I want to make more money

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Before we get carried away, are we sure she's a chick? I read it as if luft was more on the dude end of the spectrum.
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Psyclops said:
Before we get carried away, are we sure she's a chick? I read it as if luft was more on the dude end of the spectrum.
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See, I thought so too, hence the ? after topless shehulk.

LUFT? What are you????
 
I am 30 years old and make 185K as a lawyer with no student debt - all paid of long ago. My immediate supervisor who is 40 makes 650 or so. The main partner there makes $1M+++ Commonality: All are miserable practicing law at a big law firm. Lawyers at BIG (I mean BIG) law firms make more than doctors. They hate it. So, be happy that you like what you do even if you aren't making that kind of money.

I am actually thinking about going to get a Ph.D./Psy.D in clinical psychology. I don't think that I can handle med school and residency. Makes me tired just thinking about it.

But money is not everything.
 
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I doubt one would make a very compassionate doctor if they couldn't see past the dollar signs in their eyes. ;)
 
Poety said:
Ok, I'm on the anesthesiology forum, and those guys are making 450K a year. WHy aren't we making that kind of money, and HOW are they making that kind of moneY? I WANT THAT KIND OF MONEY!
ideas?
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hahahahahahahahahaha. good one, good one.
112Smoking_Dog.jpg
 
If you want to make money, there are of course options outside of practice. You could set up your own businesses outside of psychiatry. I was planning on doing that, while using the attending salary as a means of capital to finance the future empire.

Remember, specialist positions will make you more money--but salaries peak. The further you specialize the more trapped you become in terms of your marketability. Read the book Rich Dad Poor Dad. If you want to make a comfortable salary, being a doctor is fine, but if you really want to be rich, a doctor's salary will rarely if ever break out beyond a few hundred thousand a year, it'll almost never reach a million or more. To do that you have to start doing things outside of medicine.

Also, you have to enjoy what you're doing. I'd rather take a $150,000 job I'd love than a $200,000 job I'd hate.
 
I've decided on forensics, I can make bank, argue til my heart is content AND get to see the sickest of the sick which is my forte :) If I see another depression pt. (just in outpt alone) I may very well have to admit myself :laugh:
 
Well maybe you & I could practice together because I want to go into forensics as well.

I do though have some extensive monetary plans I am currently putting into motion now, but on a resident's salary it will be tough.

The future evil empire of whopper is being constructed now. Hopefully soon I can set up the trap door in my office with the hungry crocodiles waiting below.
 
Hey Peoty & Tri watch out for that Anuwolf guy, he's asking questions on another thread about why borderlines are so difficult to manage, sounds like he is splitting to me... Must want to figure out his own diagnosis. :D
Uh oh here we go... again. :rolleyes:
 
Psychiatry should be looking into developing and doing more procedures that will boost income.

I am not sure how much does doing ECT earn the psychiatrist.. but that is one procedure I would think that helps.

e.g. Something like direct insertion of psychotropic or mood stabilizer medications into the CSF through an ultrasound guided needle to substitute pill taking for a month.

I'm not an expert of course but that's what I see is needed to boost the psychiatry ability to bill.
 
Faebinder said:
Psychiatry should be looking into developing and doing more procedures that will boost income.

I am not sure how much does doing ECT earn the psychiatrist.. but that is one procedure I would think that helps.

e.g. Something like direct insertion of psychotropic or mood stabilizer medications into the CSF through an ultrasound guided needle to substitute pill taking for a month.

I'm not an expert of course but that's what I see is needed to boost the psychiatry ability to bill.
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And how are the impoverished on Medicaid (read: bulk of psych patients) going to pay for these procedures? Psychiatric patients are not flocking to ECT clinics with checkbooks in hand.
 
PublicHealth said:
And how are the impoverished on Medicaid (read: bulk of psych patients) going to pay for these procedures? Psychiatric patients are not flocking to ECT clinics with checkbooks in hand.
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You answered your own questions.

Medicaid reimburses more for procedures. Medicare more.
 
Faebinder said:
Psychiatry should be looking into developing and doing more procedures that will boost income.

I am not sure how much does doing ECT earn the psychiatrist.. but that is one procedure I would think that helps.

e.g. Something like direct insertion of psychotropic or mood stabilizer medications into the CSF through an ultrasound guided needle to substitute pill taking for a month.

I'm not an expert of course but that's what I see is needed to boost the psychiatry ability to bill.
Click to expand...

Yeah, that's right, lets set up treatment guidelines based on how expensive they are. We should gear R & D around what would be the most cost ineffective delivery system. We can then delight in how our insurance premiums rise!

Congratulations, you have just shared a horrible idea. But, looking on the bright side, it sounds like you have the ethical makeup for a career in a large pharmaceutical company or as Dick Cheney's chief of staff. I hear Enron is looking for a new CEO.
 
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Psyclops said:
Yeah, that's right, lets set up treatment guidelines based on how expensive they are. We should gear R & D around what would be the most cost ineffective delivery system. We can then delight in how our insurance premiums rise!

Congratulations, you have just shared a horrible idea. But, looking on the bright side, it sounds like you have the ethical makeup for a career in a large pharmaceutical company or as Dick Cheney's chief of staff. I hear Enron is looking for a new CEO.
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Chillax™ 2mg Tabs
Take one by mouth twice a day
#60 (sixty) no refills
 
Solideliquid said:
Chillax™ 2mg Tabs
Take one by mouth twice a day
#60 (sixty) no refills
Click to expand...

You better get that order IM, because I refuse. :smuggrin:
 
Poety said:
Ok, I'm on the anesthesiology forum, and those guys are making 450K a year. WHy aren't we making that kind of money, and HOW are they making that kind of moneY? I WANT THAT KIND OF MONEY!

ideas?
Click to expand...

Just become medical director of a few geri-psych hospitals, work at VA hospital one weekend a month, and maintain your private practice seeing 15 (max) patients a day like my MD attending...he pulls in $600,000/yr. No joke. He works 70 hours/wk (most of it is driving to-and-fro his geri-psych units) but he really only works MAYBE 60 hrs/wk. Something to think about. There is money to be made if you wanna make it. That's true for ANY (repeat ANY) medical specialty. I know one of my FP attendings makes $300k+. It's all about how hard you wanna work...the sky is the limit RIGHT NOW (I can't promise that in 10 years from now). Good luck.
 
Anasazi23 said:
Medicaid is even worse...something like $20 per session.

ECT doesn't pay for some reason. Even the anesthesiologists don't get paid much for the procedures. At least that's what what one told me.
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My argument stands. Hypothetically, if psychiatrists started doing all kinds of fancy procedures in attempt to boost their income, they would have to seek out fee-for-service private patients, probably in affluent areas of the country. The majority of psychiatric patients would not be able to afford such procedures, or their government insurance would not cover it. Derm is where it's at if one wants to suck money.
 
WHat about doing a sleep fellowship after psych? If u combine sleep studies, ECTs, and geripsych or a private clinic, cant u do pretty well?

I met some psychiatrists who were doing pretty good during my psych rotation. Psych seems like one of those hidden gems that no one really talks about but could be up there w/ anesthesia, or whatever, unless I have no idea what im talking about.

I am applying to rads this year but psych was in my top 3. (rads, psych, anesthesia) were the 3 attainable fields that one could be pretty happy with a controllable lifestyle.

of course there are many others that could be good (opth, derm (impossible to match), ent...)

my 2 cents
later
 
whopper said:
If you want to make money, there are of course options outside of practice. You could set up your own businesses outside of psychiatry. I was planning on doing that, while using the attending salary as a means of capital to finance the future empire.

Remember, specialist positions will make you more money--but salaries peak. The further you specialize the more trapped you become in terms of your marketability. Read the book Rich Dad Poor Dad. If you want to make a comfortable salary, being a doctor is fine, but if you really want to be rich, a doctor's salary will rarely if ever break out beyond a few hundred thousand a year, it'll almost never reach a million or more. To do that you have to start doing things outside of medicine.
Also, you have to enjoy what you're doing. I'd rather take a $150,000 job I'd love than a $200,000 job I'd hate.
Click to expand...

Yeah, i agree totally, I have rich dad and the cash flow quadrants book along with those others, and that seems the best way at the end of the day, but in order to do u need time, and psych's a damn good residency and practice that can give u time and money to pursue that route. Imagine trying to do real estate or business projects AND working all those hours as a surgeon.

later
 
Psyclops said:
You better get that order IM, because I refuse. :smuggrin:
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Do you want that IM, or our new CSF injectable? Which insurance did you say you had?

:smuggrin:
 
Insurance? I have Medicaid Insurance.
 
PublicHealth said:
My argument stands. Hypothetically, if psychiatrists started doing all kinds of fancy procedures in attempt to boost their income, they would have to seek out fee-for-service private patients, probably in affluent areas of the country. The majority of psychiatric patients would not be able to afford such procedures, or their government insurance would not cover it. Derm is where it's at if one wants to suck money.
Click to expand...
Well, it entirely depends. Removing a gallbladder from a Medicaid patient still pays a significant sum, albeit less than private insurance. You can't predict the Medicaid/Medicare cost of a code or procedure until it's in use (for the most part). It may be possible that TMS, for example, would pay significantly more than ECT.

Or, if we get approval to treat resistant depression with botox, that may have billable codes akin to pain management injections.
 
Big hug and sympathy goes out to Anuwolf's psychiatrist!!!! ;)
 
Anasazi23 said:
Or, if we get approval to treat resistant depression with botox, that may have billable codes akin to pain management injections.
Click to expand...

That study was published in a sh*tty journal with an n < 10.
 
Anasazi23 said:
It's called a pilot study.

The journal's impact factor is similar to other dermatology journals (2.254)
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Right. But psychiatry is FAR away from incorporating botox into everyday practice. Moreover, insurance will likely not cover it, and pharma will fight it every step of the way. Botox = $$$.
 
PublicHealth said:
Right. But psychiatry is FAR away from incorporating botox into everyday practice. Moreover, insurance will likely not cover it, and pharma will fight it every step of the way. Botox = $$$.
Click to expand...

Baby steps.
:D
 
Has anyone looked into opening a longer term care facility, like a board & care? Could there be any mad profits in such an endeavor? I always fantasize about the ideal theraputic environment (with a 21st C spin), much like the early asylum movement in Europe, before they became custodial warehouses: gardening and growing our own food, maybe even having a farmer's market where we would cooperatively sell home-grown fruits & veggies & jams & breads... solar energy, biodiesel cars, community meals, arts and crafts that aren't cheesy, time for sports and hiking... don't you all have favorite mostly high-functioning patients you could imagine in such an idyll? Maybe 10-20 residents, + staff...

And aren't there rich families that would pay fat dollars to have their crazies live there? ;)
 
I'm in in about 6 years, slug. I assume we could be running some researhc projects as well?
 
Psyclops said:
I'm in in about 6 years, slug. I assume we could be running some researhc projects as well?
Click to expand...

Sweet! I'm totally down with the research; I predict our N=20 will always have better outcomes with our Alice-Waters-meets-Austen-Riggs model! :p
 
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