Current Salary ?

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Maybe some of you have seen this and maybe not - 2015 ACFAS Compensation and Benefits Survey...
https://www.acfas.org/compensation/

Average salary (not including bonuses) was $211,723 and average cash bonus(es) was $51,108.
Personally I found it very telling (and not surprising) that Board Certification in RRA Surgery was strongly correlated with higher incomes.
As it relates to students and residents in this forum... Those practicing 1-2 years had an average salary of $139,610 and that sample size was 46 respondents. On average the $200k threshold was not crossed until the 6th year of practice. Based on type of practice, members of a multi-specialty group practice ($250,136) made more than members of an orthopedic group practice ($220,244).

U r a sharpshooter @newankle ... Thanks for sharing this link and data... I have not seen these official number until now...

Thank you kind sir!

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Maybe some of you have seen this and maybe not - 2015 ACFAS Compensation and Benefits Survey...
https://www.acfas.org/compensation/

Average salary (not including bonuses) was $211,723 and average cash bonus(es) was $51,108.
Personally I found it very telling (and not surprising) that Board Certification in RRA Surgery was strongly correlated with higher incomes.
As it relates to students and residents in this forum... Those practicing 1-2 years had an average salary of $139,610 and that sample size was 46 respondents. On average the $200k threshold was not crossed until the 6th year of practice. Based on type of practice, members of a multi-specialty group practice ($250,136) made more than members of wan orthopedic group practice ($220,244).
What is RRA Surgery?
 
Reconstructive Rearfoot/Ankle Surgery
 
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Just to throw some gas on this fire....
When doing my research into podiatry before applying to school I came across a very wide range of incomes for Podiatry. I'm not experienced in "the real world" incomes that most of you are familiar with, but thought I'd share what I came across.

AGMA: Med pods: Average- $200k/yr. Surg pods: Average-$250k/yr

MGMA: Med pods: Average- $217k/yr. Surg pods: Average- $289k/yr

Looking at the APMA data from the CIB:
Average appears to be $250k/year. ~30% of pods make $400k+/yr and 10% make $700k+/yr.
~25% net $250k+/yr and ~15% net $325k+/yr

None of this is broken down into years of practice or practice setting. There seems to be an almost inverse bell curve with a bump up for the average income.

Long story short you'll make "good to very good money" and if you play your cards right, work hard to get good opportunities, and have a good business sense then you can make excellent money.
 
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I found it interesting in the acfas survey that salary for solo practice is not that different from salary in group practices. You hear that solo practices are dying out, then this...
 
I found it interesting in the acfas survey that salary for solo practice is not that different from salary in group practices. You hear that solo practices are dying out, then this...

Generally successful solo practices make money by keeping overhead/costs down but that is getting harder and harder to do. Podiatry group practices can be good or bad in either extreme. If you are an owner or partner and have a number of associates willing to work hard then you have potential to make good money off of them. When group practices add a new doc that are slow to begin with then the practice loses money but in well-established practices with a surplus of patients they can hire a hungry new doc to see many patients from day one and bring in good money and then in 2-3 years they can get rid of that doc or make the partnership offer so unfavorable that the doc leaves and you will see high turnover in these situations so beware of practices with high turnover. I've also seen docs remain as associates for a long time either because they didn't want to buy in or they were not offered partnership or never brought it up. To me you do not have job security unless you are a partner. I have seen docs fired one day without warning for no good reason and that makes me uneasy so I would not stay at a practice that did not offer partnership or had no timetable for offering partnership. Same thing goes for hospital-owned practices. Our hospital wanted to buy out our practice years ago but we turned it down. What if they offer you $400k/year and sign you to a 3 year contract? Sound good? Now what if in 3 years they say you are not producing enough so they are lowering your salary to $200k/year? If you don't like that then leave and they will replace you with another podiatrist fresh out of fellowship for less - now $300k/year. They have removed competition already because they are buying practices and can get a hungry young well trained doc easily for $200k-$300k. Which one of you would turn down $200 or $300k to start? They can work you to death, make money of all your ancillaries (you have to use their mri, their lab, their dme vendor, their hospital or surgery center) and then just replace you because EVERYONE IS REPLACEABLE. You have to learn to make yourself valuable then leverage your position so that you are rewarded. Another lesson I had to learn is that as an associate your employer deserves to make money off of you. Do not feel taken advantage of because the owner of your practice makes money off of you for a year or 2 but then your reward should be that you are offered partnership at a fair valuation.
 
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Income.jpg


This graph is from an alumni survey conducted by DMU. The 2006-2010 column contains the income of alumni that have been practicing for five years or less.

Source: https://www.dmu.edu/cpms/program-outcomes/
 
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One of the things that really blows my mind is the amount of debt that's incurred throughout school. I know that this is just the nature of the beast and is to be expected by most who go into it, but I've never had anything like that hanging over my head. This may have been answered elsewhere, but my question is with the average salary (or the exceptional salary), how long does it usually take to pay off student loans taken out for podiatry school? And are these loans expected to be paid during residency or can they be deferred during this time period?
 
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There is a lot of really good information in this thread. One aspect that I don't think I've seen anyone discuss though is the cost of becoming a Partner. To be a Partner means you'll get to have more say in how the business is run, you'll be responsible for covering expenses, and along with more security your income will (hopefully) increase.

If you've worked as an employed physician with an established group you may eventually want to Partner. However, to become a Partner almost always means you have to purchase your share of the practice ("buy-in"). I don't think I've ever heard of anyone being given Partnership for free. Has anyone else?

The buy-in price can vary greatly, and I've heard of it costing from five figures to seven figures. Some people need to take out a business loan to buy in but some practices will finance you (more debt, great!). If you're told that you can expect to make $400,000/year income after expenses don't forget to factor in how much your cost will be to get there.

Or, if you start a group with other doctors like I did then you you don't pay one another but instead just start writing checks whenever you encounter an expense (and there are a lot of them).

It's easy to focus on the ins but don't forget about the outs.
 
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Not sure if this belongs in this thread, but I will post the info here just to add a different perspective and if it is helpful, great. I am a Podiatrist out in solo private practice for over 25 years. I am at a point where I value my time "outside podiatry" (family, hobbies, recreation, etc) so that I treat patients (actual face-to-face time) about 21 hours/week. Add about 4-6 hours /week for charting and administrative tasks and another 2-3 hours/week for hospital surgeries and consults adds up to 27 - 30 hours/week maximum time spent in podiatry. My practice is in the Midwest in a highly competitive marketplace, and a pretty average to low cost-of-living area (a nice 4 bedroom 3000 sq foot house in the suburbs will run $275-350k) . Gross income to the practice (before all expenses) last year was 300k. The year before that it was 285k. Figuring overhead is about 60% that would put my net salary at around $120k for last year. If I was "fresh-out" of training and wanted to work 60 hours per week I probably could be closer to 200k take home. If I were to hire an associate, my preference would be for no (or very low) base salary and a straight percentage (I guess 35-40% is the going rate from what I've read here and heard elsewhere) of all that was brought in as well as paying for the usual benefits. As an associate, that can be scary (you have bills to pay), but in the end (especially if you are going to one day own the practice) it can be to your advantage. Yes, you start out making less than the other residents who are offered nice starting salaries, but you get to control your own schedule, see and treat the types of cases you enjoy the most, and potentially end-up better off with a well-balanced lifestyle.
 
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Thanks for the info TechDoc54....makes us future pods more optimistic. I was getting concerned if starting salaries are actually as low as some say....doesnt make sense to go through so much hard work, 3 year surgical residency, and not even make 6 figures...when there are 'easier' healthcare programs which dont require residency and start you with 6 figure salary....
-What im saying is that i really hope theres some catch to the pods who say they started making 70K as their first job..........thats very scary!!
 
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Thanks for the info TechDoc54....makes us future pods more optimistic. I was getting concerned if starting salaries are actually as low as some say....doesnt make sense to go through so much hard work, 3 year surgical residency, and not even make 6 figures...when there are 'easier' healthcare programs which dont require residency and start you with 6 figure salary....
-What im saying is that i really hope theres some catch to the pods who say they started making 70K as their first job..........thats very scary!!

That's because you're not understanding that the "70k" starting figure you hear about is usually a base salary. In private practice you also collect a % based on how much money you generate for your practice. So you should really be looking at "base+incentives"
 
Yes makes sense, thanks Jellybean2020, im sure with the incentives overall income rises much above that.
 
So you should really be looking at "base+incentives"

$70k base + bonus (realistically $110k max before taxes) may be ok for someone who graduated at the bottom of the class and wants to do "routine care".
 
$70k base + bonus (realistically $110k max before taxes) may be ok for someone who graduated at the bottom of the class and wants to do "routine care".
Based on my encounters with attendings and residents, I am of the mind that if you're an competent, competitive student and train at a "good" residency with high surgical volume, and you plan on being busy in practice (whether that's full-scope or whatever), then you can expect to be making 150k-200k when you get out in this day and age. I'm sure there are exceptions (ie. you're opening your own practice from scratch, or you're in a bad location) but I don't think I should be too far off.
 
$70k base + bonus (realistically $110k max before taxes) may be ok for someone who graduated at the bottom of the class and wants to do "routine care".

How many hours per week would that translate to? Does "routine care" include surgery?
 
$70k base + bonus (realistically $110k max before taxes) may be ok for someone who graduated at the bottom of the class and wants to do "routine care".

That's right around what PharmD's and OD's are making without the additional 3 year residency and being worried about class rank.
From an outsider looking in, all this time i thought ~150k is the norm for new Pods considering the length of training. If i was a recently graduated pod, i wouldn't accept an offer below that range.
 
That's right around what PharmD's and OD's are making without the additional 3 year residency and being worried about class rank.
From an outsider looking in, all this time i thought ~150k is the norm for new Pods considering the length of training. If i was a recently graduated pod, i wouldn't accept an offer below that range.
Everyone is really stuck on "starting out" salary. What people have to realize is the earning potential is so much greater over a few years. Many physicians or dentists have a period where they're cutting their teeth (no pun intended) and a lower starting salary is what you may get. Pharmacists, ODs, PAs, APRNs in 95% of situations max out their earning potential pretty quick. Physicians have a much higher ceiling if any at all if you get in the right situation.
 
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Yes, it is definitely about earning potential. If my practice is grossing 300K and I bring in a new associate where do you think the new associate is going to get new patients? From me of course. So if I give the new associate 1/2 of my patients then we are both grossing 150k. Now if the new associate gets 40% of all they bring in that means a salary of 60k (for the 1st year). Yes, I know the new associate will try to make some contacts to bring in new patients, but remember there are some insurance panels that are closed so they will not even be able to see some of the patients because they can't get on those insurance plans. Now add benefits like malpractice insurance, hospital dues, taxes, vacation, CME, etc. paid by the owner and the total package is around 70k to the new associate. The light at the end of the tunnel is that as the owner slows down and then retires, the new associate will assume the entire practice base of patients and the income will rise accordingly.
 
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How many hours per week would that translate to? Does "routine care" include surgery?

No. Routine care usually means diabetic foot exams, clipping toenails, trimming calluses, etc. It should not be beneath you by any means (as it is a necessary service and will probably comprise a % of your practice), but it doesn't exactly require too much brainpower or training to perform.
 
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No. Routine care usually means diabetic foot exams, clipping toenails, trimming calluses, etc. It should not be beneath you by any means (as it is a necessary service and will probably comprise a % of your practice), but it doesn't exactly require too much brainpower or training to perform.

I thought that doing clippings and trimming is where the money was in podiatry, in the ancillary services.
 
I thought that doing clippings and trimming is where the money was in podiatry, in the ancillary services.

Lmao


I think what you're talking about is that you can make more money just pounding out 40 pts in clinic versus doing a few long surgery cases. But I wouldn't agree that routine nail and callus care is some cash cow.
 
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Lmao


I think what you're talking about is that you can make more money just pounding out 40 pts in clinic versus doing a few long surgery cases. But I wouldn't agree that routine nail and callus care is some cash cow.
How intensive are forefoot surgeries like bunion removals, etc

How about rear foot/ankle surgery or reconstruction?

I would rather do lots of clippings and callouses than to mess with scrubbing down an operating room, cutting open, putting under anesthesia etc.
 
I thought that doing clippings and trimming is where the money was in podiatry, in the ancillary services.

No, not really unless you do a huge quantity of them.

I usually hear the term "ancillary services" applied to things such as MRI, hyperbaric oxygen therapy, physical therapy, etc. rather than toenail and callus trimming.

How intensive are forefoot surgeries like bunion removals, etc

How about rear foot/ankle surgery or reconstruction?

I would rather do lots of clippings and callouses than to mess with scrubbing down an operating room, cutting open, putting under anesthesia etc.

If you are properly trained to do the procedures then they are not usually intense. Every case is a little bit different, however with training and experience most cases are all within a day's work. Once in a while you have something go FUBAR, but you learn how to deal with it (and that's why you get paid the big bucks).

By the way, the hospital or surgery center provides staff to scrub down the operating room, provide anesthesia, etc. You don't have to do all of that yourself. Do you think your discomfort with the idea of doing more than trimming toenails and calluses may just the fear of the unknown? As you learn how to do things they become less intimidating.
 
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No, not really unless you do a huge quantity of them.

I usually hear the term "ancillary services" applied to things such as MRI, hyperbaric oxygen therapy, physical therapy, etc. rather than toenail and callus trimming.



If you are properly trained to do the procedures then they are not usually intense. Every case is a little bit different, however with training and experience most cases are all within a day's work. Once in a while you have something go FUBAR, but you learn how to deal with it (and that's why you get paid the big bucks).

By the way, the hospital or surgery center provides staff to scrub down the operating room, provide anesthesia, etc. You don't have to do all of that yourself. Do you think your discomfort with the idea of doing more than trimming toenails and calluses may just the fear of the unknown? As you learn how to do things they become less intimidating.

Forgive my ignorance, but what is FUBAR?

My discomfort is in the unknown. I would be hesitant to crack someone open.
 
Forgive my ignorance, but what is FUBAR?

My discomfort is in the unknown. I would be hesitant to crack someone open.

Sorry, FUBAR is an acronym as explained above.

After you've seen and done a few surgeries you (likely) get more comfortable with it. That's why you go to school and residency.
 
Would you guys say most salaries that are reported on websites such as BLS are base salaries?
And im assuming practice owners done report everything they make...probably give themselves lower salaries to decrease tax?
 
Would you guys say most salaries that are reported on websites such as BLS are base salaries?
And im assuming practice owners done report everything they make...probably give themselves lower salaries to decrease tax?

BLS updates all salaries every 3 years, the last time being 2012. They just posted the 2015 salaries during the past couple of weeks and of course the next update won't be until 2018. Interestingly, Podiatrist salaries seemed to have fallen by a few thousands for both the national average and my home state. I definitely expected an increase based on anecdotes from these threads.
 
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BLS updates all salaries every 3 years, the last time being 2012. They just posted the 2015 salaries during the past couple of weeks and of course the next update won't be until 2018. Interestingly, Podiatrist salaries seemed to have fallen by a few thousands for both the national average and my home state. I definitely expected an increase based on anecdotes from these threads.
This is probably a good reminder that taking the anecdotes on SDN as the whole and complete truth is ill-advised. The same applies to the pre-pods looking at acceptance stats on SDN or which school is best as well as pod students using SDN as their sole source for residency rankings. I wish it were different, but I would guess that salaries across the board for physicians have probably dropped nationwide during the same timeframe.
 
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This is probably a good reminder that taking the anecdotes on SDN as the whole and complete truth is ill-advised. The same applies to the pre-pods looking at acceptance stats on SDN or which school is best as well as pod students using SDN as their sole source for residency rankings. I wish it were different, but I would guess that salaries across the board for physicians have probably dropped nationwide during the same timeframe.

Recent medscape reports shows physician incomes up for all fields (minus a couple; though still no decrease). I find it hard to believe pod salaries are singled out for a decline - is it possible the BLS report is incorrect?
 
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Recent medscape reports shows physician incomes up for all fields (minus a couple; though still no decrease). I find it hard to believe pod salaries are singled out for a decline - is it possible the BLS report is incorrect?
I agree. I see that a good amount of the medical fields had an increase in their average salary such as those for optometrists, veterinarians and pharmacists. There are certain things that come to mind. Such as maybe the sampling of those salaries reported on BLS for podiatrists included a greater percentage of part time workers. It would be great if BLS included that data as well. I have noticed that a lot of the job openings in various areas are seeking part time podiatrists. Either way, I'm sure everyone was hoping for an upward trend.
 
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In general I wouldn't give a lot of credence to the BLS website. They're the same website that reports "expected increase in future job opportunities" for pharmacists and optometrists when in reality both those fields are dealing with significant over-saturation.
 
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Ya i agree, it just amazes me how on BLS reports podiatry and pharmacy/optometry with the same mean salary compensation. Actually frightens me actually because of the more expenses and higher training that goes with podiatry....
 
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so is it safe to assume that avg starting is about 120K? and more for private practitioner?
 
Private practice has a lower floor but a higher ceiling. It depends on your geographic region and your individual situation but in general, if you start out in PP you are likey to make less your first couple of years out vs working for a hospital or other group type of practice until you build up your patient base.
 
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Private practice has a lower floor but a higher ceiling. It depends on your geographic region and your individual situation but in general, if you start out in PP you are likey to make less your first couple of years out vs working for a hospital or other group type of practice until you build up your patient base.
thank you. would it be possible to provide a ballpark number for private practitioner net income and starting salary? just estimate.
 
For PP you should be very happy with 120k +35% at 2x salary. In the right situation a straight 40% can be a great option. But most often you will find anywhere from 80-120k with 30-35% at 2-3x salary. If you can get health insurance thats awesome. If somebody will throw in 3% match 401k then you hit lottery. 1-2k CME. 2 weeks PTO.
For Hospital/MSG you are looking at 175-225k base. RVU model will have bonus at around 5000 RVU depending on rates. Collections model maybe 45-55% percent. 10-20k signing bonus. 10k moving expenses. 3-5k CME. Health Insurance premiums and deductible paid for you and family. HSA. 5% to Full match 401k. Maybe a few percent defined benefit plan. 4-6 weeks PTO.
No brainer if you ask me....but ask me in a few years when it takes 6 months to get something done through hospital administration.
 
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For PP you should be very happy with 120k +35% at 2x salary. In the right situation a straight 40% can be a great option. But most often you will find anywhere from 80-120k with 30-35% at 2-3x salary. If you can get health insurance thats awesome. If somebody will throw in 3% match 401k then you hit lottery. 1-2k CME. 2 weeks PTO.
For Hospital/MSG you are looking at 175-225k base. RVU model will have bonus at around 5000 RVU depending on rates. Collections model maybe 45-55% percent. 10-20k signing bonus. 10k moving expenses. 3-5k CME. Health Insurance premiums and deductible paid for you and family. HSA. 5% to Full match 401k. Maybe a few percent defined benefit plan. 4-6 weeks PTO.
No brainer if you ask me....but ask me in a few years when it takes 6 months to get something done through hospital administration.

Sorry, I am not getting all the abbreviation. I am new to this field. Could someone explain in plain language?
 
Sorry, I am not getting all the abbreviation. I am new to this field. Could someone explain in plain language?

PP= private practice
CME = continuing medical education
PTO= paid time off
RVU= relative value units

Almost all of the above could have been googled easily btw.
 
Hey Guys!

I was talking to a my friend the other day and he was telling me about moonlight residency to make some extra money while in residency. Is this possible for podiatric residents?

Thanks
 
I doubt it, but maybe someone can correct me. Moonlighting would be pretty tough to do in surgical residencies. I've mostly heard of specialties like Psychiatry and Emergency Medicine where it's not uncommon to moonlight during your time off. I have not heard of a surgical resident moonlighting.
 
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For PP you should be very happy with 120k +35% at 2x salary. In the right situation a straight 40% can be a great option. But most often you will find anywhere from 80-120k with 30-35% at 2-3x salary. If you can get health insurance thats awesome. If somebody will throw in 3% match 401k then you hit lottery. 1-2k CME. 2 weeks PTO.
For Hospital/MSG you are looking at 175-225k base. RVU model will have bonus at around 5000 RVU depending on rates. Collections model maybe 45-55% percent. 10-20k signing bonus. 10k moving expenses. 3-5k CME. Health Insurance premiums and deductible paid for you and family. HSA. 5% to Full match 401k. Maybe a few percent defined benefit plan. 4-6 weeks PTO.
No brainer if you ask me....but ask me in a few years when it takes 6 months to get something done through hospital administration.

Could you please explain 120k +35% at 2x salary?
 
If you "collect" less than $240K in that example then your salary is $120K (their tolerance for losing money on you will probably be limited/non-existent so do not assume you can collect nothing and keep your job). Once you collect above $240K (2xsalary) you begin to receive 35% of those excess collections. So if you collected $400K for the practice you would in theory be paid $120K + ($400K-240K)*35% = 176K.

I put collect in parentheses because we could in theory use a bunch of words there - collect, produce, bill, net, etc - all these words have very specific meanings that matter. You can probably bill anything that you want, but what you collect is what keeps the lights on.

Consider the following - you are paid $120K and can qualify for incentives at 2x or 3x. At 2x they are paying you 50% of your collections up to $240K and at 3x they paying you 33% of your collections up to $360K. I recently met a person who signed a contract where his incentive structure is 20% over a certain amount. Unless I'm misunderstanding his situation - that doesn't really provide much incentive to produce. The person hiring you knows what the overhead of the practice is. If they are providing you with benefits - they know the value of those perks. At a certain point you will have more than paid for your own benefits and a share of the practice related expenses ie. staff, electricity, supplies etc. In theory the incentive structure above the base should become more generous as your production increases because the overhead associated with that production should decrease. If I cover a Saturday clinic to increase production there is a staff cost in hours (potentially), but the rent was the same whether the office was used 5 or 7 days a week so I've increased collections with only a marginal increase in overhead.

In a recent thread airbud wrote the following: "Contrast this with a private practice that I interviewed with - 100k base w/ 30% at 4x base. No benefits. Had another w/ person that would pay straight 40% and would fill up your schedule day 1. Health insurance for you only, 401k with matching." Do the math on those 2. In the first you are being paid 25% up to $400K (though you'll get your 100K to some extent with less than $400K collection) and your incentive structure is 5% more after $400K - however, you receive no benefits which means all the collections above your 25% paid for overhead and profit for the owner - he didn't even pay for benefits with them. If the 40% option actually fills your schedule up with worthwhile patients and cases it could rapidly crush the first offer (15% better on the first 400K and 10% better afterwards), but you had to probably tolerate no base and the risk that your schedule was full of someone else's postops. I've met a few guys this year who were collecting near a million 3-5 years out. If you somehow collected a million under offer 1 you'd be paid $280K and $400K in option 2.

(Natch/Airbud/people who know better - set me straight if I'm misunderstanding the dynamic or am wrong)
 
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That math is making my head spin. All I know is I collect a bunch of money then every quarter the government wants it all back (writing checks for $22K to Unkie Sam as we type).
 
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Hey Guys!

I was talking to a my friend the other day and he was telling me about moonlight residency to make some extra money while in residency. Is this possible for podiatric residents?

Thanks
Yes, it's possible depending on state laws and your program's rules. I don't think you can moonlight during first year anywhere, though I could be wrong on that.
I doubt it, but maybe someone can correct me. Moonlighting would be pretty tough to do in surgical residencies. I've mostly heard of specialties like Psychiatry and Emergency Medicine where it's not uncommon to moonlight during your time off. I have not heard of a surgical resident moonlighting.
Surgical residents from general surgeons to podiatrists have been known to moonlight, but those opportunities are very specific to the resident schedules, your location, and the hours available for moonlighting (usually more frequent to be "daylighting" for podiatrists). It's easier for other surgeons to find opportunities (e.g., they can fill in at an urgent care), but it can be easier for us to find the time (depending on the residency).
 
I can't imagine any scenario by which a podiatrist could moonlight. Regardless, my program specifically prohibited it.
 
I can't imagine any scenario by which a podiatrist could moonlight. Regardless, my program specifically prohibited it.
The ones I met who had done so trained in the same state, so maybe it's just easier there or something.
 
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