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It depends on how you define "worth". If you define worth as the minimum salary needed in order to secure the services of someone with a given set of qualifications then you are correct. However, pathologists are not commodities and so this is not a rational way to assess worth; No two people are alike, even if they share the same qualifications on paper. I'm sure you know the saying "If you pay peanuts, you get monkeys. Therefore, I sure would be interested to evaluate the caliber of the pathologists who you claim are willing to work for $85,000 per year".
Alternatively, you can define worth as the amount of revenue that you will earn as a result of a person's labor. On that basis, a dermatopathologist in a busy private practice is certainly still "worth" $300k per year, even straight out of fellowship... Lumping all pathologists together when assessing worth in this way is obviously flawed; different subspecialties in pathology will generate different revenues.
Have you ever brought on a fellow straight out of training into your practice? I would say no.
There is a CRAZY amount of work that goes into bringing someone up to speed on not only signing out cases independantly but on the business side as well.
For the first 3 months you are double scoping cases. For the next year to two years, you are being inundated with requests to help on difficult cases they have.
And it takes YEARS to develop any sort of skill in hospital negotiations, business development and even simple tasks like business filings and taxes because new hires are so overwhelmed with the case load and starting a new life (which might mean kids etc).
Add this on top of the fact that a new hire can only handle so many cases before major mistakes slip in and yes I can say there is a reasonable range for all American trainees and 300K/yr starting is NOT in that range.