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Becoming Rich From Medical Practice?

Discussion in 'Business & Economics' started by Old_Trapper70, May 11, 2016.

  1. Old_Trapper70

    Old_Trapper70 Well-Known Member

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    Someone should have told Ben Carson about the ethics of medical practice in the time of our Founding Fathers, and obviously it is not limited to Carson:

    http://www.saturdayeveningpost.com/...e-wasnt-always-a-money-making-profession.html

    "We claim to constitute, or represent a liberal profession; and the very idea or essence of a liberal profession, as distinguished from a trade, is that the acquisition of money is not its primary object. Nor is it so with physicians.

    Was the introduction of inoculation for the smallpox a speculation? Was the discovery of the preventive power of vaccination (the labor of close, unremitting, and careful research during a period of several years) made, or conducted with a view to personal emolument? As a matter of course, Dr. Jenner, as soon as he had completed his discovery, published it — made it free to all mankind.

    When quinine was first discovered, the mode of preparing it was immediately made known. Recently when some feeble attempts were stated to have been made to obtain a patent for the use of ether, or to conceal the process of etherization, the indignation of the profession was aroused from one end of our country to the other. The money changers were driven from the temple of Humanity.

    Medicine a money-making profession! Why one-third or more of the whole practice of medical men in the city of New York is done without remuneration. The hospitals, the almshouses, the dispensaries, the medical and surgical cliniques, the eye infirmary, the orphan and lying-in asylums, the colored home, the institutions for the blind; in fine, all institutions of a charitable kind, so far as I know, are attended gratuitously; and many of them by some of the oldest and most eminent medical men. Nor are the outdoor poor neglected. When they appeal to physicians, not for advice only, but even for services which keep us from our beds, they rarely ask in vain.

    I have witnessed examples of self-denial, of steady holding fast on integrity, by scores of medical men; who, amid the pinchings of poverty, have refused to embark in schemes which would have given them wealth, had they chosen to seek it in the walks of quackery. When will the world do justice to such self-denying philanthropy?"
     
  2. Zanna

    Zanna Member

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    Medicine is lucrative only if you play dirty. If they aim to be rich they need to be competitive 0therwise they'll get stampeded by other people who wish to climb the hierarchy for the same reason.
    Too many people join this profession hoping to make big bucks, when in reality it is an exhausting and demanding job and takes a lot of personal emotional investment and empathy to not snap at people on the spot.

    So technicaly it still isn't a get-rich profession, at least not immediately, just one that enables you to live with some comfort. Well, that's unless you have no girlfriend, no life, no kids and no friends to get you to spend your money...then you could propably get yourself a penthouse and a nice new car.
     
  3. Lagboltz

    Lagboltz Well-Known Member

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    I'm sure there are lots of doctors with the right spirit. I think the problems are all the institutions that they work with that are the money grubbers: hospitals, insurance companies, and big pharma.
     
  4. Old_Trapper70

    Old_Trapper70 Well-Known Member

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    One of the reasons why we are losing so many Primary Care Physicians is that so many are now calling themselves "specialists" so they can charge twice as much for their "services". So, while hospitals, etc., are part of the problem, greed by the medical practitioner is yet another. As an example, I knew of a doctor in Iowa that took only medicare patients. By the age of 48 he had bought a "gentleman's farm", and retired.
     
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