WiredEntropy

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What is the approximate salary of a pain med sub specialist ?

The limited info I could find on this is very limited, vague, and from 6-7 years ago.
 

Ducttape

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I actually pay to go to work. Walk 20 miles to get there, in socks when i can find them on side of road:
 

emd123

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"I make 'One Billion Dollars'

Ha ha, ha ha ha, HA HA HA, HA HAAAAAH!"
 

geauxg8rs

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I get paid in disability and FMLA paperwork. So I get richer every day
 

Nonphysiologic

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MGMA DATA: Please just remember this is a tool to use when looking at TOTAL comp for all physicians that responded to the survey. It is not specific to geographic regions or years in practice.


Anesthesia: Pain
25th percentile: 329,768
Median: 432,340

Pain Management: Nonanesthesia
25th percentile: 279,208
Median: 364,230
 

lobelsteve

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MGMA DATA: Please just remember this is a tool to use when looking at TOTAL comp for all physicians that responded to the survey. It is not specific to geographic regions or years in practice.


Anesthesia: Pain
25th percentile: 329,768
Median: 432,340

Pain Management: Nonanesthesia
25th percentile: 279,208
Median: 364,230
Numbers are in millions (not billions) like those jokers above.
 
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EtherBunny

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Extremely variable, depending on location, workload, types of procedures done, payer mix, ancillary revenue, and extent of midlevel involvement. The range is $275,000-$1,500,000/yr. Most established interventional pain docs are probably making somewhere in the mid 400s with full benefits package on top (with the exception of the self employed docs).

Hope this helps.
 
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MGMA DATA: Please just remember this is a tool to use when looking at TOTAL comp for all physicians that responded to the survey. It is not specific to geographic regions or years in practice.


Anesthesia: Pain
25th percentile: 329,768
Median: 432,340

Pain Management: Nonanesthesia
25th percentile: 279,208
Median: 364,230
I assume that you were talking about pain specialists in private practice. What about academic pain doctors?
 

Tenesma

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well - i think you should know that i now make 1/2 of what I made 8 years ago -- for doing twice as much work.... literally....
 

Stim4me

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After forming my s corp, my salary is 499k....
 

Tenesma

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the key with an s-corp is to pay yourself what the average doctor makes (ie: 250k) - and then do corporate distributions on the remainder above that - this saves you on medicare/FICA taxes on those distributions since you only have to pay income tax on those distributions - check with your accountant.
 
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Stim4me

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the key with an s-corp is to pay yourself what the average doctor makes (ie: 250k) - and then do corporate distributions on the remainder above that - this saves you on medicare/FICA taxes on those distributions since you only have to pay income tax on those distributions - check with your accountant.
Correct, but my accountant and attorneys believe 250k is too low to claim as my salary...grey zone
 

Stim4me

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My CPA and lawyer think too
Low of a salary will be cracked down on by the IRS.
if you make a lot of revenue/profit, keep your salary on the higher side.... you still avoid significant Obamacare/Medicare taxation... we need a flat tax and consumption taxation system.
 

Stim4me

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but lig, you quoted stim as saying 250K was too low to claim....
It's kinda unnerving, even my attorneys that set up the salary structure were uncomfortable. Used the mgma data and took the highest median salary.
Just use salaries at the local academic hospital
ligament you and I both know if you at pulling in coin, you cannot claim 250k as a salary and the rest in distributions. At least I cannot find an attorney to cover my ass....
 
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oreosandsake

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perhaps outside the scope, but what % do you guys reccomend W2 out of the S corp?

i've heard as low as 33% to 75%

thoughts?
 

Tenesma

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from what i understand the IRS looks at what average doctors make to make the determination - it makes it easier to use a salary of 250-300k and do distributions if you have other revenue generating sources...

i can tell you private business guys (ie: guys who own 25 mcdonald franchises) usually pay themselves a salary of 100-120k - and the other 5 million they take as distributions...
 
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Stim4me

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perfect examples of low salaries are Steve Jobs, Buffett, Zuckerberg, etc....
I think your critical point is diversified revenue sources. If you make 20 million like a Florida opthomologist from medical services, the irs is not going to accept a 250k salary... That's why bush's and trumps tax plan attacks those scummbag investment bankers taking a mediocre salary (paying 20% tax rate) while we pay an ordinary income rate of 39%....