Best setting for pods (salary question)

[stookie]

Where would it be best for a pod to work to be able to net 300k a year?
Having their own practice? or as a partner

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[IlizaRob]

Where would it be best for a pod to work to be able to net 300k a year?
Having their own practice? or as a partner

Its always better financially to be partner given that you have the patient load to do it. If nothing else, you share the overhead.

 

[whiskers]

"Where would it be best for a pod to work to be able to net 300k a year?"

You don't seem to understand that podiatry is not about location only, but it’s kinda/sorta about your ability to "court and spark" the physicians in your "market." They have to be able to understand your capabilities, certs and desire to handle their patient referrals.

Without them (Doctor M.D./D.O.) sending business your way, life could be tough no matter where you lived, what your GPA was or how many years your residency was.

That is why it is important for each podiatrist to establish a decent reputation in their local medical community and a working rapport with other health care providers.

Not only would it benefit you as an individual practitioner, but it would be wonderful for the profession as a whole.

I don’t know if there is a get rich quick plan in this field…. Just work hard and provide a decent service to whatever community you live in…. and one last note, I hope that your priorities change from “where can I make 300K” to “where can I best fit in and provide my services.”

 

[MurrayButler]

I don’t know if there is a get rich quick plan in this field…. Just work hard and provide a decent service to whatever community you live in…. and one last note, I hope that your priorities change from “where can I make 300K” to “where can I best fit in and provide my services.”

Amen and Amen. Maybe you should start playing more of the lottery. This is a hard road (worth it, but not easy) and shouldn't be taken lightly. If this is your reason for application, I suggest you sit back and re-evaluate your options.

(Sorry to be the negative guy)

 

[IlizaRob]

Amen and Amen. Maybe you should start playing more of the lottery. This is a hard road (worth it, but not easy) and shouldn't be taken lightly. If this is your reason for application, I suggest you sit back and re-evaluate your options.

(Sorry to be the negative guy)

Just because stookie inquired about salary does not mean that its the only reason they are interested in going into podiatry. We all wonder about income. It was a simple question about private practice vs group practice. Whiskers just stated the obvious with any profession. No real insight there.

 

[doclm]

Amen and Amen. Maybe you should start playing more of the lottery. This is a hard road (worth it, but not easy) and shouldn't be taken lightly. If this is your reason for application, I suggest you sit back and re-evaluate your options.

(Sorry to be the negative guy)

Could someone please explain to me why it is so hard to make a good income doing foot and ankle sugery? Also, what is the "hard road"? Why would it be harder to become a successful podiatrist versus being any other doctor? Finally, I would like to see some credentials from some of you negative ones, including whiskers.

Who are you and why do you feel this way?

 

[jonwill]

Anyone who is planning on starting their own practice from scratch does have a long road ahead of them, but they can still be very successful. Otherwise, there are plenty of good jobs out of residency that start at a decent salary. You work your way up from there but I wouldn't consider starting out in the low to mid 100's "hard times".

 

[doclm]

Anyone who is planning on starting their own practice from scratch does have a long road ahead of them, but they can still be very successful. Otherwise, there are plenty of good jobs out of residency that start at a decent salary. You work your way up from there but I wouldn't consider starting out in the low to mid 100's "hard times".

THANK YOU

 

[whiskers]

"could someone please explain to me why it is so hard to make a good income doing foot and ankle sugery?"

Sure.

I don't think that most podiatrists aren't doing foot and ankle surgeries as their "bread and butter."

We could spend all evening bragging about the complex surgeries that we can and have done....

But the reality is that we're selling shoes, jazzy mole skin and digging out ingrown toe nails for a decent profit....


"Why would it be harder to become a successful podiatrist versus being any other doctor?"

Well, that's easy, there are tons of physician jobs, if you don't like one, find another one! If one doesn't pay enough, find another better paying one!

Maybe you don't understand the complicated laws we podiatrists work under that change from state to state. I mean, just b/c you can do something well in one state means absolutely nothing in many other states.... With no option to even get certified.... End of story. You're limited.

Physicians are in demand, podiatrists must make their own demand. If podiatry evaporated tomorrow as a profession, who would really notice?

 

[jonwill]

"Physicians are in demand, podiatrists must make their own demand. If podiatry evaporated tomorrow as a profession, who would really notice?

Won't even bother

 

[whiskers]

"I wouldn't consider starting out in the low to mid 100's "hard times"."

Lol....

let's not start internet rumors about the "salary." I'm pretty sure that there is a very broad range, but let's not give the poor pre meds who troll around here too much of what I consider the "company" line!

 

[MurrayButler]

Anyone who is planning on starting their own practice from scratch does have a long road ahead of them, but they can still be very successful. Otherwise, there are plenty of good jobs out of residency that start at a decent salary. You work your way up from there but I wouldn't consider starting out in the low to mid 100's "hard times".

Well stated. I apologize if I made it seem impossible or even improbable. I am a podiatry student right now and certainly hope (and very much believe) that one can make a comfortable life for his/her family by means of podiatric medicine. By posting what I did, I took on the assumption that money was this person's #1 priority, because thats what it seemed to me. And when I was speaking of it being a hard road I was only speaking from experience. I meant as far as classes and studying. I'm not a podiatrist as of right now and I don't claim to know how hard it is to make a good living. But obviously I think it is very possible and I plan to do so, otherwise I wouldn't waste my time and money. But money is not my top or only priority either. I just made the assumption that was the case in my response to the post. If I was wrong in doing so, then so be it. I'll be the first to admit to my mistake. I was just saying, be passionate about this profession, because my classmates that weren't, dropped out.

 

[Dmayor22]

Just curious... But current students or pods currently doing residency(dpmgrad), what are the current starting salaries you are hearing/seeing for various parts of the country..southeast, NE, outwest? What numbers have you heard for pods who have been out working for 5, 10, 15 years?

**Assuming the numbers come from someone who is surgically trained and state whether it is net or gross. Thanks!!

 

[whiskers]

Here's the truth of the matter, one guy could me making a killing while another guy isn't.

You have to understand that podiatry is a business and each business, market and practitioner generates his/her/it's own $$$ independent of another.

One pod may have an expensive transcribing service while another is saving money and doing it "bare bones."

Janitorial services.... Do it yourself or Pay to have it done...

And tons of other business decisions that can eat at profit.

So, unless you know for a FACT that you are going to work for another entity, don't set income expectations or let others tell you "how much a pod really makes."

There is a wide range of incomes and chances are that you will earn within that range.

 

[FALL06]

Here's the truth of the matter, one guy could me making a killing while another guy isn't.

You have to understand that podiatry is a business and each business, market and practitioner generates his/her/it's own $$$ independent of another.

One pod may have an expensive transcribing service while another is saving money and doing it "bare bones."

Janitorial services.... Do it yourself or Pay to have it done...

And tons of other business decisions that can eat at profit.

So, unless you know for a FACT that you are going to work for another entity, don't set income expectations or let others tell you "how much a pod really makes."

There is a wide range of incomes and chances are that you will earn within that range.[/QUO

Your posts are always passive aggressive. I'm sure you failed in Podiatry, right?

 

[whiskers]

"Your posts are always passive aggressive. I'm sure you failed in Podiatry, right?"

Hmmmm, let me think.....

No, but to be honest, I didn't get on the "cheer-leader" team.

 

[doclm]

"Your posts are always passive aggressive. I'm sure you failed in Podiatry, right?"

Hmmmm, let me think.....

No, but to be honest, I didn't get on the "cheer-leader" team.

If you still attend a Podiatry school, what school is it?

And what year are you in?

 

[dpmgrad]

Just curious... But current students or pods currently doing residency(dpmgrad), what are the current starting salaries you are hearing/seeing for various parts of the country..southeast, NE, outwest? What numbers have you heard for pods who have been out working for 5, 10, 15 years?

**Assuming the numbers come from someone who is surgically trained and state whether it is net or gross. Thanks!!

Sorry for my delay in responding to this question. In one of the upcoming 2006 APMA (Journal of American of Podiatric Medical Association) issue, they should be publishing the most current salaries of the Podiatrists through out USA based on the 2005 APMA Compensation Surveys. They will map out the salaries of Podiatrists who have been practicing for 5, 10, 15 years. In the meantime, I can share with you the statistics that the APMA Young Members' Committee attained from the 2004 APMA Young Members' Committee Compensation Survery. With Podiatrists that have 5 years or less being in practice (a little more than 95% of the survey respondents), here are the AVERAGE annual gross compensation by region:

New England (ME, NH, VT, MA, RI, CT) $95,509
Middle Atlantic (NY, NJ, PA) $84,850
East North Central (OH, MI, IN, IL, WI) $90,704
West North Central (MN, IA, MO, ND, SD, NE, KS) $106,279
South Atlantic (DE, MD, DC, VA, WV, NC, SC, GA, FL) $80,303
East South Central (KY, TN, AL, MS) $96,164
West South Central (AR, LA, OK, TX) $101,277
Mountain (MT, WY, CO, NM, ID, UT, NV, AZ) $102,386
Pacific (WA, OR, CA, AK, HI) $104,288

REMEMBER these gross compensations are either based on salary and bonuses or on income they got from whatever they billed.

I hope that this information helps.

 

[jays2cool4u]

I was a non-believer in salary potential until I saw this job listing. dpmgrad, what do you think of this? Although the job is in north dakota. Starting salary on NYCPM website

 

[IlizaRob]

I was a non-believer in salary potential until I saw this job listing. dpmgrad, what do you think of this? Although the job is in north dakota. Starting salary on NYCPM website

You might find this one interesting.

 

[dpmgrad]

I was a non-believer in salary potential until I saw this job listing. dpmgrad, what do you think of this? Although the job is in north dakota. Starting salary on NYCPM website

The starting salary for that job opportunity in North Dakota seems plausible. In the ad, it does mentioned that the quoted salary would be based on experience. Hence, your salary may be higher or lower than the quoted salary based on the experience.

 

[poormansDO]

Sorry for my delay in responding to this question. In one of the upcoming 2006 APMA (Journal of American of Podiatric Medical Association) issue, they should be publishing the most current salaries of the Podiatrists through out USA based on the 2005 APMA Compensation Surveys. They will map out the salaries of Podiatrists who have been practicing for 5, 10, 15 years. In the meantime, I can share with you the statistics that the APMA Young Members' Committee attained from the 2004 APMA Young Members' Committee Compensation Survery. With Podiatrists that have 5 years or less being in practice (a little more than 95% of the survey respondents), here are the AVERAGE annual gross compensation by region:

New England (ME, NH, VT, MA, RI, CT) $95,509
Middle Atlantic (NY, NJ, PA) $84,850
East North Central (OH, MI, IN, IL, WI) $90,704
West North Central (MN, IA, MO, ND, SD, NE, KS) $106,279
South Atlantic (DE, MD, DC, VA, WV, NC, SC, GA, FL) $80,303
East South Central (KY, TN, AL, MS) $96,164
West South Central (AR, LA, OK, TX) $101,277
Mountain (MT, WY, CO, NM, ID, UT, NV, AZ) $102,386
Pacific (WA, OR, CA, AK, HI) $104,288

REMEMBER these gross compensations are either based on salary and bonuses or on income they got from whatever they billed.

I hope that this information helps.

can somebody tell me what annual gross compensations means? i have no idea? can you explain it in depth. please

 

[jonwill]

Sorry for my delay in responding to this question. In one of the upcoming 2006 APMA (Journal of American of Podiatric Medical Association) issue, they should be publishing the most current salaries of the Podiatrists through out USA based on the 2005 APMA Compensation Surveys. They will map out the salaries of Podiatrists who have been practicing for 5, 10, 15 years. In the meantime, I can share with you the statistics that the APMA Young Members' Committee attained from the 2004 APMA Young Members' Committee Compensation Survery. With Podiatrists that have 5 years or less being in practice (a little more than 95% of the survey respondents), here are the AVERAGE annual gross compensation by region:

New England (ME, NH, VT, MA, RI, CT) $95,509
Middle Atlantic (NY, NJ, PA) $84,850
East North Central (OH, MI, IN, IL, WI) $90,704
West North Central (MN, IA, MO, ND, SD, NE, KS) $106,279
South Atlantic (DE, MD, DC, VA, WV, NC, SC, GA, FL) $80,303
East South Central (KY, TN, AL, MS) $96,164
West South Central (AR, LA, OK, TX) $101,277
Mountain (MT, WY, CO, NM, ID, UT, NV, AZ) $102,386
Pacific (WA, OR, CA, AK, HI) $104,288

REMEMBER these gross compensations are either based on salary and bonuses or on income they got from whatever they billed.

I hope that this information helps.

I actually talked with the people responsible for this survey. They say that the numbers are low and they have some good ideas for the next survey, which should be even more accurate. They said that the two main problems with this last survey were 1) it didn't take into account part-time vs full-time pods (which brought salaries down) and 2) there was a lack of participation in some areas by some of the more affluent pods. Nonetheless, they are very excited about the survey and feel that it illustrates the progress of the profession.
As far as "gross" income, this is money made before taxes. Like every other job you've ever had, on your check there is a gross and net amount.

 

[doclm]

can somebody tell me what annual gross compensations means? i have no idea? can you explain it in depth. please

I believe that Gross income and Net income are two different types of income that we all experience. Gross income is the $$$ you earn that is taxed by federal, state, and social security which gives you a net income. For example, last year I made $51,000 Gross Income. However, after $7,400 going to federal tax, $2,500 going to state tax, and $3,100 going to social security (hence I live past retirement age), so my net income after all these taxes is roughly $38,000 for the year of 2005. So, when you see PODS giving data such as $180,000 net income per year, that is really good. I'm thinking that many PODS that own a business can get some good tax breaks that would take that $$ you would otherwise pay to "uncle sam" you can just put that much back into your practice. Usually, if you make $130,000 or more a year it is possible that you can only end up with 60% of that after taxes, depending if you own a house, married, children, also you can donate up to $5000 a year for certain charities, ect...Many of the MD's that I have talked to make really good gross income (average consultant, 200K-300K, some even more) however they get a paycheck every two weeks like me, with a lot of taxes taken out. To learn more about the income brakets and tax deductibles you can look up http://www.irs.gov.

 

[dpmgrad]

I actually talked with the people responsible for this survey. They say that the numbers are low and they have some good ideas for the next survey, which should be even more accurate. They said that the two main problems with this last survey were 1) it didn't take into account part-time vs full-time pods (which brought salaries down) and 2) there was a lack of participation in some areas by some of the more affluent pods. Nonetheless, they are very excited about the survey and feel that it illustrates the progress of the profession.
As far as "gross" income, this is money made before taxes. Like every other job you've ever had, on your check there is a gross and net amount.

I personally know several of the APMA Young Members Committee Members and they have told me the same thing. I am looking forward to the next survery results.

 

[DR2BEIN2010]

Where would it be best for a pod to work to be able to net 300k a year?
Having their own practice? or as a partner

most private practice is difficult to produce that type of revuene however like any business its about name and locations. in the back of the APMA magazine has some amazing job offers. Dated 1/2006, page71. LA( state) not city, make 350k a year. Your desire to make a good living from all the hard work is right on. I have a friend who is a Radiologist, in a small town in northern California ,whom does not make that kind of income. I know for a fact, that most physicians within medicine do not start of making a great deal of money for several reasons. First, when you start with a group, the group put you in a trial basis. This gives the other group members time to figure out if you will work out with them and vice versa. Secondly, it may take up to 2-5 years and possibly longer before you are a partner of the group. Another reason, is the state you chose may limit your scope of practice(e.g. possibly decreasing the number of income generating procedures you may perform. So it really depends on you and how much time your willing to spend with regards to researching your field of medicine. Good luck.

 

[JohnfootDr]

As stated above:

Gross income is your "paycheck" before the gov.org (and state.gov) get hold of it.

Net is Post Tax.

Practice income is the collected money before you pay for the overhead (office rent, supplies, malpractice, staff salaries, utilities, etc.). Be careful when you see high $$ listed in an ad...they may mean the practice collects that much (and $400k with a 50% overhead drops the income to $200k immediately).

I've seen podiatrists net $50k for minimal work, and $400k+ for busting their ass (sole practitioner with 4 offices, and only minimal surgery).

A lot of the grumbling in Podiatry (and other medicine) comes from the fact that NOBODY pays very much anymore (insurances).

I saw a statement of Benefits for a patient in our office.

Ankle Scope:
Billed $2000

Private Insurance (Blue Cross type) paid $600 (that was both the patient's copay and the insurance payment)...and, frequently that is not a bad payment (Medicaid...welfare insurance...would probably only pay $250 if you are lucky. Medicare probably $450).


A lot of the older guys (>10-15 years in practice) remember when you could bill $2000 for a procedure and get pretty close to that. A lot of the grumbling comes from them.

There is still money to be made in medicine, but it is a lot harder to make it...can't do 4 days (6-7 hour days), play golf and do a couple of surgeries in Podiatry and make $250k anymore. Need to do 5 days of 8-9 hours, and see more patients in each hour to get to that level.

John