The updated BLS.gov data for podiatry

[amaprez]

Looks like the BLS (government's Bureau of Labor Statistics) website got a facelift and update. Certainly easier on the eyes than before. It's a pretty popular resource if you wanna check out and compare different healthcare professions including podiatry.

http://www.bls.gov/ooh/Healthcare/Podiatrists.htm#tab-1


My opinion: I think the government definitely skews towards the optimistic side when it comes to job outlook projections. They pretty much project every single healthcare profession will experience a ~25% growth in the next decade based upon retirement numbers. Even for pharmacy and optometry (both of which are dealing with issues of oversaturation). Also their salary data can be questionable. For example they have nearly identical 'average salaries' for Podiatrists and Pharmacists. So be careful what you read

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[msion]

In my view, the outlook number is an average, and each region is different. I know where I am attending college (Midwest) is certainly a great location for pharmacists and optometrists. In fact I had to wait for one week to get an appointment for my glasses prescription and it's pretty busy office.

As for the salary, I believe BLS is using the income after tax, which is exactly we need to know. There are podiatrists (also other practitioners) making more than 300,000 yearly, but that doesn't take account of the overhead and tax. It can be misleading sometimes for prospective students.

Like any salary surveys, the BLS one does not accurately reflect the actual income distribution. I personally think it's on the lower end since many people would not accurately report their income for tax purposes. I remember that the BLS statistics come from the tax returns, which are subject to manipulation for most people.

 

[amaprez]

In my view, the outlook number is an average, and each region is different. I know where I am attending college (Midwest) is certainly a great location for pharmacists and optometrists. In fact I had to wait for one week to get an appointment for my glasses prescription and it's pretty busy office.

As for the salary, I believe BLS is using the income after tax, which is exactly we need to know. There are podiatrists (also other practitioners) making more than 300,000 yearly, but that doesn't take account of the overhead and tax. It can be misleading sometimes for prospective students.

Like any salary surveys, the BLS one does not accurately reflect the actual income distribution. I personally think it's on the lower end since many people would not accurately report their income for tax purposes. I remember that the BLS statistics come from the tax returns, which are subject to manipulation for most people.

Nice. I didn't know that about them using the income after tax.

 

[MaxillofacialMN]

As for the salary, I believe BLS is using the income after tax

Are you sure? I don't think that is true - I have found no evidence to support it anyway...

 

[msion]

I forgot the source, but I remembered reading that salary information is taken from the self-reported tax returns, the net wage information is what they use for self-employed practitioners. Not sure about associates.

I can be wrong though, but I would imagine the pre-tax salary would be a lot higher, especially for those big group practices.

 

[Madura]

I forgot the source, but I remembered reading that salary information is taken from the self-reported tax returns, the net wage information is what they use for self-employed practitioners. Not sure about associates.

I can be wrong though, but I would imagine the pre-tax salary would be a lot higher, especially for those big group practices.

I've read many posts about salary and the consensus is nobody really knows how they calculate it. The companies/government publishing this data should be more specific as to whether they mean take-home pay, or before dishing out half your earnings to overhead. If anyone knows with 100% certainty, please share. Until then, I'm going off PADPM's knowledge being that he knows pods who make 80k and pods that make 6 figures (6 figures seems like an exaggeration but who really knows ... it's still motivating). I just try not to worry about it anymore b/c there are so many factors that decide what we will make as doctors, with the biggest factor still up in the air (actually it's being debated in the Supreme Court right now so I lied about it being in the air).

 

[trinifootdoc]

Please be advised that some of the salaries they factor in these statistics are those of the residents. Residents do not make a lot of money at all!

 

[MaxillofacialMN]

Madura, you better hope pods make six figures, or you'll never repay your student loans!

 

[amaprez]

Madura, you better hope pods make six figures, or you'll never repay your student loans!

I know what post he's refering to; he meant 7 figures.

 

[Temperature101]

I think the poster meant income after overhead--not taxes.

 

[javajava]

It is before taxes. They list before taxes as every state has different tax rates (I believe), so it would be more accurate for them to post before tax salary.
http://www.bls.gov/cps/earnings.htm

Data represent earnings before taxes and other deductions and include any overtime pay, commissions, or tips usually received

BTW

it is not income after overhead. BLS only list salaried employees, not owners.

 

[doctor in da makin]

Please be advised that some of the salaries they factor in these statistics are those of the residents. Residents do not make a lot of money at all!

Wow. Can anyone confirm this?

 

[Weirdy]

Wow. Can anyone confirm this?

This was 5 years ago.

Even in MD/DO residents don't make a lot, you should know this. Their salaries are posted if you google residency slots. They pay you just enough to stay alive.

 

[bobtheweazel]

Wow. Can anyone confirm this?

I think in general it's less clear how BLS gets their data. It's by a mailed survey is all I know, but how they choose who to mail them to I'm not sure. That's why I would lean more towards the APMA, ACFAS, MGMA, PM News surveys since we have a much better idea of who is filling these surveys out.

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[doctor in da makin]

This was 5 years ago.

Even in MD/DO residents don't make a lot, you should know this. Their salaries are posted if you google residency slots. They pay you just enough to stay alive.

That's wasnt my concern. I know residents get paid relatively little. My question was if BLS considers residents when they calculate the average salary for a podiatrist

 

[doctor in da makin]

I think in general it's less clear how BLS gets their data. It's by a mailed survey is all I know, but how they choose who to mail them to I'm not sure. That's why I would lean more towards the APMA, ACFAS, MGMA, PM News surveys since we have a much better idea of who is filling these surveys out.

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Which of those surveys are most accurate for general podiatrists?

 

[bobtheweazel]

Couldn't say. My best guess though from looking at a bunch of surveys is that your average every day pod currently makes around 200K, whereas practice owners, highly surgical podiatrists, and hospital based podiatrists probably average well above that—though they are a minority of the total pod population.

These are not starting salaries.

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