Most lucrative specialty

[WestCoastNative]

Which specialties combined with a good sense of business are able to create a multi million dollar practice?.. out of curiosity.

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[Neighborr]

Gastroenterology

 

[Lawpy]

Derm *puppy eyes at @DermViser*

 

[The Buff OP]

Which specialties combined with a good sense of business are able to create a multi million dollar practice?.. out of curiosity.

Cosmetic surgery for sure. You start up your practice and you become the go-to surgeon and then you build a bigger practice and recruit young talented cosmetic surgeons.

 

[WestCoastNative]

Cosmetic surgery for sure. You start up your practice and you become the go-to surgeon and then you build a bigger practice and recruit young talented cosmetic surgeons.

Isn't there too much competition already? Cosmetic dermatology or plastic surgery btw?

 

[hoihaie]

an oncologist that has invented a drug for cancer

 

[RTC19]

A neurosurgeon in spine only private practice who operates like a madman.

 

[minor.groove]

medical consultant

 

[WestCoastNative]

Hard to differentiate between the serious answers and the BS some of you are supplying.

 

[The Buff OP]

Isn't there too much competition already? Cosmetic dermatology or plastic surgery btw?

You be your butt there is! You gotta start of somewhere and be really passionate about it. Look at Dr. Robert Rey he is one of the top cosmetic surgeons (but he is not board certified) in the U.S. and he started in a crappy spot in Beverly Hills and now he has people waiting for an open spot every year, so they can get work done by him. Oh BTW having a Cosmetic Dermatologist in your practice would be a big plus.

 

[Lawpy]

A neurosurgeon in spine only private practice who operates like a madman.

 

[The Buff OP]

Hard to differentiate between the serious answers and the BS some of you are supplying.

Nothing but truth here, bro.

 

[RTC19]

 

[WestCoastNative]

Nothing but truth here, bro.

Creating a drug that cures cancer would make bank no doubt, but is that even remotely realistic to rely on? How's ophthalmology btw? I heard that making 600k+ and working less than 60 hours a week is quite common.

 

[RTC19]

Creating a drug that cures cancer would make bank no doubt, but is that even remotely realistic to rely on? How's ophthalmology btw? I heard that making 600k+ and working less than 60 hours a week is quite common.

I have heard good things about private practice ophthalmology in regards to pay in relation to hours worked.

 

[WillburCobb]

With good business sense and good locale, private practice psych, derm, optho, and plastics are probably your best bets.

 

[The Buff OP]

Creating a drug that cures cancer would make bank no doubt, but is that even remotely realistic to rely on? How's ophthalmology btw? I heard that making 600k+ and working less than 60 hours a week is quite common.

Optphalmology you can make some bank by advertising your practice on the radio and doing Lasik eye surgery. According to qualsight.com it cost about $2k per eye for the laser surgery.

 

[WestCoastNative]

Now, is it more common to make a lot of money in ophtho in huge cities (500k+ people), or small ones?

 

[RTC19]

Now, is it more common to make a lot of money in ophtho in huge cities (500k+ people), or small ones?

As a general rule, more desirable locations have a strong tendency to pay less than less desirable ones.

 

[WillburCobb]

As a general rule, more desirable locations have a strong tendency to pay less than less desirable ones.

I'm from one of the least desirable parts of the country, and opthos make BANK (...but so does damn near every other specialty here; hospital based psych starts between $250-300K).

Edit - ...We also have very low cost of living to boot.

 

[WestCoastNative]

San Francisco has low reimbursement rates?

 

[RTC19]

San Francisco has low reimbursement rates?

As an aforementioned desirable area, it is extremely likely that it does.

 

[WestCoastNative]

As an aforementioned desirable area, it is extremely likely that it does.

Sucks

 

[RTC19]

Sucks

It really does.

 

[Mad Jack]

Gastroenterology

You can only put cameras in so many butts per day.

 

[karayaa]

Sports med - look at James Andrews.
Focus on billion-dollar patients, build an empire of PTs and rehab that follows up on your surgeries.

 

[WestCoastNative]

Damn... medicine is what interests me the most, but a big paycheck is what's calling me. Am I more cutout for finance lmao?

 

[karayaa]

You can only put cameras in so many butts per day.

To break the million dollar mark, you're going to have to expand beyond one person's skills, because you only have so many hours in the day. You'll need to someone get money from other peoples' work - either employ them, or license a product, etc

 

[karayaa]

Damn... medicine is what interests me the most, but a big paycheck is what's calling me. Am I more cutout for finance lmao?

Haha with that attitude, no offense, but I don't want you anywhere near my friends or family if you do get into med school.

 

[WestCoastNative]

Haha with that attitude, no offense, but I don't want you anywhere near my friends or family if you do get into med school.

lol that doesn't bother me.

 

[Narmerguy]

Damn... medicine is what interests me the most, but a big paycheck is what's calling me. Am I more cutout for finance lmao?

What is it about medicine that interests you? When you drill down to it, you may find that the features aren't unique to medicine and you can find other professions that satisfy the same desires while allowing you to make it rain if that's what you want.

 

[deleted407021]

Interventional Investment Bank-ology.

 

[kyamh]

Hospital administration

 

[DermViser]

Derm *puppy eyes at @DermViser*

If it's a multimillion dollar practice that means you're likely doing ONLY cosmetics and A LOT of volume. Most likely only in NYC or LA where the demand is that high. That would require a lot of capital for a luxurious private practice (which most of us don't have directly upfront, unless you're born into an affluent family).

http://www.nydermatologygroup.com/gallery

 

[DermViser]

Damn... medicine is what interests me the most, but a big paycheck is what's calling me. Am I more cutout for finance lmao?

Yes, the subtleness of your avatar gave it away.

 

[Greenberg702]

Which specialties combined with a good sense of business are able to create a multi million dollar practice?.. out of curiosity.

Private practice ortho or neurosurgery spine is your best bet. You can pull 1M + even in desirable areas. Prepare to work hard though.

 

[tmn]

Academic psych

 

[Mad Jack]

http://www.beckershospitalreview.co...tal-and-health-system-ceos-in-washington.html

http://www.nytimes.com/2014/05/18/sunday-review/doctors-salaries-are-not-the-big-cost.html?_r=0

Hospital administration/health care CEO.

 

[Optimus-Prime]

Big multi-disciplinary ortho practice with ancillary income from PT and imaging

 

[Gauss44]

www.glassdoor.com

Look under "salaries." For the name of the business type, "hospital." Sort by, "Average Salary High to Low."

If you're looking for $$$, also consider careers in law (see "associate," "partner," and "of counsel" salaries at a large firm), and finance http://resources.onewire.com/indust...essionals/the-highest-paying-jobs-in-finance/ , and business.

 

[MU420]

Neurosurgery, GI, Ortho, Ophtho are most likely bets, but you'll need top business sense, lot of luck, and obviously fitting skills.

In which case, why not just go into finance or pharmaceutical industry.

 

[WestCoastNative]

Is ortho residency as competitive as road?

 

[allantois]

My oral surgeon drives a Bentley. How about $2000 for 30 minute wisdom teeth extraction or implant placement (cash only)? Now, I know that you have to go to dental school for that.

 

[deleted407021]

Is ortho residency as competitive as road?

It depends. I hear they're handing out anesthesia residencies these days and no one seems to think rads is safe anymore. The "R" is quickly changing its meaning to radiation oncology. From looking around, orthopedics is much more competitive than rads or anesthesiology.

s.a. w NaCl 0.5 mg

 

[516662]

My oral surgeon drives a Bentley. How about $2000 for 30 minute wisdom teeth extraction or implant placement (cash only)? Now, I know that you have to go to dental school for that.

hes also ridiculously intelligent because only a handful of dental students get into dental surgery programs.

 

[MU420]

Is ortho residency as competitive as road?

It's more competitive than ROA but not D from my understanding.

 

[Cyberdyne 101]

Is ortho residency as competitive as road?

See p. 13 for USMLE data (and of course, there are other factors)
http://www.nrmp.org/wp-content/uploads/2013/08/chartingoutcomes2011.pdf

 

[NickNaylor]

Lol this thread. Please get into medical school first and get some clinical exposure before committing to becoming a dermatoneurosurgeon. Going into a field assuming you will be in the 90th percentile of income is foolish.

Two points: it is possible to earn a great living in most specialties if you have a sense of business acumen and creativity. This requires being willing to go off the beaten path to explore new models of delivering care and setting up a lucrative practice. Second, all the people mentioned that are making it big are likely working insane hours. The ability to work 40 hours a week while making a killing is the exception rather than the rule. Also keep in mind that you will be busting your ass through medical school, residency, fellowship, and then in practice. You are unlikely to have the energy you have now and are less likely to sacrifice what is required to put in 70, 80, 90 hours a week to build a practice. This is the fallacy of going into medicine for the money: the money itself will be unlikely to be a strong enough motivator to make all of that effort seem worth it. There is nothing wrong with wanting to make a high income, but if not paired with some intrinsic interest in treating patients or medical science, you're setting yourself up for an unsatisfying career.

Carry on with your delusions of grandeur.

 

[TheWeeIceMan]

I can't believe i'm going to respond seriously to this thread, but I'd throw out allergy as well. Can be pretty lucrative with the right business model.

 

[DermViser]

Lol this thread. Please get into medical school first and get some clinical exposure before committing to becoming a dermatoneurosurgeon. Going into a field assuming you will be in the 90th percentile of income is foolish.

Two points: it is possible to earn a great living in most specialties if you have a sense of business acumen and creativity. This requires being willing to go off the beaten path to explore new models of delivering care and setting up a lucrative practice. Second, all the people mentioned that are making it big are likely working insane hours. The ability to work 40 hours a week while making a killing is the exception rather than the rule. Also keep in mind that you will be busting your ass through medical school, residency, fellowship, and then in practice. You are unlikely to have the energy you have now and are less likely to sacrifice what is required to put in 70, 80, 90 hours a week to build a practice. This is the fallacy of going into medicine for the money: the money itself will be unlikely to be a strong enough motivator to make all of that effort seem worth it. There is nothing wrong with wanting to make a high income, but if not paired with some intrinsic interest in treating patients or medical science, you're setting yourself up for an unsatisfying career.

Carry on with your delusions of grandeur.

Accusations of @NickNaylor being accused of being condescending or not knowing what he is talking about to come in 3..2..1..