Can Doctors Make Seven Figures?

The possibility of earning seven figures as a doctor is certainly existent, although not easily achieved. Doctors typically fall within the low-to-middle six-figure range once they become specialists, with general practitioners averaging between 200,000 to 350,000 USD annually depending on their specialty and type of practice. However, some doctors do exceed these figures while others may earn less if they pursue less lucrative fields or work part-time.

Specialized Practice Can Lead to Seven-Figure Earnings

To achieve a seven-figure income, one must be in a highly lucrative specialty or have additional business interests outside of clinical practice. For example, a private-practice neurosurgeon in a prestigious clinic in a metropolitan area like Los Angeles or New York City might begin to earn seven-figure revenues. An orthopedic surgeon in LA or New York could charge an exorbitant rate of 50,000 USD for a single-level cervical discectomy and fusion, underscoring the potential for substantial earnings in specialized markets.

Personal Experience as a Spine Surgeon

From personal experience, even a surgeon can achieve seven-figure income. I worked as a spine surgeon, achieving a revenue of 1.4 million USD with expenses just under 350,000 USD, working 80 hours a week. While the initial high income was appealing, the heavy tax burden—especially after federal and provincial taxes—quickly ate into my earnings. Eventually, I settled for a more moderate revenue of 750,000 USD with expenses of 250,000 USD, which translated to a more viable lifestyle after taking into account taxes and costs associated with maintaining a medical practice.

Diverse Income Streams for Doctors

Sure, some doctors benefit from additional income streams such as product endorsements, television appearances, or setting up their own product lines. University physicians may also earn salaries, but there's no cap on the income potential for private practitioners. It's not uncommon for some doctors to earn seven figures, and while it requires significant effort and often working long hours, it is achievable in certain specialties or through strategic business practices.

Challenges and Realities of High-Income Medical Practice

Although achieving seven figures is possible, the realities of maintaining such income levels can be challenging. The average physician's salary hovers around 190,000 USD per year, with salaries ranging from 130,000 USD on the lower end to 400,000 USD for surgeons. Lower-end earnings are easier to achieve, but significantly saving this amount is difficult, considering that doctors often have to pay as much as 40% in taxes, VAT, and other levies. Additionally, doctors must pay around 20,000 to 30,000 USD annually for medical insurance, further reducing their disposable income.

In conclusion, while earning seven figures is a possibility for doctors, it requires a combination of exceptional skills in a lucrative specialty, extensive business acumen, and willingness to work long hours. Despite the challenges, the high potential for income makes it a desired goal for many in the medical field.