In the New York Times yesterday, an article on the editorial pages tried to convince readers that the way to fix our broken health care system was to reduce doctors' pay. The author either works for an insurance company, a drug company, or the administration. As a practicing physician for fifty years, I know the incomes good, ethical doctors make. Their yearly incomes are a tiny fraction of what greedy CEOs of HMO's, drug, and insurance companies make. These individuals receive salaries and bonuses in the millions. For example, William McGuire, the CEO of United Health Group, received stock options worth 1.6 billion last year in addition to his very large salary. Pfizer CEO was fired Hank McKinnell, but left with a pension of 6.65 million a year, plus 12 million in severance pay and a 2.5 million bonus. No doctor makes anywhere near that. Yes, there are far too many greedy, unethical doctors who prey on patients, but unless a doctor does a lot of unnecessary procedures, hires untrained staff to do these or does plastic or major surgeries, his income is not going to be enormous. The average income of a pediatrician is $125,000. CEOs of major corporations make far more than good doctors who save patients lives with their care, concern, and availability. I would love to see the CEO of an HMO, insurance, or drug company stay up all night fighting to save a patient's life and often not be paid for his or her time or only receive a small amount of money. (Yes, this can and does happen!)
Thirty-one percent of health care costs are due to administrative overhead. If this could be eliminated and we could teach young doctors to do histories and physicals, instead of relying on multiple unnecessary tests, we could reduce health care cost significantly and care for the 47 million uninsured people in the U.S.