Surgery pays fine with good coding (talking ortho codes for insured pts... not MCA wound/amp crap)...
You basically make a bit less per hour doing the actual surgery (esp with associated paperwork and 90d global), but you make it up on DME and higher level E&M - and maybe OTC stuffs - that you would not have gotten otherwise. It also keeps PCPs happy that you can competently fix whatever goes wrong, and that's the biggest gain from OR surgery (for PP docs). With more and more DPMs coming out into an already limited specialty, offering as many services as possible is key.
There is undercoding for surgery, and just plain unbundling... and there is certainly an appropriate middle ground of good and accurate coding. All it really takes is accurate CPTs and mods, proper ICDs to get them paid, and putting highest RVU CPT first line. Here is one forefoot slam (with contralat plate removal from last year) that I just wrote up... not unbundling whatsoever, will pay ok, esp with boot and visits:
28750-LT
20680-RT
28585-T1
28585-T2
28585-T3
28585-T4
28308-LT
28308-LT
28308-LT (all get -59 after first proced)
...it'll all get pad, as it should. Sometimes payer will ask for op report, and good biller can connect those dots. I could've added 28110 or a 28270, but not really needed (capsulotomy might be, can decide post-op and bill it if done).
You don't need the fake skin plasty or tendon lengthens (they are included in capsulotomy MPJ)... or the fake bone biopsies on amps. You don't need the bogus amnio or the plan-to-remove wires sticking out of toes. Surgery pays fine coded accurately.
I will say that podiatry is one of the only surgical specialties that does most or all of their own pre/post op appointments and non-op appointments (as opposed to midlevels or non-op docs and assistants/tech doing most of them). That part is a major drag and why many DPMs claim surgery does not pay (esp if they're associate and their owner does not cut them in on DME or dumps owner/partner post-ops on them).