Thanks for the info. I live in Idaho and I think he did start his own practice. I like the idea that was mentioned of joining a group. He mentioned to me that buying a practice of a retiring pod might be the way to go, but I would see that as being a lot of overhead as well depending on how much the practice is bought for. Just a quick question, does anyone know how much a practice usually goes for. I know that there must be a ton of variables that go into that, but a ballpark estimate would help. Also, does anyone know what parts of the country have a greater need for podiatrists or where I could find such info? thanks for the replies.
I'd imagine that it really varies waaaaay too much to give you numbers. There are many variables such as new or used equipment, how much equipment, digital or film and paper, office rent and location(s), advertising or networking budget, staff salaries and qualifications, benefits and insurance, etc which would influence how much loan $ or initial capital you would need to get things running as a DPM solo practitioner. Get your hands on some
APMA News or
Podiatry Management magazines, and you will see all kinds of podiatry classifieds with practices for sale, associate positions with or without buy-in for partnership, etc. There is also the occasional ad for used equipment, and there is a company (I believe it's Medical Mavin but would have to look) which buys, refurbishes, and re-sells used medical equipment.
Very good advice was given already in this thread. Even DPMs who plan on eventually having their own practice where they are the sole or primary owner usually do not start out in that fashion anymore. It makes more sense for most to work for a hospital, physician group, etc for awhile to gain financial stability and pay off those loans.
Yes, you could rent/lease/buy a space in an office building or mall, get some chairs, instruments, x-ray, etc and hang up a sign, but that is very rare for most newly finished DPMs. I plan on doing exactly that sort of thing someday, but I want to have the stability of a salary income and other physicians in my group/hospital with whom I can consult on difficult cases with for awhile while I am a learning the ropes as young practitioner and paying off my student loans.
For me, the potential to run into a complex case which would stump me if I started a practice fresh out of residency is almost more intimidating than the financial aspect. Money can always be earned as long as you work hard and have good skills which will earn you respect and referrals. However, as a young doc, no matter how good your residency is, it seems to me that it would be almost ineviteble that you will get stuck on some difficult cases (and where can you truly get quality help if you are the only DPM for 10 miles?). Sometimes a 50 year old doc can take one quick look and immediately solve a problem which even the brightest 30 year old one can't begin to understand due to lack of experience. Personally, I will probably feel more comfortable going into my own practice if I get some cases and experience under my belt with the "safety net" of a group/hospital full of consults beforehand.
I'm certainly leaving my options open, though. Podiatry has many channels by which one can find a successful living. Private practice seems to have lower average income but far more salary range and upside whereas hospital jobs offer higher average salary but limited upside. Most economic stats I've seen also show - fairly convincingly - that DPMs (or pretty much any medical professional) practicing in groups with fellow DPMs or other physicians do better than their solo counterparts on average.
These are very interesting things to think about. Most schools have a practice management club and will offer at least a few classes on those subjects. There are also seminars on successful practice methods, billing and coding, etc. You don't want to put the cart totally in front of the horse, but it's always good to think slightly ahead. You just don't want to fail physio or pharm because you are pricing out a digital X-ray machine
As for parts of the country where there are not many DPMs, I'd say that most rural areas could use more. Sparsely populated states and states with a small DPM scope of practice also tend to be underserved. Vascular surgeons, orthopaedic surgeons, FP docs, etc can fill the foot care gaps reasonably well in areas with no DPM in sight, but those patients would surely benefit from a well-trained specialist dedicated to the foot and ankle. You are likely to gain many new customers in those regions and many docs will begin to refer their pod patients to you if you do good work. If you're good enough at podiatry and business that your reputation spreads, you can and will gain referrals and respect in even the most pod-saturated areas (namely those near a pod school); it is quite a bit more of a risky in those regions, though - especially for a new solo practitioner with no patient base. The major metro areas tend to have a fair number of DPMs already, so joining an established practice in an associate position which will lead to partnership is the method more young practitioners will opt for in those big cities.
