Not sure your facts are entirely correct either doc.
MBBS might be 4 yrs in india but in most of the british commonwealth it is still 5 yrs and must be followed by 12-18 mths of internship whish is a must to get licenced. In the USA, what sfmars said does pertain. Your education in India might have been subsidised but many are not and certainly not in the USA.
Agreed, but i was talking about my personal expirience though.
Residencies vary tremendously in their workload and scutwork/academic balance. However you as well as I know that the 36 hrs continuous shift still does happen. It is true ACGME is clamping down to restrict the work week to 80 hrs but that is mainly in the last 3-4 yrs.
True again, but 36 hours shifts are no longer the norm as they used to be 6 years ago. I did my residency before the acgme rules, and even then, i probably did less than 10. Many people are under the impression that 36 hrs is the usual length of a call.
Most residencies do not pay 60K either, I was in one of the higher paying residencies in the midwest and I never crossed 40K, but that was a few years ago so perhaps I could believe 45K. 60K might be a fellowship in NY or something.
45 k beginning in first year, 50k 2nd yr, 55k 3rd yr, 57k 1st yr felloship, 60k 2nd yr and 62k 3rd yr fellowship.
The frequency of Boards varies by specialty, some are 7 yrs some 10 and some are "grandfathered" as your boss likely is.
True but not boards are not yearly like our mutual friend suggested
Whether you pay or your practice pays, it is coming out of your revenue and you work to make that revenue.
The salary that is quoted to you is usually exclusive of the malpractice insurance. Usually it is not deducted from your paycheck.
You might have done a residency in a program with a lot of FMGs, a lot of american medical graduates indeed have huge medical school debt which is crippling and does affect their decisions/choice of specialty, I have seen it. Sometimes their debts are over 200K. If you are not from a wealthy family and have had to finance your education, add it up and you will see. 4 yrs in a good college (you generally can't get into med school in the USA with a degree from anything less) then 4 yrs of tuition in any medical school as well as living expenses. I am surprised it is not more!
Again, was talking of my own expirience. Personally, i dont know how people live with that kind of debt.
You will say that about lawsuits until you get sued the first time, then your whole attitude about it will change. I have seen far more physicians undeservingly demoralised by them than those who deservedly get messed up. There are indeed a few bad apples, but the system institutionalises this and puts those thoughts more front and center in a practitioner's mind than necessary.
I have been in practice long enough to have a few scares. My strategy:
-DOcument every thing clearly.
-Build a good rapport with patients.
-Refer to specialists a lot
-Keep adequate malpractice coverage (not too much as that seems to attract plaitiff lawyers)
-Keep my assets in places where they cant touch them, even in cases of million dollar verdicts.
-Stay in a state for laws favour us, rather than plaintiffs.
-Accept lawsuits as a occupational hazard.
Still, as I said, most lawsuits without merit are thrown out.
The pay is not 250K in any primary care field. Specialties yes, and at this time, but we shall see how long that party will last!
I know many primary care practitioners in private practice who make more than that. But usually before expenses.
Your boss is not making that money all by himself. He is likely making some of it, off of people like you(called entrepreneurship) and has likely worked in a golden era and has tons of income from investments as well (just speculation on my part).
Hes a pretty impressive guy who believes in working hard and living large
He Just opened a "sports bar" in a posh downtown location. Had offered me a chance to invest, but i guess I dont have his enterpreunial skills
ALso I am sure his Adjusted gross income was less. A lot of practices have a lot of revenue but the bottom line is a lot less, an office is not cheap to maintain!