Can you make 400K in Rheumatology?

[Successor12]

Thoughts? And how?

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[gutonc]

Fraud mostly.

 

[Successor12]

Ouch

 

[Raryn]

The 88th percentile for Rheum on MGMA data is 400k, so it's possible. Probably with a busy private practice employing a couple mid-levels and/or owning your own infusion center.

At the percentiles we're talking about, your income depends more on business savvy than on clinical acumen.

 

[bronx43]

Fraud mostly.

Don't post stuff you know nothing about.

Income potential in rheumatology is based ENTIRELY on your business acumen and set up. If you're practicing in a location with few other rheumatologists and you either own your own clinic or are part of a physician owned multispecialty group, then you can make $400k or far more. Infusions are still very profitable depending on your payers and volume. You can typically buy drugs via bulk wholesalers and can easily make a 6-10% profit on your infusions drugs - the highest margin can be up to 15-20% if your private insurers are generous.

Other high earners I've seen in rheumatology have multiple mid-levels and/or high volume injection practice. I know a guy on the East Coast who makes bank by taking all the injections from ortho.

None of these business models requires fraud. That isn't to say there isn't fraud in rheumatology, because there is... just like in any other specialty.

 

[Successor12]

Don't post stuff you know nothing about.

Income potential in rheumatology is based ENTIRELY on your business acumen and set up. If you're practicing in a location with few other rheumatologists and you either own your own clinic or are part of a physician owned multispecialty group, then you can make $400k or far more. Infusions are still very profitable depending on your payers and volume. You can typically buy drugs via bulk wholesalers and can easily make a 6-10% profit on your infusions drugs - the highest margin can be up to 15-20% if your private insurers are generous.

Other high earners I've seen in rheumatology have multiple mid-levels and/or high volume injection practice. I know a guy on the East Coast who makes bank by taking all the injections from ortho.

None of these business models requires fraud. That isn't to say there isn't fraud in rheumatology, because there is... just like in any other specialty.

What is the magic formula to have a successful private practice in Rheumatology?

 

[Mad Jack]

What is the magic formula to have a successful private practice in Rheumatology?

If there was a magical, easily replicated formula every rheumatologist would pull 400k. Business savvy is something you have or you don't, not something you replicate. Hire a few midlevels is one major commonality.

 

[bronx43]

What is the magic formula to have a successful private practice in Rheumatology?

Step 1. Don't work in an employed position. If someone owns you, then they make money off you.
Step 2. Network and market yourself in order to maximize volume and capture market share
Step 3. Hire midlevels
Step 4. Profit

It's Step 2 that really is the hardest. You either got the chops to hustle or you don't. Vast majority of physicians can't hustle to save their lives.