This. Look on the Upperline website, they list 21 executives on the leadership team and then 6 additional board members. That is a lot of overhead to be paid.
I would like to know the average starting salary of Upperline associates and how it aligns with the statistics listed on this website. Also would be good to know how those same associates are doing 2-4 years later, and how much of their collections they keep. With this much overhead to pay for it seems unlikely they keep more than 30%.
This has been a slow motion disaster unfolding since residency was standardized to 3 years for surgical purposes, but it is deeper than that. Our profession developed because medicine in the US had not evolved to appropriately manage low grade pathology that patients experience as real physical problems (nails they can't cut, calluses that can hurt like hell). Those problems are often due to progressive digital deformities (hammertoes, bunions), which lead to logical surgical intervention that really can help in the right patients. Nobody was paying attention as enterprising and bold individuals pushed the envelope and created the surgical podiatrist in the shadows of rural hospitals and safety net medical centers, as well as in office surgical suites. At some point, a small number of well-trained surgical podiatrists had a really good thing going. Reimbursement for surgical procedures was good and ortho/medicine in general was not paying too much attention, it was the foot after all. Naturally, these well trained individuals trained more and more, until podiatry became a caste system dictated by surgical training. With expertise, training, and skill wildly inconsistent, all behind the same degree (DPM), it made sense to standardize the field as a surgical profession with at the very least an honorable attempt to standardize surgical residency training. Unfortunately nobody considered supply and demand.
What Feli states above is the crux of the problem. There used to be a few highly trained surgical podiatrists doing a ton of surgery. Now there are thousands of podiatrists with surgical ambition. There are still a good amount doing high volume (I know plenty, I think Feli understimates how many podiatrists are actually surgically busy) , but the difference is that there is a whole lot that claim the same crediential, expertise, and experience but just do not have the volume to support these claims.
Those guys who were really busy, they got a bunch of referrals from the non-surgical or minimally-surgical pods. That kept them busy. In my practice I have gotten some surgical referrals from some of the guys in the community. All of them are older, I almost never got a referral from those around my age/experience. Those times are done.
The invisible hand of the market will correct, but not without collateral damage. Lots of vice presidents to pay.