Anyone else shocked with their practice income at the end of 2020 after last year's debacle?

[LADoc00]

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I just did the final deep dive and closed my 2020 books to find out after all the PPP, CARES act money etc I actually came out ahead by like 10% over 2019.

How Im not sure exactly and my accountant is likewise baffled. There were some brutal months after the elective surgery shutdown but almost not as a brutal as I would expected.

And currently due to some expansions in my area, my Jan 2021 is up over 84% from Jan of 2020 and 2019. And this is not even counting COVID-19 testing income from my new travelpass lab which is 50% higher than all other practice income combined....

Where should I retire?

Anyone expect to get slapped in 2020 and find out they made out far better than expected??

 

[octopusprime]

Volume was slightly lower but income was essentially unchanged from 2019 after PPP monies, perhaps slightly ahead but <10%.
Busy now as well, not 85% but definitely an uptick.
Stock market rally helped investments too--those March 10-15th 2020 investments at the market nadir have really paid off.
(hoping the 1000 sub-$9 MGM shares I picked up will be targeted by the wallstreetbets so I can kill it and sell it).

Now if I can just manage to find more income shelter before Biden's tax plan kicks in.

 

[deleted314957]

I just did the final deep dive and closed my 2020 books to find out after all the PPP, CARES act money etc I actually came out ahead by like 10% over 2019.

How Im not sure exactly and my accountant is likewise baffled. There were some brutal months after the elective surgery shutdown but almost not as a brutal as I would expected.

And currently due to some expansions in my area, my Jan 2021 is up over 84% from Jan of 2020 and 2019. And this is not even counting COVID-19 testing income from my new travelpass lab which is 50% higher than all other practice income combined....

Where should I retire?

Anyone expect to get slapped in 2020 and find out they made out far better than expected??

NOT Cali! Get a nice reinforced concrete place on stilts in the middle FL keys (my choice) or someplace in Texas. No bs state taxes either way if you want to retire. You will find not everything has a cancer warning on it and the Nanny is out for the evening.

 

[octopusprime]

NOT Cali! Get a nice reinforced concrete place on stilts in the middle FL keys (my choice) or someplace in Texas. No bs state taxes either way if you want to retire. You will find not everything has a cancer warning on it and the Nanny is out for the evening.

Ditto the state taxes--have my sights on Washington or Wyoming...or FL if the wife has her way.

 

[LADoc00]

Florida is on a very short list. Specifically Tampa area but St. Augustine is also on my list. Other than that: Park City, Utah, Boise, Idaho, Reno, Nevada, San Antonio, Texas and Scottsdale, Arizona.

 

[Med Director New England]

Total comp: from regular job - no change. Covid more than made up for AP revenue loss. I am lucky in this regard - I have friends near me more or totally dependent on AP revenue who took it on the chin in 2020. Investment income on post tax investments way up due to Covid volatility (for me this is all in stock/cash/fixed incomes & no real estate exposure, thank god). Made some good adds and re-balancing during crash and did well trading options thru recovery. I trade options pretty regularly and took advantage of the xtra time during Covid slowdown. Predominantly selling long dated OTM stock cov’d calls & less frequently selling cash cov’d short dated OTM puts, many closed out within a few days....I was betting against traders who were basically buying lotto tickets and raking premiums all summer.

retire: I think it all comes down to what you want to do on a daily basis when you have all the time in the world. Wouldn’t even consider taxes in this decision - not worth saving $ if you don’t live near the people you want to be around or near things you like to do.

 

[AZpath]

Yep,
Same here it was a excellent year despite loosing 25% volume. My case mix paid more per case.
PPP and other CMS payment made up the rest of the difference.

 

[AZpath]

Florida is on a very short list. Specifically Tampa area but St. Augustine is also on my list. Other than that: Park City, Utah, Boise, Idaho, Reno, Nevada, San Antonio, Texas and Scottsdale, Arizona.

Scottsdale is awesome.
I have come to like more rural areas.
If I wanted to go back to a suburban life style it would be on top of the list

 

[Euchromatin]

Similar to others. Got PPP and overall ended up taking home about 5-10% more in 2020 vs 2019 in spite of decreased volumes while elective surgeries, in office biopsies, endoscopies, etc. were suspended for a while in the spring to early summer.

 

[LADoc00]

Yah 2020 was weird, I went from being worried there was a general collapse in surgical pathology and I would be managing the fries at a Long John Silver's franchise to be generally doing better than recent memory...like slowly leaning over the random chick sleeping in your bed after a night of drinking and being very pleasantly surprised she is actually hot!

 

[Spikebd]

Yah 2020 was weird, I went from being worried there was a general collapse in surgical pathology and I would be managing the fries at a Long John Silver's franchise to be generally doing better than recent memory...like slowly leaning over the random chick sleeping in your bed after a night of drinking and being very pleasantly surprised she is actually hot!

Haha.

Its interesting to read this thread then read the EM or Rad Onc forums. Is Pathology getting competition at the bottom of the barrel, or are we miraculously rising?

 

[cmz]

Between my practice and selling Pokemon cards, I'm up 4000%.

 

[stickyshift]

Had one of our better years. But I attribute it to PPP, CARES and switching billing companies.

 

[Dave CX]

I was down 13%. Given my job though, if there was no work, I could stay home or do whatever.

 

[LADoc00]

I was down 13%. Given my job though, if there was no work, I could stay home or do whatever.

13% though is almost nothing.

Guys and gals, I was on a conference call in April with some of the larger groups and billing consultants and people said then "expect 40-60% downdraft in income streams in 2020"...nothing even remotely close to that materialized.

 

[Guest8]

We were down about 12% compared to 2019. But to be fair 2019 was a record high year for us, and 2020 pay was really in line with 2018 and earlier.

 

[deleted314957]

Florida is on a very short list. Specifically Tampa area but St. Augustine is also on my list. Other than that: Park City, Utah, Boise, Idaho, Reno, Nevada, San Antonio, Texas and Scottsdale, Arizona.

Tampa-St. Pete is known as “ god’s waiting room”. I don’t think it is for you. Think Islamorada if you want FL.

 

[Napoleon1801]

Tampa-St. Pete is known as “ god’s waiting room”. I don’t think it is for you. Think Islamorada if you want FL.

Maybe it's part of his larger plan to take over the ABP? 🤔