Pods making ~300k

[emericana]

---

Members do not see this ad.

Going to be applying to pod schools in the next few weeks and thought I would ask existing podiatrists this salary related question...

First off I am not going into this for the money, and I want to pursue a DPM/PhD degree and am interested for podiatry for many reasons... however as everyone knows a high salary is a nice perk of the profession (in addition to all medical professions) and is how i intend to pay for the massive debt I will be in come 4-5 years from today.

A podiatrist who I shadow, the original person who got me interested in podiatry, told me that two years out of residency when she opened her own private practice she pulled in around 300k or so. She is the only podiatrist at this practice (its not a shared practice just solo)...

From looking at salary reports on the internet this seems to be relatively uncommon (seems like the average salary is ~150k?)...

Is 300k/year a crazy salary for me to shoot for when I have my own practice or is this relatively common?

Thanks guys!

 

[347932]

If you intend to open up on your own with your own private practice after residency it will take you a long time to make $300k. Even in gross figures for the practice as a whole.

Two years out of residency, she MAYBE grossed $300K for her practice but with the current state of affairs with insurances I find this highly unlikely.

The only Pods making that kind of money out of residency are those lucky enough to get an associate position in an orthopedic practice and become their only foot and ankle specialist. Even in a busy podiatry practice that's been around for years, its hard to imagine the average podiatrist is making that kind of money, unless they don't sleep and work 7 days a week, every week.

I think the average numbers are in the $170K as per the APMA's most recent practitioners poll, but some make much less and some make more.

 

[PADPM]

I agree with Kidsfeet. There are exceptions to every rule. However, I've been around the block a few times, and although some very well trained and fortunate recent graduates have been offered high starting salaries, many start with more realistic numbers.

I know a lot of DPM's, and I don't believe TOO many are NETTING 300k.

And I find it very hard to believe that if this young doctor didn't purchase a practice, and simply opened from scratch, that she's bringing home those kinds of bucks. That would means she's grossing over twice that amount considering overhead usually runs at least 50%.

If she's that successful that quick, I want to know her formula, and I'm a partner in an extremely successful practice with multiple docs and several offices. But if we hit her numbers at that rate, we'd all be polishing our FLEET of exotic cars while our crew was getting the barnacles off our yachts.

 

[podpal]

Unless you obtain residency training, you will NOT hit numbers like this. I've been in part time private practice about a day a week for several months, have made about $800 this year gross; most claims have been denied due to not having hospital privilages and not being on par with ins companies. It's a really fun field if you can afford it.

 

[PADPM]

podpal,

I'm sorry, but don't you participate with Medicare? For this entire year you have GROSSED $800?

With or without residency training, something is significantly wrong. If you did nothing but routine podiatric/palliative care and treated 10 patients a week you would have made almost that amount of money.

I'm sure you're capable of performing a permanent nail avulsion/matrixectomy. If you perform one of those every month you would have made significantly more that $800.

You don't need a residency to make orthoses. If you made 2 pair of orthoses in one week, one month, etc., you would have made more than $800.

Yes, you are correct. It is very difficult to compete with those who have a residency, etc., etc. But you still have the ability to provide palliative care to patients, make orthoses, take x-rays, provide DME/diabetic therapeutic shoes, apply casts, perform biopsies of skin lesions, treat warts, etc., etc.

So if you can't earn a fair living and certainly more than $800, there is something definitely wrong and it's much more than not having had the opportunity to have a residency.

We have a very successful practice and all of the docs in our practice are ABPS certified, but our practice DOES make a significant amount of money on good 'ol palliative care for our diabetic patients, patients with PVD, etc. You certainly don't need a residency for that type of care. It may not be glamorous, but it will put food on your table and more.

 

[podpal]

podpal,

I'm sorry, but don't you participate with Medicare? For this entire year you have GROSSED $800?

With or without residency training, something is significantly wrong. If you did nothing but routine podiatric/palliative care and treated 10 patients a week you would have made almost that amount of money.

I'm sure you're capable of performing a permanent nail avulsion/matrixectomy. If you perform one of those every month you would have made significantly more that $800.

You don't need a residency to make orthoses. If you made 2 pair of orthoses in one week, one month, etc., you would have made more than $800.

Yes, you are correct. It is very difficult to compete with those who have a residency, etc., etc. But you still have the ability to provide palliative care to patients, make orthoses, take x-rays, provide DME/diabetic therapeutic shoes, apply casts, perform biopsies of skin lesions, treat warts, etc., etc.

So if you can't earn a fair living and certainly more than $800, there is something definitely wrong and it's much more than not having had the opportunity to have a residency.

We have a very successful practice and all of the docs in our practice are ABPS certified, but our practice DOES make a significant amount of money on good 'ol palliative care for our diabetic patients, patients with PVD, etc. You certainly don't need a residency for that type of care. It may not be glamorous, but it will put food on your table and more.

Hi there. Thanks for the concern. Yes, I've done several nail avulsions and other soft tissue procedures this year with great results. Some ulcer care, orthotic recommendations, and a great deal of palliative care.

Medicare has NOT paid me anything yet this year, although that's only the tip of the iceberg....hahaha. The $800 doesn't even come close to covering the malpractice insurance so unless there's a big change I can't afford to do this job much longer.

Maybe this career choice wasn't meant to be for me. Everyone told me I was crazy to leave a high paying career to pursue podiatry and maybe everyone wasn't so wrong. I knew it'd be a pay cut but OMG, this is really amazing.

I'm happy to hear that you are in a successful practice. It's great to hear the success stories. Many of my colleagues are doing well too, however ALL have residency training.

One thing I'd like to point out about your post. You certainly DO need a residency to get paid for palliative care unless the pts are cash paying only. Insurance companies REQUIRE pods to have ACTIVE, not courtesy, privilages at a local hospital for participation. Insurance companies also require residency training AND board certification for participation. There is no way around these requirements unless a pod was grandfathered in prior to the ins company's rule change.

 

[347932]

Medicare has NOT paid me anything yet this year, although that's only the tip of the iceberg....hahaha. The $800 doesn't even come close to covering the malpractice insurance so unless there's a big change I can't afford to do this job much longer.

One thing I'd like to point out about your post. You certainly DO need a residency to get paid for palliative care unless the pts are cash paying only. Insurance companies REQUIRE pods to have ACTIVE, not courtesy, privilages at a local hospital for participation. Insurance companies also require residency training AND board certification for participation. There is no way around these requirements unless a pod was grandfathered in prior to the ins company's rule change.

Some of your statements just don't add up to me at all.

What is going on with your billing? If you are indeed seeing these patients and performing these services, why is Medicare not paying? We had a bit of a hiccup in Medicare when they froze payments while Congress was on hiatus, but not being paid since the beginning of 2010 for ANYTHING you've done?? Something is seriously wrong with how you are billing, and if that's the case, perhaps that has more to do with your non payment than your credentials. Have you been auditted lately and have to submit your ntoes before getting paid for the services you provide?

Not ALL insurances have these requirements. There is only ONE insurer in my area that has this requirement, and the way that some of the older practitioners are handling this is by getting associates/partners on board and letting them see these patients, assuming they can get on the plans.

I do feel for your situation as many of the larger carriers have been contracted by Medicare to now provide that patient population with coverage, but again, something to me just doesn't sound right. In the area I practice in there is a huge diversity of practitioners, some with no training and others with 3 years and ALL of us manage to make a living.

I just don't get it.

 

[PADPM]

Podpal,

You dance around the issue. You have the ability to make a decent living just from Medicare or the "Blues" and neither require a residency or certification. If in your area the "Blues" do, Medicare does NOT.

I don't know why you aren't getting paid by Medicare, but that should be a top priority.