Questions of debt vs Income for Pod. Schools

[Adventure-time]

I was looking through the 2015-2016 podiatry file, and 569 podiatrists reported their earnings. What I was slightly concerned about, was that 20% of podiatrists earn under 100k. If you are making say, 80k a year, and your debt is 250-300k (even if your fortunate to have 150-200k debt), then how is it possible to pay this back?

I was wondering what these podiatrists are doing to earn less than 100k (are they in academia, are they doing volunteer work, are they working part time, are they working in areas that simply aren't playing them?

Also, I was wondering what residencies generally pay in the midwest, and what practicing podiatrists generally earn in the midwest. And if many podiatrists have to travel to different locations throughout the week (I know a podiatrist personally who did this)?

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[de Ribas]

I was looking through the 2015-2016 podiatry file, and 569 podiatrists reported their earnings. What I was slightly concerned about, was that 20% of podiatrists earn under 100k. If you are making say, 80k a year, and your debt is 250-300k (even if your fortunate to have 150-200k debt), then how is it possible to pay this back?

I was wondering what these podiatrists are doing to earn less than 100k (are they in academia, are they doing volunteer work, are they working part time, are they working in areas that simply aren't playing them?

Yes, some work part time or less than 30 hours.

In addition, most podiatrists are self-employed having their own practice. You would imagine that it was in their best interest to report lower income.

Also, I was wondering what residencies generally pay in the midwest, and what practicing podiatrists generally earn in the midwest. And if many podiatrists have to travel to different locations throughout the week (I know a podiatrist personally who did this)?

There is document that shows all resident salaries. Attached.

In general podiatry residents get about the same pay as MD/DO


The average for all VA residencies is about 45K, while couple have 52-55k

 

[GypsyHummus]

Remember, those figures include part time, residencies (about 15% of the pod population is in residency), and people who dont work in the field anymore (like teaching or something else).

Realistically, from what I have researched, you will prolly make anywhere between 120K-220K as a general pod who does mostly clinic and the occasional surgery. This is what 70% of the pods will end up looking like, salary wise.

Bottom seems to be associate pods working for a practice. Viewing the forums looks like a combo of 100-120K base pay with a bonus in collections of about 20-30% after 2-3X the base. So if a new associate has a 100K base pay and brings in 400K to the practice (assuming bonus starts at 300K at 30%), the Pod would make a gross of 130K. Associates might have the option of eventually becoming a partner or buying shares in a surgical center, which would yield good results. Based on my research, these types of jobs are very abundant, and what most pods will end up in.

Top 20% will be working for a hospital, not a lot of say in what you do, but not a ton of worries about running a business. These Pods usually start out around the 150-220K+ mark, but you are dependent on the hospital and they can fire you at any time.

Top 10% will get that coveted Multispecilty or ortho group practice. These contracts usually pay in the 300-400K range. This is where you make the most impact, you are directly working with other physicians and doing tough pod surgeries and utilizing most of your training.

 

[Adventure-time]

Remember, those figures include part time, residencies (about 15% of the pod population is in residency), and people who dont work in the field anymore (like teaching or something else).

Realistically, from what I have researched, you will prolly make anywhere between 120K-220K as a general pod who does mostly clinic and the occasional surgery. This is what 70% of the pods will end up looking like, salary wise.

Bottom seems to be associate pods working for a practice. Viewing the forums looks like a combo of 100-120K base pay with a bonus in collections of about 20-30% after 2-3X the base. So if a new associate has a 100K base pay and brings in 400K to the practice (assuming bonus starts at 300K at 30%), the Pod would make a gross of 130K. Associates might have the option of eventually becoming a partner or buying shares in a surgical center, which would yield good results. Based on my research, these types of jobs are very abundant, and what most pods will end up in.

Top 20% will be working for a hospital, not a lot of say in what you do, but not a ton of worries about running a business. These Pods usually start out around the 150-220K+ mark, but you are dependent on the hospital and they can fire you at any time.

Top 10% will get that coveted Multispecilty or ortho group practice. These contracts usually pay in the 300-400K range. This is where you make the most impact, you are directly working with other physicians and doing tough pod surgeries and utilizing most of your training.

All fair points. Do you know what the difference in salary is for Midwest vs. more coastal vs. city areas?

 

[DexterMorganSK]

When looking for a job in the future, use the MGMA data for a Pod salary for that year, so you won't be suckered taking an 80k salary.
If you search around, you can find the 2015 MGMA excel sheet, and I would trust those numbers more.

 

[Packers4lifeDPM]

Let's put it this way, I know of some podiatrist making 600k plus and there are others who claim less since they are private practice but making way more than it says on paper.

 

[UIO1098]

Like others have said, trust the MGMA. There are some low-ball """surveys""" out there that are probably only answered by practice owners who want to exploit fresh grads. There is no reason to make what a first year PA does as a podiatrist, unless you are in a very low volume clinic. The average podiatrist collects more than the average FP physician, yet they would laugh at a 100k starting salary.