Offers after residency

[bunion123]

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Members don't see this ad.

Just so some of the new comers (and potential new comers) can have an idea of what the offers are like in the job market once one completes a residency.
can current residents post anonymously what they are being offered?
Here's a sample (based on guesswork)

Graduate year: 2008
Residency: PMSR 36
Offer: $70,000 base + 15% of personal net profit
Location: upstate NY
buy in option: after 5 years

 

[dtrack22]

I'll post one I just saw with as many details as I could get a look at

2013 grad from PMSR/RRA
Base $125k + bonus above $250k gross (didn't see the %)
$5k check up front for relocation, malpractice coverage, medical and dental for family, and the group is paying off $150k worth of student loans over the life of the first contract (3 years)
Group starts and funds retirement account for first 3 years (another one where I didn't catch the $ amount or % of revenue generated by the new guy)
Partnership discussions/options begin after the 3rd year
Location: Midwest, USA

 

[DrYES]

Is the paying portions of loans off common? If so that is awesome.

 

[jdikis]

A couple of our graduates this year accepted jobs with base salaries of $175K (West Coast) and $225K (Midwest) with an additional percentage income based on RVU's. Each received $10K-$15K for relocation expenses. Not sure of the other details of the contracts.

There is absolutely no reason anybody in our profession should be accepting surgical jobs for anything less than $125K. Obviously employers are going to pay the least that someone is willing to accept.

 

[PMSIII]

A couple of our graduates this year accepted jobs with base salaries of $175K (West Coast) and $225K (Midwest) with an additional percentage income based on RVU's. Each received $10K-$15K for relocation expenses. Not sure of the other details of the contracts.

There is absolutely no reason anybody in our profession should be accepting surgical jobs for anything less than $125K. Obviously employers are going to pay the least that someone is willing to accept.

I think it all depends on the system/network/group you're joining. A fair number of hospitals do pay higher starting salaries and they'll switch you to a production model from year 2 for bonuses. With Groups - the salaries are typically less but they include a compensation package to give you an incentive.

Speaking to my personal friends and colleagues and from my own experience thus far in the field I can tell you that most private practice offers have salaries ranging from as low as $60,000 and as high as $150,000 without percentages, incentives, bonus, etc. If you count those factors, then you're take home is higher obviously but they key part of the equation is recognizing that your salary potential is much higher after 2-3 years. Percentages range from 15%-40% collections off your production AFTER you hit a certain point. Geography plays a big role in the compensation as well because different states, regions, and areas have different insurance carriers who pay out very differently.

As far as hospitals or bigger network systems are concerned then RVU's play a huge role in the equation after your first year or two. For that reason, they typically start you at a higher salary expecting you to produce at least 3-4 folds your salary. They also collect a lot more per service that you provide at their facilities. So there's a lot to play in those equations.

 

[JewOnThis]

A couple of our graduates this year accepted jobs with base salaries of $175K (West Coast) and $225K (Midwest) with an additional percentage income based on RVU's. Each received $10K-$15K for relocation expenses. Not sure of the other details of the contracts.

There is absolutely no reason anybody in our profession should be accepting surgical jobs for anything less than $125K. Obviously employers are going to pay the least that someone is willing to accept.

Let me guess, you're talking about umpc grads.

 

[DrRock44]

Let me guess, you're talking about umpc grads.

On this note, do you guys think going to a "top" residency is the golden ticket to getting such high offers?
(I notice people seem to think very highly of that program on here)

 

[postbacpremed87]

On this note, do you guys think going to a "top" residency is the golden ticket to getting such high offers?
(I notice people seem to think very highly of that program on here)

I'm sure the "top" always associate themselves with the "top". It probably opens more doors than going to an average program.

 

[PatchAdamsFan]

I'm sure the "top" always associate themselves with the "top". It probably opens more doors than going to an average program.

I'm not a student yet, but I would presume that is an effective statement in regards to MD/DO residencies. Given the size of podiatry, I believe even residents in the subjectively 'average' programs can find high incomes.

 

[PMSIII]

On this note, do you guys think going to a "top" residency is the golden ticket to getting such high offers?
(I notice people seem to think very highly of that program on here)

There's some truth to that statement. In general, networking and who you associate with opens more doors and opportunities. Strong programs tend to have strong alumni networks and thus more opportunities. I do believe that a large portion of this system is also contingent on your ability as a surgeon, ambition within our profession, and personality. That also explains why a lot of employment opportunities are not openly advertised - again, networking. The group I signed with did not have an advertised position but I was introduced to them through a mutual colleague from the lecture circuit who knew all of us pretty well.

That being said, I don't think going to a mediocre residency will necessarily mean that you're doomed for bad opportunities because this is all contingent on your ability to learn and make the most of your training. If you're willing to work hard and take ownership of your education/training, then you'll make your opportunities and do very well.

 

[dtrack22]

And to add, if you said "I went to Dekalb" or "Inova" or "West Penn" or "Swedish" to any non-DPM employer, they would have NO idea what you were talking about or what it meant.

To me it's about case load (diversity and volume) and then it's up to you to market yourself to the type of practice, in the location that you're looking for.

 

[that1guyfromFL]

And to add, if you said "I went to Dekalb" or "Inova" or "West Penn" or "Swedish" to any non-DPM employer, they would have NO idea what you were talking about or what it meant.

To me it's about case load (diversity and volume) and then it's up to you to market yourself to the type of practice, in the location that you're looking for.

Based on what I have seen personally, this is exactly right.

 

[pacpod]

And to add, if you said "I went to Dekalb" or "Inova" or "West Penn" or "Swedish" to any non-DPM employer, they would have NO idea what you were talking about or what it meant.

To me it's about case load (diversity and volume) and then it's up to you to market yourself to the type of practice, in the location that you're looking for.

I agree 100%

 

[ldsrmdude]

And to add, if you said "I went to Dekalb" or "Inova" or "West Penn" or "Swedish" to any non-DPM employer, they would have NO idea what you were talking about or what it meant.

To me it's about case load (diversity and volume) and then it's up to you to market yourself to the type of practice, in the location that you're looking for.

You're right. The other side is that even though the number of podiatrists joining multi-specialty groups is increasing, the majority of podiatrists are in podiatry-only groups. So there might be still some weight in those big names from a lot of potential employers. Does it really matter in the end? Maybe. As PMSIII mentioned, a lot of the big name programs have large networks of graduates. While you can (and should) always network on your own, having a built in network probably wouldn't hurt.

 

[dtrack22]

😉

The other side is that even though the number of podiatrists joining multi-specialty groups is increasing, the majority of podiatrists are in podiatry-only groups. So there might be still some weight in those big names from a lot of potential employers.

But then you have to remember, pods who have been out for more than 10 years and even many who are younger than that but are no longer involved in residency training, also may not have heard of your residency program.

I remember meeting with some DPMs from my home state at a conference and they didn't know where/what Dekalb was. Granted, we got their eventually since they knew it as Tucker. They had never heard of PSL in Denver, the Detroit area meant nothing to them, etc. The point is, with the rapid evolution of our training, the opening and closing of programs, the changing of names, etc. I don't even expect many pods to know/care much about where I trained.

The only thing that might matter is a large "network" of alumni. But even then, it's just small a bonus and not a necessity. There is nothing stopping you from meeting with docs/groups on your own and saying "look at all of this training I've received, and how comfortable I am with anything that could walk through these doors, and how willing I am to work and make you money...." It's about selling yourself. Not saying "Hey I went to [big name pod program] and watched a lot of famous podiatrists do surgery while I retracted. When do I start?" 😉

 

[ldsrmdude]

I did have a residency director tell me that I should consider his program because of the reputation since "all programs are essentially the same."

You and I agree, I'm just playing devils advocate for the sake of discussion.

 

[audilover]

abra kadabra

 

[NatCh]

I remember meeting with some DPMs from my home state at a conference and they didn't know where/what Dekalb was. Granted, we got their eventually since they knew it as Tucker.

Tucker is now called Dekalb? When did that happen?

 

[ldsrmdude]

Tucker is now called Dekalb? When did that happen?

I think it happened a few years ago. It's based out of Dekalb Medical Center. I think the director still has his office in Tucker though.

 

[teracky]

.

 

[jonod1107]

What is the job market like? Are there openings/need for new grads? I'm prepod at the moment and fearful of graduating w a debt and no job.

Well, I don't think Pod is going anywhere, it's actually advancing in terms of scope of practice and reception within the medical community.

If you successfully finish a residency, I don't see why you wouldn't find a job.

Don't go searching on those job sites like Monster or jobfinder, etc and think that is the job market because you will only find very few listings for Pod jobs. Most jobs are by word of mouth or recruiting directly from residency programs or in Pod magazines/newsletters so they are not publicly listed.

 

[jonod1107]

Just found this job posting from 2 days ago. Took out identifying details because I don't know if the rules allow it or not.

******* seeks to employ an outstanding BC/BE Podiatrist for its Hospital-based clinic. An established practice requires a Podiatrist to replace the retiring provider. Foot and ankle certification preferred.

This position is employed *** as a member of our 17-member multispecialty group.

Level III Trauma Designated Hospital


Hospital offers a rich benefit package including competitive compensation, $180K-$215K depending upon experience with a generous production incentive offered. Benefits include retirement plan, excellent health insurance, relocation assistance, disability plan, flexible spending accounts, PTO, CME allowances, and much more.

 

[newfeet]

Saw that one too.

Just found this job posting from 2 days ago. Took out identifying details because I don't know if the rules allow it or not.

******* seeks to employ an outstanding BC/BE Podiatrist for its Hospital-based clinic. An established practice requires a Podiatrist to replace the retiring provider. Foot and ankle certification preferred.

This position is employed *** as a member of our 17-member multispecialty group.

Level III Trauma Designated Hospital


Hospital offers a rich benefit package including competitive compensation, $180K-$215K depending upon experience with a generous production incentive offered. Benefits include retirement plan, excellent health insurance, relocation assistance, disability plan, flexible spending accounts, PTO, CME allowances, and much more.