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- Jul 24, 2008
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Think about it. 225K average salary. This means base + some kind of small bonus from all your hard work and it only averages to be 225K. That is terrible.
This is not doctor money. This won't help you raise a family in this economy. You won't live comfortably or take regular vacations. You will struggle to pay loans off, save for a house, raise kids, pay your bills. You are going to just get by.
Maybe it's because today's Thanksgiving, but if every single one of us cleared 225 right out the gate, without "geographical openness" or any other stupidity we put up with, I would say it's better than getting by.
Podiatry has always viewed "the associate" as a means to make YOU (the owner) more money. Start your practice, grow it.
This is the unpleasant private practice arithmetic. Suppose you see a market, you want to open a satellite office. For simplicity's sake, assume identical offices, identical payer mixes, identical doctor training. In order to generate income, you need another doc to work there. If you're going to split the profits 50/50, this is mathematically identical to the two of you each running solo offices. Might as well not bother, leave it to the new doc to build it from the ground up. Yeah there's a modest savings from sharing admin staff and ehr licenses (~1% as a share of gross revenue).
But the profits don't scale well, unless the new doc takes a pay cut to justify the business expansion. Hence the job market.