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	<title>Comments on: The Medical Cartel: Why are MD Salaries So High?</title>
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		<title>By: tj</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1535832</link>
		<dc:creator>tj</dc:creator>
		<pubDate>Thu, 02 Feb 2012 05:36:37 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1535832</guid>
		<description>so remove standards for educating and training healthcare workers? serious?

it would last one day

not to mention the door in leaves open for fraud/scams besides the obvious health risks for everyone

there is no such thing as free market in the US, why do you think lobbyists exist? the supply side with the deepest pockets can sway any notion of &quot;free market &quot; to their favor. 

and their is no untapped gains in the technology or pharm sectors

anyone is still free to develop and patent something</description>
		<content:encoded><![CDATA[<p>so remove standards for educating and training healthcare workers? serious?</p>
<p>it would last one day</p>
<p>not to mention the door in leaves open for fraud/scams besides the obvious health risks for everyone</p>
<p>there is no such thing as free market in the US, why do you think lobbyists exist? the supply side with the deepest pockets can sway any notion of &#8220;free market &#8221; to their favor. </p>
<p>and their is no untapped gains in the technology or pharm sectors</p>
<p>anyone is still free to develop and patent something</p>
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		<title>By: tj</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1535822</link>
		<dc:creator>tj</dc:creator>
		<pubDate>Thu, 02 Feb 2012 05:29:18 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1535822</guid>
		<description>different ethnicities have different genetic predispositions for diseases, cancer, diabetes, congenital, etc

some have different cultures which effects include things like diet 

particularly recent immigrants of which the US has a much larger amount of then any of these other countries. different epidemiology. its like practicing medicine in several countries in one day. I have nothing against immigration and love our country for its diversity but it requires a wider knowledge base to practice from, most physicians enjoy it but it requires more time and expenditures for them in school and afterwards

as well as culture competency which is a necessary requirement for physicians in order to elicit a proper history like asking about other remedies used outside of traditional western medicine. These can interact with some treatments

socioeconomic diversity is more broad here and effects every aspect of medicine

we are a very violent country and those obvious implications

we have barriers to routine healthcare that are caused not by lack of insurance because insurance sucks money out of the healthcare sector and uses it as profit for shareholders

malpractice drives up costs as well as the need to practice &quot;protective medicine&quot; when tests and orders are made not to diagnose but to prevent frivilous lawsuits

pharmaceutical companies develop treatments aimed at making them the largest and the most long term profit, the bottom line, not the most effective treatment and prevention strategy

physician salary adjust for hours worked, malpractice, tuition burden is the proper metric

look at who publishes these articles for the real source of costs and bias

physician salary has zero to do with increased healthcare costs and when adjusted for inflation has been declining while the same time tuition and malpractice has doubled or tripled

these statistics are deliberately misleading 

do your own research before you lay blame to a group that does not deserve it and is being sleighted just as much as anyone because of our government and groups with real power to inflate costs-large companies, pharmaceutical and insurance as well as lawyers and the judicial system which most politicians hold alliances to</description>
		<content:encoded><![CDATA[<p>different ethnicities have different genetic predispositions for diseases, cancer, diabetes, congenital, etc</p>
<p>some have different cultures which effects include things like diet </p>
<p>particularly recent immigrants of which the US has a much larger amount of then any of these other countries. different epidemiology. its like practicing medicine in several countries in one day. I have nothing against immigration and love our country for its diversity but it requires a wider knowledge base to practice from, most physicians enjoy it but it requires more time and expenditures for them in school and afterwards</p>
<p>as well as culture competency which is a necessary requirement for physicians in order to elicit a proper history like asking about other remedies used outside of traditional western medicine. These can interact with some treatments</p>
<p>socioeconomic diversity is more broad here and effects every aspect of medicine</p>
<p>we are a very violent country and those obvious implications</p>
<p>we have barriers to routine healthcare that are caused not by lack of insurance because insurance sucks money out of the healthcare sector and uses it as profit for shareholders</p>
<p>malpractice drives up costs as well as the need to practice &#8220;protective medicine&#8221; when tests and orders are made not to diagnose but to prevent frivilous lawsuits</p>
<p>pharmaceutical companies develop treatments aimed at making them the largest and the most long term profit, the bottom line, not the most effective treatment and prevention strategy</p>
<p>physician salary adjust for hours worked, malpractice, tuition burden is the proper metric</p>
<p>look at who publishes these articles for the real source of costs and bias</p>
<p>physician salary has zero to do with increased healthcare costs and when adjusted for inflation has been declining while the same time tuition and malpractice has doubled or tripled</p>
<p>these statistics are deliberately misleading </p>
<p>do your own research before you lay blame to a group that does not deserve it and is being sleighted just as much as anyone because of our government and groups with real power to inflate costs-large companies, pharmaceutical and insurance as well as lawyers and the judicial system which most politicians hold alliances to</p>
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		<title>By: Dr</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1519024</link>
		<dc:creator>Dr</dc:creator>
		<pubDate>Mon, 23 Jan 2012 06:10:35 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1519024</guid>
		<description>Most doctors couldn&#039;t get into wall street jobs... Speaking as a current student at a top school, premedical students are as a rule the midlevel students</description>
		<content:encoded><![CDATA[<p>Most doctors couldn&#8217;t get into wall street jobs&#8230; Speaking as a current student at a top school, premedical students are as a rule the midlevel students</p>
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		<title>By: Michael Clark</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1316670</link>
		<dc:creator>Michael Clark</dc:creator>
		<pubDate>Sat, 12 Nov 2011 14:36:09 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1316670</guid>
		<description>This is insane.  We should flood the market with qualified doctors.  Of course, the AMA wants to maintain the exclusivity of the professions, for the money and the status.</description>
		<content:encoded><![CDATA[<p>This is insane.  We should flood the market with qualified doctors.  Of course, the AMA wants to maintain the exclusivity of the professions, for the money and the status.</p>
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		<title>By: Michael Clark</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1316665</link>
		<dc:creator>Michael Clark</dc:creator>
		<pubDate>Sat, 12 Nov 2011 14:33:11 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1316665</guid>
		<description>Of course MRI&#039;s are used too much, because insurance pays for it -- someone else pays for it. And patients visit the doctor too often, because if the patient&#039;s mind they are covered, it&#039;s almost free.

Want to change that?  Offer cash kickbacks at the end of the year to workers who do not use insurance.  Stay healthy, stay away from your doctor: get cash back.

It&#039;s a fixed game now, between all levels of healthcare providers, as long as benefits are part of the guaranteed pay packet in most businesses -- insurance companies fix prices and pass the cost on to workers.  Why have workers not had salary increases for several decades: because salary increases go straight into insurance companies&#039; pockets in the form of &#039;mandated&#039;&#039;cost of living&#039; insurance coverage.

If workers don&#039;t go to the doctor, they get their salary raise back.  Watch how fast this changes everything!</description>
		<content:encoded><![CDATA[<p>Of course MRI&#8217;s are used too much, because insurance pays for it &#8212; someone else pays for it. And patients visit the doctor too often, because if the patient&#8217;s mind they are covered, it&#8217;s almost free.</p>
<p>Want to change that?  Offer cash kickbacks at the end of the year to workers who do not use insurance.  Stay healthy, stay away from your doctor: get cash back.</p>
<p>It&#8217;s a fixed game now, between all levels of healthcare providers, as long as benefits are part of the guaranteed pay packet in most businesses &#8212; insurance companies fix prices and pass the cost on to workers.  Why have workers not had salary increases for several decades: because salary increases go straight into insurance companies&#8217; pockets in the form of &#8216;mandated&#8221;cost of living&#8217; insurance coverage.</p>
<p>If workers don&#8217;t go to the doctor, they get their salary raise back.  Watch how fast this changes everything!</p>
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		<title>By: Clocky</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1232544</link>
		<dc:creator>Clocky</dc:creator>
		<pubDate>Sun, 09 Oct 2011 03:05:50 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1232544</guid>
		<description>Some people argue that there&#039;s diversity in the US making MD jobs harder, let me tell you something, I go to the doctor and they never classify me as &quot;different&quot; even though I&#039;m asian.

For example a high population of asian are lactose intolerance, my doc never even considered that when checking me up... let just say that I&#039;m blessed to never have huge issue with my health, but i&#039;ve had plenty of sour experience when i go to the doctor for minor stuff.</description>
		<content:encoded><![CDATA[<p>Some people argue that there&#8217;s diversity in the US making MD jobs harder, let me tell you something, I go to the doctor and they never classify me as &#8220;different&#8221; even though I&#8217;m asian.</p>
<p>For example a high population of asian are lactose intolerance, my doc never even considered that when checking me up&#8230; let just say that I&#8217;m blessed to never have huge issue with my health, but i&#8217;ve had plenty of sour experience when i go to the doctor for minor stuff.</p>
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		<title>By: Furry Bear</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1202288</link>
		<dc:creator>Furry Bear</dc:creator>
		<pubDate>Thu, 29 Sep 2011 05:03:34 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1202288</guid>
		<description>For those of you who think we are overpaid, why don&#039;t you log off this blog, and get to work.  4 years of college, 4 years of medical school, and 3-7 years of working 100+ hours per week as a resident at roughly $8/hour.  Think you can handle it?  Why don&#039;t you try that, accumulate that $150,000 debt burden, and then get back to me when you&#039;ve put in the 11-15 years.  Until then, get off the Internet.  You&#039;re wasting your time when there&#039;s a bonanza to be made being an MD in America.</description>
		<content:encoded><![CDATA[<p>For those of you who think we are overpaid, why don&#8217;t you log off this blog, and get to work.  4 years of college, 4 years of medical school, and 3-7 years of working 100+ hours per week as a resident at roughly $8/hour.  Think you can handle it?  Why don&#8217;t you try that, accumulate that $150,000 debt burden, and then get back to me when you&#8217;ve put in the 11-15 years.  Until then, get off the Internet.  You&#8217;re wasting your time when there&#8217;s a bonanza to be made being an MD in America.</p>
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		<title>By: Becky</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1174868</link>
		<dc:creator>Becky</dc:creator>
		<pubDate>Wed, 21 Sep 2011 20:18:40 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1174868</guid>
		<description>I see two reasons doctors make more in the U.S. than in other countries: 1) much more extensive education- in the United States, students complete four years of college, with the required pre-med requisites (bachelor&#039;s degree) and then complete four years of medical school, followed by additional years for an internship and residency, whereas in other countries (at least in Latin America, the region I specialize in), doctors graduate college as physicians, rather than getting a bachelor&#039;s degree first. 2) salaries tend to be lower in other countries, across all occupations.

Personally, I&#039;m glad that the doctors make a decent salary- look at what happens with teachers- important jobs that get paid poorly and often result in poor quality of teaching. If doctors don&#039;t make as much money, the smartest people in the country will go into other fields instead, and we&#039;ll be left with less intelligent people in charge of our health! If we want high quality healthcare, we have to attract high quality talent with high salaries.</description>
		<content:encoded><![CDATA[<p>I see two reasons doctors make more in the U.S. than in other countries: 1) much more extensive education- in the United States, students complete four years of college, with the required pre-med requisites (bachelor&#8217;s degree) and then complete four years of medical school, followed by additional years for an internship and residency, whereas in other countries (at least in Latin America, the region I specialize in), doctors graduate college as physicians, rather than getting a bachelor&#8217;s degree first. 2) salaries tend to be lower in other countries, across all occupations.</p>
<p>Personally, I&#8217;m glad that the doctors make a decent salary- look at what happens with teachers- important jobs that get paid poorly and often result in poor quality of teaching. If doctors don&#8217;t make as much money, the smartest people in the country will go into other fields instead, and we&#8217;ll be left with less intelligent people in charge of our health! If we want high quality healthcare, we have to attract high quality talent with high salaries.</p>
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		<title>By: Pronto</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1115946</link>
		<dc:creator>Pronto</dc:creator>
		<pubDate>Tue, 30 Aug 2011 04:57:35 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1115946</guid>
		<description>Teachers in Chicagoland make an average of $150/hr in total compensation.  They only need a B.S. degree.  If I were someone who went to medical school and sacraficed so much to be an M.D. and then saw what these teachers make, I&#039;d feel pretty cheated!  Of course the teachers here don&#039;t feel cheated- they point to how much professional athletes make... It&#039;s funny how people reconcile things :)</description>
		<content:encoded><![CDATA[<p>Teachers in Chicagoland make an average of $150/hr in total compensation.  They only need a B.S. degree.  If I were someone who went to medical school and sacraficed so much to be an M.D. and then saw what these teachers make, I&#8217;d feel pretty cheated!  Of course the teachers here don&#8217;t feel cheated- they point to how much professional athletes make&#8230; It&#8217;s funny how people reconcile things :)</p>
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		<title>By: Ben</title>
		<link>http://wallstreetpit.com/5769-the-medical-cartel-why-are-md-salaries-so-high#comment-1029849</link>
		<dc:creator>Ben</dc:creator>
		<pubDate>Mon, 01 Aug 2011 11:46:38 +0000</pubDate>
		<guid isPermaLink="false">http://wallstreetpit.com/?p=5769#comment-1029849</guid>
		<description>By way of analogy- if the farming industry had been able to influence Congress the same way (in the name of food safety), then today, food could only be grown, prepared and sold by a limited number of accredited business, with the input of a limited number of accredited workers). Supply thus restricted would lead to the US having the highest food prices and the highest wages for food workers in the world.

Prices for medical products and services in the US are now the highest in the world and have spiked to levels which are not sustainable in relation to GDP or the average paycheck. As a result, some US citizen have little or no access to care, while others are forced into bankruptcy and the competitiveness of the entire US economy suffers.

The economic evidence indisputable. The AMA is only part of the problem. The US medical care industry consists of several uncompetitive markets each with its own cartel.

The solution is simple. If Congress could end legislated restrictions sponsored by the cartels (by way of accreditation of medical care workers, hospitals etc) and move towards legislation to regulate a private medical care market (regulation of price transparency, standards for safety and access) then market forces would, over time, take care of the problem (especially in this sector with the huge and untapped potential for productively gains through technology).

At this stage, it might take a decade for supply to catch-up with demand, but pricing would become competitive.

Unfortunately, we have already seen how the cartels block every attempt at reform. If nothing changes in the coming decade, this monopoly will continue to be the largest single contributor for the economic downfall of the US in the mid-term.</description>
		<content:encoded><![CDATA[<p>By way of analogy- if the farming industry had been able to influence Congress the same way (in the name of food safety), then today, food could only be grown, prepared and sold by a limited number of accredited business, with the input of a limited number of accredited workers). Supply thus restricted would lead to the US having the highest food prices and the highest wages for food workers in the world.</p>
<p>Prices for medical products and services in the US are now the highest in the world and have spiked to levels which are not sustainable in relation to GDP or the average paycheck. As a result, some US citizen have little or no access to care, while others are forced into bankruptcy and the competitiveness of the entire US economy suffers.</p>
<p>The economic evidence indisputable. The AMA is only part of the problem. The US medical care industry consists of several uncompetitive markets each with its own cartel.</p>
<p>The solution is simple. If Congress could end legislated restrictions sponsored by the cartels (by way of accreditation of medical care workers, hospitals etc) and move towards legislation to regulate a private medical care market (regulation of price transparency, standards for safety and access) then market forces would, over time, take care of the problem (especially in this sector with the huge and untapped potential for productively gains through technology).</p>
<p>At this stage, it might take a decade for supply to catch-up with demand, but pricing would become competitive.</p>
<p>Unfortunately, we have already seen how the cartels block every attempt at reform. If nothing changes in the coming decade, this monopoly will continue to be the largest single contributor for the economic downfall of the US in the mid-term.</p>
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