What do you guys think are the various paths a doc could take to make major $$

[Status Sciaticus]

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Can't believe I forgot about this, but you could also do independent medical examinations. I spent a summer as an intern scheduling and reporting IME results for a major doctor's group and they make bank off of it.

An IME is essentially when an insurance company sends you a patient who is on worker's compensation and you evaluate their status (do they need to keep resting, can they go back to work with restrictions, or can they go back to their full work?). The entire appointment takes 10-15 minutes and insurance companies pay the docs about $900 on average.

I did the math one day and one of the docs in the group made over 400k in 6 months and only did IMEs on Monday mornings and Wednesdays.

No friggin way. 900 for an examination??

OP, you can open up an aesthetics spa (laser treatments/peels/Botox/Etc) as a side job in your practice. Aside from the injections most spa operations can be performed by techs or RNs.

To further expand, you can open a private practice and contract physicians under you for a salary. That way, your business makes money off your employees, and you bill the insurance companies directly while making a profit that should be in excess of all the physician salaries working at your private practice.

Franchise the private practice and open up groups in different cities. Eventually you can sell of your business to a hospital or larger corporation. You get the money, and the buying company gets your employees.

 

[Medicalhopeful]

How the **** did Mark Rippetoe end up in this thread?
Do you even lift?


In answer to the question, invent an awesome medical device and patent it.

My initial thoughts as well! Haha. Didn't even know Mark had an MD, are u sure OP?

 

[0TopCat0]

My initial thoughts as well! Haha. Didn't even know Mark had an MD, are u sure OP?

Not saying hes an MD, just trying to show that some pretty avg. people have found themselves a nice niche in the health/fitness industry. Mark Sisson and Kelly Starrett aren't MDs either

 

[0TopCat0]

OP, other than becoming a celebrity doctor, it's quite obvious what the real/true objective/motive is here. Go back and relearn thermodynamics as the efficient path may not be as obvious for some "less informed." Period.
👍👍👍👍👍
http://en.wikipedia.org/wiki/Hippocratic_Oath

Eh, It's something I know, but I'm in denial, lol.


Medicine is what I want to study, I want to have that vast knowledge of the human body, but I want to make more than the avg. physician. Looks like business is the only real way to go in this case.

 

[Koalafied]

Eh, It's something I know, but I'm in denial, lol.


Medicine is what I want to study, I want to have that vast knowledge of the human body, but I want to make more than the avg. physician. Looks like business is the only real way to go in this case.

Yep. It's where the fat catz are at.

Go-fur-derm.

 

[circulus vitios]

Do a specialty that pays a lot of money and operates on a shift schedule e.g. emergency medicine or trauma surgery. Punch in, work, punch out. Use your ample free time to learn the local real estate market: build contacts with realtors, contractors, real estate lawyers, and local real estate investors. Ease into renovating and flipping houses. Work at this for a few years or until you are comfortable with the process. Start your own real estate investment business where your subordinates handle everything short of approving purchases and sales.

Easy way to make big money. As a doctor you will be able to handle losses that would be "devastating" to others. Buy a $50k crapshack, sink $20k into it, and sell it for a $20k profit. Maybe you misjudged the local market and you take a $20k loss. Oh well, you're still making six figures a year. Identify your mistakes and try again, and slowly work your way up to renovating and flipping larger houses. Maybe branch into building houses.

 

[circulus vitios]

Invest well and early.

Very few people get rich by investing in stocks, bonds, mutual funds, etc.

If you want to make big bucks, clinical medicine is a pretty terrible path. I've read about FM docs pulling down $500k/year by doing stuff like in-house labs or concierge medicine, but in the end you're still limited by what you can produce.

There is good money in starting your own physician group, even more so if you don't mind being a scumbag. Hire a handful of associates, underpay them while pocketing the difference, and promise the possibility of a partnership after so many years. Offer a partnership at a substantial buy-in to one or two of your associates. Fire the others or offer them a non-partnership position that pays significantly less than full partner.

I still think real estate is the best way, though, because it scales much better.

 

[Status Sciaticus]

Very few people get rich by investing in stocks, bonds, mutual funds, etc.

If you want to make big bucks, clinical medicine is a pretty terrible path. I've read about FM docs pulling down $500k/year by doing stuff like in-house labs or concierge medicine, but in the end you're still limited by what you can produce.

There is good money in starting your own physician group, even more so if you don't mind being a scumbag. Hire a handful of associates, underpay them while pocketing the difference, and promise the possibility of a partnership after so many years. Offer a partnership at a substantial buy-in to one or two of your associates. Fire the others or offer them a non-partnership position that pays significantly less than full partner.

I still think real estate is the best way, though, because it scales much better.

Is this really a scumbag move though? besides the underpaying part (pay your associates competitive salaries).... its been a very effective business model for a reason.

 

[Gauss44]

Very few people get rich by investing in stocks, bonds, mutual funds, etc.

If you want to make big bucks, clinical medicine is a pretty terrible path. I've read about FM docs pulling down $500k/year by doing stuff like in-house labs or concierge medicine, but in the end you're still limited by what you can produce.

There is good money in starting your own physician group, even more so if you don't mind being a scumbag. Hire a handful of associates, underpay them while pocketing the difference, and promise the possibility of a partnership after so many years. Offer a partnership at a substantial buy-in to one or two of your associates. Fire the others or offer them a non-partnership position that pays significantly less than full partner.

I still think real estate is the best way, though, because it scales much better.

Forbes begs to differ with you:
http://www.forbes.com/sites/erincarlyle/2013/03/07/how-the-worlds-billionaires-got-rich/

 

[circulus vitios]

Forbes begs to differ with you:
http://www.forbes.com/sites/erincarlyle/2013/03/07/how-the-worlds-billionaires-got-rich/

I skimmed the article and found nothing of value. Few people get rich investing in 'over the counter' assets like stocks. A good yearly return on the stock market is about 10%. Even in the highest paid medical specialties, you won't have have enough capital for that 10% to be substantial. The people who make their money through the stock market are incredibly lucky and are trading other peoples' money. Warren Buffet, for example, made his first million through his partnership stakes. John Bogle made his money through wealth management and collecting a commission. George Soros made his money through running a hedge fund and collecting a commission.

 

[Gauss44]

I skimmed the article and found nothing of value. Few people get rich investing in 'over the counter' assets like stocks. A good yearly return on the stock market is about 10%. Even in the highest paid medical specialties, you won't have have enough capital for that 10% to be substantial. The people who make their money through the stock market are incredibly lucky and are trading other peoples' money. Warren Buffet, for example, made his first million through his partnership stakes. John Bogle made his money through wealth management and collecting a commission. George Soros made his money through running a hedge fund and collecting a commission.

On a doctor's salary, you buy quality investments that grow over time. The trick is to buy the right ones at the right times, and sell them at the right time. I'm watching real estate near US cities, and promising businesses/corporations in China. If you can predict when a country like Greece will take a turn for the better, you might be on to something.

Then there's the question of super rich versus kind of rich. If you just want a few million, then invest in a retirement account early. I think a $4000 roth ira in a 14 year old's name is projected to become (around) half a million dollars by his retirement age.

 

[SunsFun]

Medical Sales Rep. Lots of money ($$$$$$$$$$$$$$$$$$$$$$$$$).

It is still a sales job. You can make the same argument for going into real estate.

 

[Koalafied]

It is still a sales job. You can make the same argument for going into real estate.

Hey, that M.D./D.O. may compensate for the lack thereof.

 

[Blackxp]

Work on your comedy routine in your free time in your residency 😀

http://en.wikipedia.org/wiki/Ken_Jeong

 

[mcloaf]

Do a specialty that pays a lot of money and operates on a shift schedule e.g. emergency medicine or trauma surgery. Punch in, work, punch out. Use your ample free time to learn the local real estate market: build contacts with realtors, contractors, real estate lawyers, and local real estate investors. Ease into renovating and flipping houses. Work at this for a few years or until you are comfortable with the process. Start your own real estate investment business where your subordinates handle everything short of approving purchases and sales.

Easy way to make big money. As a doctor you will be able to handle losses that would be "devastating" to others. Buy a $50k crapshack, sink $20k into it, and sell it for a $20k profit. Maybe you misjudged the local market and you take a $20k loss. Oh well, you're still making six figures a year. Identify your mistakes and try again, and slowly work your way up to renovating and flipping larger houses. Maybe branch into building houses.

FWIW, I don't think trauma surgery is known for having a "punch in, punch out" sort of attitude...

 

[Status Sciaticus]

FWIW, I don't think trauma surgery is known for having a "punch in, punch out" sort of attitude...

McLoaf, do you know of any other specialties other than emergency med that has a block schedule work week? I am interested in areas where I can just work straight shifts and have an extra day off or something along those lines.

 

[LizzyM]

Go to work for a pharmaceutical company but not in sales. Drug development and testing and regulatory approval and marketing is where it is at. Climb the ladder. Multinational. Travel required.

Developing new compounds and holding the patent can make you a millionaire many times over but it is a very difficult path. This is a PhD chemist, not an MD, but you get the picture.
http://blogs.wsj.com/health/2007/08/17/lyrica-makes-rain-at-northwestern/?mod=WSJBlog

Write popular novels. The most popular are making millions per year. Also not easy but very lucrative, particularly with movie & TV deals. Speaking of which, I bet Neal Baer, TV executive, is making more $ than he could make as a pediatric emergency dept doc. http://en.wikipedia.org/wiki/Neal_Baer

 

[mcloaf]

McLoaf, do you know of any other specialties other than emergency med that has a block schedule work week? I am interested in areas where I can just work straight shifts and have an extra day off or something along those lines.

I honestly don't know a whole lot about the schedules of different specialties, but in addition to EM I believe hospitalists tend to be shift workers. Hopefully someone who knows more than me will chime in here.

 

[freakingoutabit]

I honestly don't know a whole lot about the schedules of different specialties, but in addition to EM I believe hospitalists tend to be shift workers. Hopefully someone who knows more than me will chime in here.

I know a hospitalist who works 7 straight days and then is off 7 days. No call when she's off.

FWIW, she hates it.

 

[phunky]

How much are we talking? Plenty of Ophthalmologists make $1m+/year by doing tons of lasik.

 

[0TopCat0]

How much are we talking? Plenty of Ophthalmologists make $1m+/year by doing tons of lasik.

1m+ a year is enough for my blood. I'm talking in terms of, say, a net-worth in the millions...

 

[Koalafied]

OP, perhaps a certain user on this particular thread with a relevant custom user title has all the relevant answers to all your relevant, passionate desires. http://forums.studentdoctor.net/showthread.php?t=819318

 

[0TopCat0]

OP, perhaps a certain user on this particular thread with a relevant custom user title has all the relevant answers to all your relevant, passionate desires. http://forums.studentdoctor.net/showthread.php?t=819318

I like you!! I sent him a PM, thanks!!


It was nice to see all the creative ideas people came up with. I asked him to weigh in, lets see if he does

 

[phunky]

1m+ a year is enough for my blood. I'm talking in terms of, say, a net-worth in the millions...

Private practice Ortho, Rad, and Plastics will definitely fall into that category. Especially if you invest well.

 

[deleted407021]

McLoaf, do you know of any other specialties other than emergency med that has a block schedule work week? I am interested in areas where I can just work straight shifts and have an extra day off or something along those lines.

Some hospitalists appear to have 7 on 7 off types schedules on occasion.

 

[Stagg737]

No friggin way. 900 for an examination??

Yep, sounds completely ridiculous, but in Illinois 900 is the average going rate. Or that was the rate when I worked there 5 years ago. Today I'm guessing it's easily over 1000. Plus the insurance companies foot the entire bill so they can stop paying people worker's comp, so collecting the money is easy.

Some visits might be 5 minutes, some might be a half hour depending on the extent of the injury you're examining. The downside is if the patient gets involved in a lawsuit you could be called into court to testify. If you don't go, the companies stop asking you to perform IMEs. The patients will also tend to hate you because if you find nothing wrong they'll probably lose their workers' comp.

Only other thing I can think of is to patent something and hope it takes off.

 

[TheWeeIceMan]

How much are we talking? Plenty of Ophthalmologists make $1m+/year by doing tons of lasik.

Didn't Lasik reimburement get decimated a few years back? I think the days of bringing in 1m+ in Optho are probably over for most practitioners.