prescribe medicine they also studied medicine so what is the use of cardiologists
These salaries are grossly misrepresented as it is severely dependent on location. I am a physician in Southern California and know pcps not even hitting 200k.
Respectfully sir, I hope you wake up each day and admire yourself in the mirror for being that good looking. It should be a crime to be both handsome and smart!
"Doctors paid less to live in a highly desirable location." It' basic supply vs demand concepts. If you have 5 cardiologists applying to one job opening in Miami, the hospital/facility has no reason to pay them market rate. H/F: "We'll pay you $300k." Applicant: "I want $350k." H/f: "Thanks for applying. We have 4 other applicants who will take $300k or even less. we'll save that $50k for something else." Now, in a less desirable location or one where there is a large need for a specialty, the roles are completely reversed, because the facility needs them so badly they'll pay higher to get someone there. As someone in the medical field I've exploited this to my benefit.
As one who practiced cardiovascular medicine in the eastern US for 25 yrs. in both a 1000 bed medical center and in private practice, my income was quite different. Though it varied somewhat from year to year, When the practice was mature (which happened very quickly), an average year was approx. $1.5 million and my maximum was about $2 million. Since I performed a number of procedures that were fully covered by insurance, I was able to treat approx. 20% of my pts. free of charge, something that pleased me. My policy was not to bill for deductibles unless my contract required it. I know a number of other cardiologists, of course, and my figures were not atypical. The incomes of some of the surgical specialists at the top of your list were also very much higher than indicated.
Marc, we’ve talked before. Great dissection of what life is as a fellow and young attending in cards. Could you make a video on how cardiologists can expand/maximize their sources of active/passive income? If possible include ambulatory surgical centers, and other types of privately own practices. Thank you!
As an IMG, I need to understand a point I didn’t get from the video.
If you’re in your first year of fellowship you get paid from the hospital as PGY-4 approximately 70k$ a year, so those 544k$ a year depending on the doximty report who is gonna pay me that amount? I think there’s something
I’m missing
TIA
544k a year is when you’re an attending. After you finish fellowship. Not during fellowship
I mean the economics behind it are pretty simple. You have more bargaining power somewhere rural where the supply of doctors is smaller.
Appreciate your in depth knowledge! Fascinating info as well
Dr. Katz: I loved the concluding 4 words 😂😂
I also really liked your short on the 5 things that may actually work for the wellbeing of residents. Do you have a longer or different videos on the subject?
its simple supply and demand, not all doctors want to live in rural areas so there's a shortage and the only way hospitals can entice doctors to move out there is with the higher salaries. Everyone wants to live in a big city so there's a lot of supply driving down salaries
Yeah I missed econ 101 apparently 😆
Best analysis on RUclips.
0:42 are those excluding taxes?
Thank you so much for sharing! Could you do a video of ''women in cardiology''? Like, how do they achieve a life-style balance? I am a medical student super interested in cardiology but all the cardiologist I have happened to know are man. I am truly passionate about cardiology but not sure if I would be willing to spent so many years in training considering I would like to have a family in the future
Very interesting. Keep up with the videos
What about advanced cardiac imaging (Cardiac MRI/CT)? Thought about going that way.
Couldn’t find that information. Generally though advanced imaging cardiologists will split their time between clinical medicine (like a non-invasive cardiologist) and reading studies. Multiple career pathways available though depending on what you want and where you practice. I also thought about it but was sick of being in training and ready to work
Why can't it be an easy decision. Just once.
Thank you very much for these videos. Very helpful. Also, can you perfect your sound it's very hard to hear you well on earbuds.
Is it a fair assessment to say that most of the higher earning specialties also have a worse quality of life?
Those top surgical specialties are also have the highest malpractice and risk of being sued as well.
Which is why they buy malpractice insurance.
@@wholeNwon Malpractice insurance only covers for a certain amount. It does help but doesn't make one immune from it.
@@kritika91 That's correct but malpractice awards only very rarely exceed insurance limits.
There’s less doctors in rural or smaller areas so they will pay more as an incentive to recruit more talent. Think of scarcity and how it effects economics.
Amazing content!
❤
This guy must have started med school when he was 17 because he looks 24 years old and is already a cardiologist
Please do a video in the future on why do preventions medicine get paid the lowest why some get the highest
Mostly because the US healthcare system rewards doctors who 'do' things. Very complex topic but just shows you how the American political and healthcare system prioritizes things. Unfortunately people think that primary/preventative care is an easy specialty when it is quite challenging and demanding
@@MarcKatzMD interesting how the us health care system definitely needs to be reform and be more like the European union do you think that would work
I will be the first to admit I don't fully understand all of the economic and political aspects of healthcare in the US. Unfortunately I don't foresee universal healthcare happening in the US anytime soon due to the political hurdles it would require to overcome
Sir please tell what is the thing that cardiologist can do and cardiac surgeon can't i mean surgeons are physicians to so they can prescribe medicine they also studied medicine so what is the use of cardiologists
Where are the psyhciatry salaries?
How much extra can we make by serving in rural area
Basically the US pays doctors more to fix than to prevent :( , skillwise it makes sense
These salaries are grossly misrepresented as it is severely dependent on location. I am a physician in Southern California and know pcps not even hitting 200k.
Right. Did you watch the entire video? I go into those exact details
Love ur channel
Thank you! 😊
🐈 really want to be part of the video 😂😂
I'm a 5th yr medical student here in Nigeria.
Please which other occupations can pay as much as Medicine with an easier pathway sir?😃🤔🤔
😂 good question. If you find the answer let me know
@@MarcKatzMD But that's what you said in the video chief 😂🤔.
Doctors ALWAYS say the same thing, I really want to know sir😂
25:05 Best 4 words ever 😂😂😂😂
Respectfully sir, I hope you wake up each day and admire yourself in the mirror for being that good looking. It should be a crime to be both handsome and smart!
"Doctors paid less to live in a highly desirable location."
It' basic supply vs demand concepts.
If you have 5 cardiologists applying to one job opening in Miami, the hospital/facility has no reason to pay them market rate.
H/F: "We'll pay you $300k."
Applicant: "I want $350k."
H/f: "Thanks for applying. We have 4 other applicants who will take $300k or even less. we'll save that $50k for something else."
Now, in a less desirable location or one where there is a large need for a specialty, the roles are completely reversed, because the facility needs them so badly they'll pay higher to get someone there. As someone in the medical field I've exploited this to my benefit.
Less in bigger cities = supply and demand
Dude, you should go spend some time in Oklahoma and you will realize that the extra pay is definitely not worth it. :)
How funny. In Argentina, we earn around 400 USD per month haha fucking sad.
US residents and fellows get paid the most in the world.
Them : we are underpaid!
They are underpaid
They are lol
How much Taylor swift and Saleena Gomez make by singing and dancing😊
That cat is so irritating 😬😬😬😬,can u plz put it away in videos
It’s a cat. It doesn’t listen 😂
😂@@MarcKatzMD
Great video. Please keep the cat away, its not funny and distracting.