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Salaries
- Thread starter heimlichboy
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Kind of a random post. I'm a little confused. You graduated from podiatry school but are no longer in the profession?
Salary usually directly correlates with training. I would hope that if some of your friends signed on that low (70K), they have some type of partnership clause in their contract. Either that or it is a base salary that doesn't include incentives.
Of the three guys leaving my program, one is doing a fellowship in pediatric ortho and the other two will make close to 200K their first year out.
What program are you doing? what will the two who will be making 200k be doing? Location (city)?
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One in Michigan (private practice) and one in Minnesota (multispecialty group).
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judging by the fact that starting salaries are higher than they were 5-6 years ago, and the fact that our training has markedly improved in a more uniform and consistent fashion, it is not out of reach to say that the market value would be the same, if not higher, in 6-7 years time. This of course, assuming that the general economy in the nation is similar to what it is today.
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As PMSIII said, the salary should improved over time, especially with improved residency training.
The issue about salaries has been discussed on the forum and would recommed you do a search for it. Remember, salaries is based on a multitude of factors. As jonwill said, his residency program graduates are making close to 200k a year when practicing in the Midwest. However, this salary is NOT the norm in the Northeast US. You need to look at the average starting salary for the area that you are interested in practicing. If the starting salary for area A is only 90,000 and you are able to get paid 110,000 a year, then you are doing well in that area, despite the fact that it is less than 200,000.
Looking at a bigger picture, will Medicare and private insurance payments decrease? If reimbursement goes down then it will become harder for a practice to pay higher salaries, even if you have outstanding training.
Keep one lazy eye on healthcare on a national scale.
Nat
CMS Scheduled to Publish 10% Cut in Physician's Fees
Medicare payments to physicians in 2008 would drop nearly 10% under a proposed rule issued today by the CMS, which projects it will pay $58.9 billion to 900,000 physicians and other healthcare professionals next year. Physician groups have pleaded with Congress to replace the sustainable growth rate formula, or SGR, which is tied to the health of the economy and is used to calculate physician payments under the Medicare program. It has been estimated that payments will drop by more than 40% by 2015 if the SGR is not replaced. Congress in the past has adopted interim measures to stop previous payment reductions.
Efforts have been brewing on Capitol Hill in the meantime to revamp the SGR. In a meeting last week, staff for the House Ways and Means and the Energy and Commerce committees shared with physician organizations a draft proposal to halt the 10% cut from taking effect next year. The proposal would replace the cut with at least a 0.5% increase in 2008 and 2009, and would repeal and replace the SGR payment system.
The CMS' proposed rule on the 2008 physician fee schedule is expected to be published in the Federal Register on July 12. Comments on the proposal will be accepted until Aug. 31.
Source: Jennifer Lubell , Modern Healthcare [7/2/07]
Keep one lazy eye on healthcare on a national scale.
Nat
CMS Scheduled to Publish 10% Cut in Physician's Fees
Medicare payments to physicians in 2008 would drop nearly 10% under a proposed rule issued today by the CMS, which projects it will pay $58.9 billion to 900,000 physicians and other healthcare professionals next year. Physician groups have pleaded with Congress to replace the sustainable growth rate formula, or SGR, which is tied to the health of the economy and is used to calculate physician payments under the Medicare program. It has been estimated that payments will drop by more than 40% by 2015 if the SGR is not replaced. Congress in the past has adopted interim measures to stop previous payment reductions.
Efforts have been brewing on Capitol Hill in the meantime to revamp the SGR. In a meeting last week, staff for the House Ways and Means and the Energy and Commerce committees shared with physician organizations a draft proposal to halt the 10% cut from taking effect next year. The proposal would replace the cut with at least a 0.5% increase in 2008 and 2009, and would repeal and replace the SGR payment system.
The CMS' proposed rule on the 2008 physician fee schedule is expected to be published in the Federal Register on July 12. Comments on the proposal will be accepted until Aug. 31.
Source: Jennifer Lubell , Modern Healthcare [7/2/07]
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I agree with you. Lower reimbursements, high medical malpractice premiums, and increasing amount of people switching over from PPOs to HMOs due to high cost of PPOs are some of the factors making it harder for doctors to earn a higher salaries. Medicare already decreased the reimbursement rates for 99202 / 99212. I wonder what it will be for next year.
W
whiskers
See, H.Boy, that decade+ of hard work in podiatry school has finally paid off for them. Congratulate them for me!~
