Anecdotes of private practice docs who are millionaires?

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crazyotter

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Medscape salary survey have high numbers, but a lot of my friends in medical school frequently gossip to me about doctors they've met on their rotations that flat-out make millions of dollars a year in their practice. For example, a friend of mine said a psychiatrist (with his own practice) easily makes 2 mil/year.

Do any of you guys have similar anecdotes of your own? I'm a little dubious towards these stories.

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Medscape salary survey have high numbers, but a lot of my friends in medical school frequently gossip to me about doctors they've met on their rotations that flat-out make millions of dollars a year in their practice. For example, a friend of mine said a psychiatrist (with his own practice) easily makes 2 mil/year.

Do any of you guys have similar anecdotes of your own? I'm a little dubious towards these stories.
How is the psych making two mill per year?
 
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Rule of thumb: The people who make the most money generally never talk about it.
There is money to be made in medicine. Yes even in non surg sub specialties. Have heard of FM docs in rural areas pulling >500K. The trade off is they are always on call and live in non desirable areas.
 
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Hours, money, location. Pick 2.
 
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go into private practice and work for yourself. only way to make that kind of money. i've worked for a group where all the partners pull in that much. own the buildings, ancillary services, ect and you can do it too
 
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The typical med student has no idea about any money stuff so they can say millions and it will be 400k lol. They just see a rich person and have no idea how to quantify that. " He drives a Porsche so he makes soooo much."

But, yes, there are a lot of diversified docs using vertical integration and basic business acumen and hard work to make a lot of money off the radar.
 
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Yeah it's totally doable, and if you are flexible with location, you will earn very handsomely. Like the guy above said, FM docs can expect 500k if they're okay with working out in the sticks.
 
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Word of wisdom in the field of medicine:

You want to be Frank Lopez instead of Tony Montana.

Diversify yourself and get your rolls from other sources.
 
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Word of wisdom in the field of medicine:

You want to be Frank Lopez instead of Tony Montana.

Diversify yourself and get your rolls from other sources.

Frank lost Michelle Pfeiffer, and Tony squashed him like a "cock-a-roach" as he was groveling for his life on his hands and knees.
Tony got the girl and died in a blaze of glory and yayo.
 
I know several physicians worth tens of millions, few worth more than just tens of mils.

Strangely enough, many of them don't care about the trappings of money really. A lot of them drive beat up cars, dress fairly slovenly. Haven't bought a new home in decades, etc. They have nothing to prove. To them, money is securing their children's future or keeping score. It's amusing to see a doc easily worth close to a 100 mil pull up in a beat up SUV from the 1990s and all the hotshot young docs in their fancy 100k cars next to him.

Now, as to how they got all this money? A number of ways. Right time, right place, very hard work, and good investments.

They did not practice in large cities. They started off at a time when reimbursements were high, worked non-stop with massive patient loads and invested like crazy. Motels, hotels, restaurants, gas stations, vineyards, you name it. Also passive income like surgical centers, etc. They grew their fortune over decades of extremely hard work and being able to work hard at the right time to capitalize on their skills. I know one that has so much damn money (lets just say he operates in the finance world at a whole 'nother level than we can dream of) he's a doctor purely because he wants to be, works a few shifts here and there to keep up and one of the nicest guys ever.

Us young guns still make a pretty good scratch. The power couples are very well off living large. But unless we hit it large with investments or the lottery, or sit on a property for a decade or two and it pays off, we can hardly match these guys.
 
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They did not practice in large cities. They started off at a time when reimbursements were high, worked non-stop with massive patient loads and invested like crazy. Motels, hotels, restaurants, gas stations, vineyards, you name it. Also passive income like surgical centers, etc. They grew their fortune over decades of extremely hard work and being able to work hard at the right time to capitalize on their skills. I know one that has so much damn money (lets just say he operates in the finance world at a whole 'nother level than we can dream of) he's a doctor purely because he wants to be, works a few shifts here and there to keep up and one of the nicest guys ever.

These sound like investing finance business types that also happen to be doctors :p
 
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