The syndrome of professional exhaustion (burn-out) and the influence of work conditions are studied among 273 physicians of the Public Health System, 143 specialists and 130 Primary Care physicians. All of them answered two questionnaires: the Maslach Burn-out Inventory and another questionnaire related to the job. The results show significantly higher levels of exhaustion in the specialists than their fellow-workers in Primary Care units. Both groups are also compared to the original American sample. The results are commented in the context of a possible influence of a Health Reform. The urgent necessity of managerial measures to stop and prevent the Syndrome is concluded.