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40, PP (hospital based)
You guys are all making $500K+, right?
yes40-45 hours.
You guys are all making $500K+, right?
Yes.40-45 hours.
You guys are all making $500K+, right?
Are you?40-45 hours.
You guys are all making $500K+, right?
Um, no.Are you?
You've got everybody beat here. Doing...Forensics?60 -70 - and not even close.
That may be the case. But it's the gold standard by many hospitals nationwide to determine salaries for employed physicians. I'm sure many a pathologist would be satisfied being in the bottom 25th %ile making mid 300's...I've found the MGMA surveys wildly unreliable from year to year: the average incomes and range of incomes swing a lot.
So, I'm looking at the MGMA report for 2016 (using 2015 data) right now. Total compensation for Pathology: Anatomic and Clinical is $350K median and $383K mean for all practice types (28 groups/165 practitioners). The Midwest practices in the survey (all 7 of them, accounting for 26 of the 165 practitioners surveyed nationally) do the best regionally, with a median of $451K and a 90%ile of $828K. But that's data from a very small number of practitioners in the Midwest. In contrast, practices in the East have a median of $322K and a 90%ile of $626.You've got everybody beat here. Doing...Forensics?
That may be the case. But it's the gold standard by many hospitals nationwide to determine salaries for employed physicians. I'm sure many a pathologist would be satisfied being in the bottom 25th %ile making mid 300's...
So, I'm looking at the MGMA report for 2016 (using 2015 data) right now. Total compensation for Pathology: Anatomic and Clinical is $350K median and $383K mean for all practice types (28 groups/165 practitioners). The Midwest practices in the survey (all 7 of them, accounting for 26 of the 165 practitioners surveyed nationally) do the best regionally, with a median of $451K and a 90%ile of $828K. But that's data from a very small number of practitioners in the Midwest. In contrast, practices in the East have a median of $322K and a 90%ile of $626.
Maybe hospitals use the MGMA report as a gold standard, but the numbers vary wildly and are based on a small number of practices/practitioners. And I seem to recall that they vary a lot from year to year, too. I just find it hard to draw many firm conclusions from it.
I've been curious where my salary matches up with the national averages for a while (which is how I ended up on this thread; actually I joined SDN just so I could write this). After talking with friends in private practice these numbers actually seem to be about right for private practice pathology. I'm hemepath trained, working in a quasi-academic setting in the southeast. I'm employed by a fairly large academic medical center, but work in a community hospital based setting. Most of my effort is in signing out cases, with some fairly minor teaching responsibilities (couple hours a month) and some minor research stuff. Looking back at last year I signed out just over 5700 cases, including about 85 bone marrows (I also split reading the professional side of flow and hemeFISH with another hempath in our group). I have good communication skills (non-PC translation - I'm a white American male who gets along well with the surgeons, gastroenterologists, oncologists, etc). I've been asked to interview for a few other jobs since starting this one (I'm coming up on my 3rd year out of fellowship) but am overall pretty happy with my current job and my family likes where we live so I just haven't pursued other possibilities. Currently I make low 200's (with benefits, closer to mid 200's).
With all that in mind what are people's thoughts on this salary - should I just be happy with this level of pay or am I making way less than I should? I have no idea what my billing and collection numbers are (even though I have asked for this info on more than one occasion).
PS - if any of my colleagues are reading this and know its me writing it, I'm not planning on leaving...that is unless someone on here tells me I'm really getting screwed 🙂
Looking back at last year I signed out just over 5700 cases, including about 85 bone marrows (I also split reading the professional side of flow and hemeFISH with another hempath in our group). Currently I make low 200's (with benefits, closer to mid 200's).
As far as revenue, you are generating at least 450 - 500K depending on location, case & payor mix. If you were an equal partner in pp with your workload being the average, you'd be making upper 300's or more i.e. what your friends in pp said they're at.I signed out just over 5700 cases, including about 85 bone marrows...Currently I make low 200's (with benefits, closer to mid 200's).
The fact that you asked your billing info (depending on whom) after being there close to 3 yrs and haven't gotten feedback is a little uncouth to me. But it doesn't surprise me that academic or employed places would be tight-lipped about this. If you want to find out that info, you don't need to ask anyone in the first place. This can be easily figured out by looking at CMS reimbursements for your area and CPT codes for the cases you sign out, and if you really want to get to down to it, patients' insurance.I have no idea what my billing and collection numbers are (even though I have asked for this info on more than one occasion).
I don't think anyone can say if you should be happy other than yourself. Others can only relate their level of satisfaction based on their own personal wants and needs including their family's as well as what their financial goals are. And, no one but yourself can tell you what you should feel your net worth is given the other advantages you spoke of being in your current job. You've already expressed you are happy with your current situation because you've passed on other interviews, haven't looked around for other jobs, and not planning on leaving. Sounds to me like you're mind is pretty much already made up. Having said that, if you're posting on here for the first time to inquire about this, I think it'd be worth testing the waters and at least having a conversation with some of the other places that wanted to interview you the next time it comes up and see what they're offering. You may end up being happier...With all that in mind what are people's thoughts on this salary - should I just be happy with this level of pay...
If these new jobs offer partnership/income ceilings higher than where your rural job is at, you're only losing out for a couple of years and may even surpass you're total career earnings in the next 5-10 yrs. So, taking a 50-100K pay cut in the short run may not be as bad as it seems...I have had four jobs interviews with three offers...The starting salaries have ranged from $200K to $250K...I am willing to take the pay-cut
As far as revenue, you are generating at least 450 - 500K depending on location, case & payor mix. If you were an equal partner in pp with your workload being the average, you'd be making upper 300's or more i.e. what your friends in pp said they're at.
Given that you are doing “some minor” teaching and research, I’m guessing your pay structure is pretty similar to the academic model despite being in a community hospital. You’re income level is about on par being < 3 yrs out. If you’re considering fair market value, the first question would be: What is the ceiling for potential income growth? Given your job setting, if you’re in a big city and/or desirable area, you’re doing ok if you reach 250+ (not 10 yrs later though) imo.
The fact that you asked your billing info (depending on whom) after being there close to 3 yrs and haven't gotten feedback is a little uncouth to me. But it doesn't surprise me that academic or employed places would be tight-lipped about this. If you want to find out that info, you don't need to ask anyone in the first place. This can be easily figured out by looking at CMS reimbursements for your area and CPT codes for the cases you sign out, and if you really want to get to down to it, patients' insurance.
I don't think anyone can say if you should be happy other than yourself. Others can only relate their level of satisfaction based on their own personal wants and needs including their family's as well as what their financial goals are. And, no one but yourself can tell you what you should feel your net worth is given the other advantages you spoke of being in your current job. You've already expressed you are happy with your current situation because you've passed on other interviews, haven't looked around for other jobs, and not planning on leaving. Sounds to me like you're mind is pretty much already made up. Having said that, if you're posting on here for the first time to inquire about this, I think it'd be worth testing the waters and at least having a conversation with some of the other places that wanted to interview you the next time it comes up and see what they're offering. You may end up being happier...
Thanks for your comments (and those from the others who have commented also). A few months ago I did try to figure out what I thought I'd probably be collecting per year and estimated around 400-500k. I thought maybe I'd overestimated though (couldn't imaging they'd be paying me half or potentially less than half of the amounts I collect). The position was supposed to be a "hybrid" between academics and private practice. From what I can tell it seems like the reimbursement is closer to the academic level than the private practice level. All that to say, 200k+ is still a good amount of money for any sane person, I just kind of hate the idea that half the money I collect is probably going into someone else's pocket.
Disagree entirely with the first part of that statement because it's entirely reliant on the second part: NO ONE making 200k in pathology, who is signing out an appropriate number of cases, is being appropriately compensated because all that money is being siphoned off to someone else. This is the inherent problem with our field--we've accepted the notion that such poor compensation is not only to be expected but appropriate.... All that to say, 200k+ is still a good amount of money for any sane person, I just kind of hate the idea that half the money I collect is probably going into someone else's pocket.
LMAO. Again, the source of the problem...some pathologists function as the migrant labor force of medicine...and not because they have no other choice and their families are being ruined by drugs & crime, but because they CHOOSE to for convenience sake...while a whole separate population of equally trained persons has worked diligently to ensure scarcity of product, high demand and low trainee output.But he is referring to standard of living, for which 200K puts someone in the top 3-5% household income in the US. And it is satisfactory to support one's family and retire comfortably. I don't think anyone he's saying his income is fair or appropriate for the amount of work he's doing. He's just saying he enjoys where he lives and his income is more than enough for his family's lifestyle and to live within their means.
Yes, making low 200's while generating 450-500K of revenue is highway robbery. But hello, welcome to corporate America. No successful business model thrives off narrowing the margin between labor costs and profits from productivity. It's the same concept as farmers hiring illegal immigrants to work for 1/3 of the costs as Americans would. As long as there's a steady supply of illegals to pick fruit for 12 hrs/day under the scorching sun, the farmers will keep using them. Just like a Quest or Ameripath is going to pay someone 200 vs 300 to push glass as long as there's someone willing to accept, which unfortunately due to the market, there's plenty who will...
Disagree entirely with the first part of that statement because it's entirely reliant on the second part: NO ONE making 200k in pathology, who is signing out an appropriate number of cases, is being appropriately compensated because all that money is being siphoned off to someone else. This is the inherent problem with our field--we've accepted the notion that such poor compensation is not only to be expected but appropriate.
Sure, 200k compared to your national median household income is great, but add on top $250k of med school debt (which is avg nowadays), the complete lack of any sort of loan repayment programs to otherwise offset that debt (the kind that is common for primary care gigs) and the undeniable fact that signing out 5000 cases / yr should guarantee you at a MINIMUM 300k, and 200k is insulting.
Hospitals, like academic institutions and nat'l lab outfits, redistribute the money you make to areas that are needed to either a.) bring in more business / grease the machine, or b.) bring in more business / grease the machine. Our field if plagued by meek, passive aggressive idiots without one iota of business sense, let alone self respect, who think 200k is acceptable.
Haha! I need you to re-negotiate my contract. I just meant 200k+ is a lot of money when you consider people starving to death, working 3 jobs and can't pay bills, etc. "Woe is me, I only make $200k" Would I take more money if offered? Of course. Does the amount of money I make define my life? Thankfully - hell no 🙂
some pathologists function as the migrant labor force of medicine...and not because they have no other choice and their families are being ruined by drugs & crime, but because they CHOOSE to for convenience sake
Partially correct because the opportunity cost to reach 200K for a physician in the US is greater than someone in investment banking who reached that same income level in their late 20's with only a four year degree. But a dollar earned by someone making 200K in investment banking or any other field has the same purchasing power as a dollar earned by a physician making that same amount. i.e. a single earner making 200K in the medical field vs a family with a household income of 200K still has to pay the same amount for a 2,000 sq. ft house and a Prius in San Bernadino, CA or whatever city in America they're living in.And you can't look at 200k in the medical field compared to household income any more than you can look at US household income compared to world household income...apples to oranges.
That's what he meantSure as a general abstraction 200k is good
I just meant 200k+ is a lot of money when you consider people starving to death, working 3 jobs and can't pay bills, etc.
Again, I'm not minimizing the fact that 200k in the grand scheme of life is "good", I'm just saying if you take some utilitarian generic view of your career as a comparison to starving people in Africa, why don't we work for even less --say $100k? $100k is still better off than most. Why not $85k?Haha! I need you to re-negotiate my contract. I just meant 200k+ is a lot of money when you consider people starving to death, working 3 jobs and can't pay bills, etc. "Woe is me, I only make $200k" Would I take more money if offered? Of course. Does the amount of money I make define my life? Thankfully - hell no 🙂
That's what he meant
Again, I'm not minimizing the fact that 200k in the grand scheme of life is "good", I'm just saying if you take some utilitarian generic view of your career as a comparison to starving people in Africa, why don't we work for even less --say $100k? $100k is still better off than most. Why not $85k?
Because the paltry ~$200k you're making is what the powers-that-be deem is a level that will still garner willing applicants...it's a threshold that we keep lowering and lowering every year. The damn point is that WE have taken negotiation off the table because we've relinquished the ability to control our own profession.
FWIW I couldn't live on 200k...maybe in 10 years, but not now...not when i'm paying $3k/mos to pay off med school loans (which, I'll add, are at 3.5% only after refinancing down from most being 5.5% and 6.8%...which accrued interest all through residency, whereas those that graduated 5 or 6 yrs ahead of me had interest rates of 1-2% and deferred all loans through training, no interest accrued) and $3k/mos for home loans. Sure, I could stretch that repayment plan out over 30 yrs, and my home loan out over 30 years, and drive a dodge stratus, and never go on a vacation, and not max my retirement every year. But I'm not going to be a martyr for medicine, and I'm sorry, if implicit to entering medical school was the understanding that amassing a quarter mil of debt and spending 10 yrs of training would NOT push me well above the median household income, I sure as hell wouldn't have done it. Neither would most.
exactly.
exactly.
There is no connection between hours and pay in Medicine. That is pure mythology. I work less than I have ever worked in my life, probably 20 hours or less and make far more than the supposed 90th percentile in that data set quoted above...