- Joined
- Feb 4, 2014
- Messages
- 22
- Reaction score
- 5
AFTER taxes and AFTER malpractice insurance and AFTER practice expenses. Basically, how much money would the family doc that owns the practice take home?
Um, just to keep in mind, most patients don't know what a DO is. So if you own your own practice, with your name "Dr. Jane Smith, DO" on a sign, I don't think most patients will come to you, because they wouldn't know what a DO is in the first place.
As for me, I intend to work in a hospital setting since I need drama and fast-pace work environment in my life. Plus, you treat patients without most questioning your degree.
Um, just to keep in mind, most patients don't know what a DO is. So if you own your own practice, with your name "Dr. Jane Smith, DO" on a sign, I don't think most patients will come to you, because they wouldn't know what a DO is in the first place.
As for me, I intend to work in a hospital setting since I need drama and fast-pace work environment in my life. Plus, you treat patients without most questioning your degree.
150k-200kAFTER taxes and AFTER malpractice insurance and AFTER practice expenses. Basically, how much money would the family doc that owns the practice take home?
The answer to this question is very complex since it depends on many factors such as location, the payor mix, how much will you be working and how many patients you'll be seeing, and most importantly how good you are in running a business.
That's being said, I read in the FM forum that Medicare reimburses ~$74 for a routine follow up visit, Medicaid pays much lower (around $45 in some states) and private insurance pays higher ($100+). I also read that if you see an average of 22-25 pts/day, you will need at least 3 employees. One for the front desk, one for charting and taking vitals, and one for billing.
Um, just to keep in mind, most patients don't know what a DO is. So if you own your own practice, with your name "Dr. Jane Smith, DO" on a sign, I don't think most patients will come to you, because they wouldn't know what a DO is in the first place.
As for me, I intend to work in a hospital setting since I need drama and fast-pace work environment in my life. Plus, you treat patients without most questioning your degree.
The answer to this question is very complex since it depends on many factors such as location, the payor mix, how much will you be working and how many patients you'll be seeing, and most importantly how good you are in running a business.
That's being said, I read in the FM forum that Medicare reimburses ~$74 for a routine follow up visit, Medicaid pays much lower (around $45 in some states) and private insurance pays higher ($100+). I also read that if you see an average of 22-25 pts/day, you will need at least 3 employees. One for the front desk, one for charting and taking vitals, and one for billing.
Um, just to keep in mind, most patients don't know what a DO is. So if you own your own practice, with your name "Dr. Jane Smith, DO" on a sign, I don't think most patients will come to you, because they wouldn't know what a DO is in the first place.
As for me, I intend to work in a hospital setting since I need drama and fast-pace work environment in my life. Plus, you treat patients without most questioning your degree.
Soo.. let me get this straight. If I were a family doc and saw 20 patients in a day, and only took private insurance, I would get $100 per patient. THat would be 100*20=$2,000 per day. *5= $10,000 per WEEk. *4 weeks= $40,000 PER MONTH.
Let's say I hire a receptionist and pay her $2,000 a month (about $12/hour). Let's say I hire two medical assistants, and pay them $40,000 per year each. That is a total of $104,000 per year on employees. If I were to make $40,000/month from the private insurance seeing 20 patients in a day, I would net $480,000 per year. Then, I would subtract $104,000 per year for my workers.
And let's say I don't rent the space, I own it.
So I would make $376,000 per year? Sounds a bit too good to be true. Something must be missing, right? I mean, a family doc usually makes 200k a year, not 376.
25 patients per day times 60 dollars average for each patient times 260 working days per year = $390,000. It would seem hard to stretch 190,000 to cover all other expenses. This assumes five day work weeks and no vacation.
You also have to take into account paying for nurses, insurance, and rent for your practice. It's incredibly unrealistic to start a practice on your own. You would work way too much, and not make enough money. I can't even imagine how often you would need to be on call. Best thing you can do is take a job making 150-200k and hope to become a partner within 5 years25 patients per day times 60 dollars average for each patient times 260 working days per year = $390,000. It would seem hard to stretch 190,000 to cover all other expenses. This assumes five day work weeks and no vacation.
$60 per visit is on the low end, unless you are working in an area that is heavily populated by people insured by Medicaid.
Good point, I'm always a little conservative with my estimates. I also considered the expansion of Medicaid because of obamacare. My guess is that reimbursement rates will decrease on average as more people go to Medicaid.
From what I read, the ACA (obamacare) requires states to increase Medicaid reimbursement rates to match Medicare.
increase in medicaid reimbursements by 74% as part of the law, if I'm not mistakenFrom what I read, the ACA (obamacare) requires states to increase Medicaid reimbursement rates to match Medicare.
Gotta take breaks sometime.... minus taxes, etc.Soo.. let me get this straight. If I were a family doc and saw 20 patients in a day, and only took private insurance, I would get $100 per patient. THat would be 100*20=$2,000 per day. *5= $10,000 per WEEk. *4 weeks= $40,000 PER MONTH.
Let's say I hire a receptionist and pay her $2,000 a month (about $12/hour). Let's say I hire two medical assistants, and pay them $40,000 per year each. That is a total of $104,000 per year on employees. If I were to make $40,000/month from the private insurance seeing 20 patients in a day, I would net $480,000 per year. Then, I would subtract $104,000 per year for my workers.
And let's say I don't rent the space, I own it.
So I would make $376,000 per year? Sounds a bit too good to be true. Something must be missing, right? I mean, a family doc usually makes 200k a year, not 376.
On the contrary, it's pre-meds who are even aware of a difference. Doctors are just Doctors to 99.99% of the population, and they are going to assume the D.O. is some fancy extra title rather than an alternative to being an MD if they even pay those letters any attention at all. I think you're spending too much time on SDN...if you hang up a sign that says "Dr. Chilly Willy, D.O., Family Physician", practically no layperson is going to think, "DO? What's that? That must not be a REAL doctor!" They're just going to see "Dr." and "Family Physician" and know it's a doctor's office.Sorry I didn't mean to offend, was just trying to be realistic. You're right most patients don't care, but imagine you weren't a premed, and you never heard of a DO before.
increase in medicaid reimbursements by 74% as part of the law, if I'm not mistaken
I don't know about white American patients, but definitely Asians and Indians will think that (who make up a good Percentage of the medical field besides whites)On the contrary, it's pre-meds who are even aware of a difference. Doctors are just Doctors to 99.99% of the population, and they are going to assume the D.O. is some fancy extra title rather than an alternative to being an MD if they even pay those letters any attention at all. I think you're spending too much time on SDN...if you hang up a sign that says "Dr. Chilly Willy, D.O., Family Physician", practically no layperson is going to think, "DO? What's that? That must not be a REAL doctor!" They're just going to see "Dr." and "Family Physician" and know it's a doctor's office.
Um, just to keep in mind, most patients don't know what a DO is. So if you own your own practice, with your name "Dr. Jane Smith, DO" on a sign, I don't think most patients will come to you, because they wouldn't know what a DO is in the first place.
As for me, I intend to work in a hospital setting since I need drama and fast-pace work environment in my life. Plus, you treat patients without most questioning your degree.
I don't know about white American patients, but definitely Asians and Indians will think that (who make up a good Percentage of the medical field besides whites)
are you calling yourself realistic? only ppl who takes damn care of the DO or MD title is pre-med. once you get out, no one gives damn about itSorry I didn't mean to offend, was just trying to be realistic. You're right most patients don't care, but imagine you weren't a premed, and you never heard of a DO before.
I don't know about white American patients, but definitely Asians and Indians will think that (who make up a good Percentage of the medical field besides whites)
The primary care office I worked for went completely electronic and the EMR cost a cool MILLION.EMRs can cost hundreds of thousands of dollars for a small office to upgrade.
I don't know about white American patients, but definitely Asians and Indians will think that (who make up a good Percentage of the medical field besides whites)
Um, just to keep in mind, most patients don't know what a DO is. So if you own your own practice, with your name "Dr. Jane Smith, DO" on a sign, I don't think most patients will come to you, because they wouldn't know what a DO is in the first place.
As for me, I intend to work in a hospital setting since I need drama and fast-pace work environment in my life. Plus, you treat patients without most questioning your degree.
The marijuana doctors might be in big trouble when California legalizes it (either this year or by 2016 for sure). I'm sure it'll be hard for them to go back to regular practice after so many years of handing out weed prescriptions. Just my prediction, I could be wrongThis is an impossible question. There are docs here in sf that have a marijuana practice charging 80 a visit with nearly no overhead and just a college kid making minimum wage as a secretary. These people pull easy 300k+. I even met an omm guy with 4 month waiting list making 200 bucks for 30 min visits. This is easily a 400k operation. If you want to make money in medicine, there are ways.
Do you mean 74% increase over what it has been, or increase to 74% of Medicare rates? If it is the former, then that's a huge reward to docs who treat Medicaid patients.
That is scary indeed with this worthless congress that refuses to do anything that helps strengthen the ACA. Fortunately the doctors do have a fairly strong lobby. That's how they got this provision in in the first placeNice!
The only bummer is that it's only for 2 years and then it expires. I hope they keep extending it.
Enough states are thinking of playing with medicinal marijuana. I think a smart doc would just move.The marijuana doctors might be in big trouble when California legalizes it (either this year or by 2016 for sure). I'm sure it'll be hard for them to go back to regular practice after so many years of handing out weed prescriptions. Just my prediction, I could be wrong
True but then the endgame will be when all states legalizes it or the federal government gives up prohibition of it. It's going to happen eventually and when it does, those doctors will have no where to run to. They best save up as much as they can nowEnough states are thinking of playing with medicinal marijuana. I think a smart doc would just move.
Asthethics is where its at. I just feel like its selling out. :\
I was going to post this until I saw you had. Pre-meds fear not, a viable and sustainable business model for primary care exists. Click the link NontrdCA posted and learn about direct care.
I'm guessing if you did FM->Sports medicine you could do OMM on a large percentage of your patient population and make decent money.
That is true, but these are also the same type of doctors that will probably turn to things like tattoo removal. If you get money from the government to remove tattoos of former inmates, that can make a lot of money. You only need a nurse to do the procedures (an LPN even) and you can open up branches to make a lot of money.True but then the endgame will be when all states legalizes it or the federal government gives up prohibition of it. It's going to happen eventually and when it does, those doctors will have no where to run to. They best save up as much as they can now
That is true, but these are also the same type of doctors that will probably turn to things like tattoo removal. If you get money from the government to remove tattoos of former inmates, that can make a lot of money. You only need a nurse to do the procedures (an LPN even) and you can open up branches to make a lot of money.