PM's Podiatry Survey

[rainynights]

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Hello everybody, I have a quick question pertaining to PM's 30th Annual Survey (this contains great information!)

The survey states that the median net income of a solo practice podiatrist as $117,750.

I am assuming this is the podiatrists salary after all business expenses, but before state/federal income taxes. Can anybody confirm?

 

[CapCrunch]

Yes. Income is before taxes, after overhead is paid.

oh, and inb4 salary debate.

 

[willingdoc]

Solo practice podiatry is dying out pretty quickly. Most residents now are looking for jobs in multispecialty,ortho or podiatry group practices.

 

[janV88]

In a solo practice, you are the business owner. From a tax perspective it benefits you to make your salary as little as possible but legally you must pay yourself something "reasonable".

 

[Traum]

~118K, beforeFed/state taxes, tax surcharges, retirement savings is really low for a doctoral health professional.

Podiatry/surgical chiropody is not a 30-40h week "job"--it is a profession that requires an enomorous professional and personal committment. Many folks work 50,60h+ weekly inc weekends/holidays, early AM for only 118K BEFORE taxes/retirement-SEP, 401k, 403b, etc..

You will have at least $200-250K+ student loans to be repaid with interest. After Fed and state taxes, and addl AMT---@25-33% taxes (based on 118K earned income range), the TRUE/REAL salary would be 70-85K net. for the average pod. based on that survey. Retirement deferred savings may help reduce tax liability. Also, you cannot lower your salary too much with deduction b/c the mortgage company will reject your application and state you dont earn enough. It;s not would you make, but what you keep.

118K BEFORE tax figure is really low for a doctoral health prof with 6 fig student loan noose,50-60h+ week, need a reliable car, rent in a middle class safe neighborhood, insurance, utilities, food, etc....forget kids or partner. If that is the average salary before taxes based on that survey, then why is the head of a national pod org earning over $550,000 gross annually-seems to be quite a disconnect from reality.

Beware of the stated salaries b/c many times they are misrepresented as gross NOT net to elevate numbers and give a smily/happy talk picture. After taxes is all you should think about. What you KEEP.

Similarly in the states, the prices on items are inaccurate and not what you really pay; they do not include govt mandated taxes/surcharges/fees. So there are tons of add ons and surprises unlke other countries. Critical thinking.

 

[dtrack22]

Net income is technically after tax $. Traum either no longer reads threads before replying or he thought capcrunch was correct. He's factually incorrect either way. Again.

 

[ldsrmdude]

Like I've mentioned in other threads, take the time to understand what the survey results say and what set of practitioners are responding. For example, only 42 percent of those answering the survey worked full time (>40 hours/week). The top form of advertising utilized by those responding was the Yellow Pages. The low end of salaries for podiatrists working in podiatry groups was $12,000. The areas of the country with higher salaries (south and west) were areas that had less respondents (probably have less overall practicing podiatrists, hence the higher salary). Board certified podiatrists earned significantly more than those that were not board certified. Moral of the story, is take these results with a grain of salt.

 

[pacpod]

Like I've mentioned in other threads, take the time to understand what the survey results say and what set of practitioners are responding. For example, only 42 percent of those answering the survey worked full time (>40 hours/week). The top form of advertising utilized by those responding was the Yellow Pages. The low end of salaries for podiatrists working in podiatry groups was $12,000. The areas of the country with higher salaries (south and west) were areas that had less respondents (probably have less overall practicing podiatrists, hence the higher salary). Board certified podiatrists earned significantly more than those that were not board certified. Moral of the story, is take these results with a grain of salt.

Bingo 👍

 

[FALL06]

~118K, beforeFed/state taxes, tax surcharges, retirement savings is really low for a doctoral health professional.

Podiatry/surgical chiropody is not a 30-40h week "job"--it is a profession that requires an enomorous professional and personal committment. Many folks work 50,60h+ weekly inc weekends/holidays, early AM for only 118K BEFORE taxes/retirement-SEP, 401k, 403b, etc..

You will have at least $200-250K+ student loans to be repaid with interest. After Fed and state taxes, and addl AMT---@25-33% taxes (based on 118K earned income range), the TRUE/REAL salary would be 70-85K net. for the average pod. based on that survey. Retirement deferred savings may help reduce tax liability. Also, you cannot lower your salary too much with deduction b/c the mortgage company will reject your application and state you dont earn enough. It;s not would you make, but what you keep.

118K BEFORE tax figure is really low for a doctoral health prof with 6 fig student loan noose,50-60h+ week, need a reliable car, rent in a middle class safe neighborhood, insurance, utilities, food, etc....forget kids or partner. If that is the average salary before taxes based on that survey, then why is the head of a national pod org earning over $550,000 gross annually-seems to be quite a disconnect from reality.

Beware of the stated salaries b/c many times they are misrepresented as gross NOT net to elevate numbers and give a smily/happy talk picture. After taxes is all you should think about. What you KEEP.

Similarly in the states, the prices on items are inaccurate and not what you really pay; they do not include govt mandated taxes/surcharges/fees. So there are tons of add ons and surprises unlke other countries. Critical thinking.

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What is stated above is true, but the figures reported for income are exceptionally low. This might be the case in the most podiatry unfriendly environments (ortho dominant, poor scope etc) but is not the norm. I'm graduating from a high powered program this year and my coresidents/senior residents have started way higher than this. Granted, not everyone is rearfoot/recon trained, but that only gets you your first job. Forefoot surgery can be the most rewarding work you do, and this includes from a financial perspective as well.

Don't listen to the doom and gloom out there. There are plenty of PCPs starting at 90k, but they're not the norm either. Work hard, stay in the top 1/2 of your class, and read every single day and you'll find yourself well ahead of the curve.

PM me if you want specifics.

 

[MarquetteGuy]

\




What is stated above is true, but the figures reported for income are exceptionally low. This might be the case in the most podiatry unfriendly environments (ortho dominant, poor scope etc) but is not the norm. I'm graduating from a high powered program this year and my coresidents/senior residents have started way higher than this. Granted, not everyone is rearfoot/recon trained, but that only gets you your first job. Forefoot surgery can be the most rewarding work you do, and this includes from a financial perspective as well.

Don't listen to the doom and gloom out there. There are plenty of PCPs starting at 90k, but they're not the norm either. Work hard, stay in the top 1/2 of your class, and read every single day and you'll find yourself well ahead of the curve.


PM me if you want specifics.

As a recent graduate from a very high-volume reconstructive 3-year program a couple months ago, I couldn't agree more with this statement, based on my firsthand experience.

 

[MaxillofacialMN]

For those of you ACFAS people out there, would you say that the Spring 2012 ACFAS salary survey is now indicative of average grads? Or by the very nature of ACFAS, the numbers are on the higher end?

 

[PMSIII]

As a recent graduate from a very high-volume reconstructive 3-year program a couple months ago, I couldn't agree more with this statement, based on my firsthand experience.

Agreed also.