What happens after one completes residency (Job/Practice)

[goFeetgo]

I thought I would ask this question on this part of the forum as the most experienced group of people would be lurking here. What do most residents do after completing a 3 year residency?

Are there jobs available or do most become associates/start a practice? I am clueless on what exactly happens after residency.

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[347932]

Ahhh the magic question...

There a loarge number of options based on your goals as a practitioner, your training, your comfort level and where you want to live.

The basic options are these:

1) Look around for an associate position. There are many resources to help you in this endeavor, so finding a position is not necessarily all that difficult. However, finding the "right" position is extraordinarily difficult. It is rare that an associate stays on the first practice they work for and eventually end up a partner there. This could entail working for a Podiatrist or an Orthopedic group as their "foot and ankle" doctor.

2) Open up on your own. This is easily the most difficult road at first, but potentially the most rewarding if you can survive the first 3-5 years in practice. You are your own boss, but you are responsible for doing everything as the business owner, and ultimately are the master of your own fate. Yes its scary, but eventually the rewards vastly outweigh the risk.

3) Academic position. There are academic positions available at the various Podiatry schools at times and this is an option if you don't mind being in the academic circles only. Be aware that you can still be in academics in private practice by helping out with teh local residency. Also be aware that while this option may sound very appealing, there are generally a lot of politics involved in these types of positions, so be ready to be prepared to have to deal with these.

4) Mutilspecialty groups. Some groups now have various types of doctors all under one roof, where there is a cost sharing scenario. The advantage is that you generally have a free referral source that you work with everyday day and are also generally an employee of some kind or another. This can be an ideal situation for all involved since you all work in a symbiotic relationship together, but these positions are not easy to find and highly competitive.

5) VA Position. You are a government employee. Enuogh said about that.

There are others, but these are the ones I see and hear about the most. Anybody else want to chime in?

 

[hightower]

Far less common than the other options mentioned (and similar to the VA option) are hospitals/HMOs that hire on podiatrists (e.g. Kaiser). The upside of this situation is no overhead and you don't have to deal with billing for the most part. But I don't know if you get production bonuses etc. like you may in other practice settings. And I imagine your schedule would not be as flexible.

 

[347932]

Far less common than the other options mentioned (and similar to the VA option) are hospitals/HMOs that hire on podiatrists (e.g. Kaiser). The upside of this situation is no overhead and you don't have to deal with billing for the most part. But I don't know if you get production bonuses etc. like you may in other practice settings. And I imagine your schedule would not be as flexible.

This is very much like option #4. It can be a strict employment situation, or can be a cost sharing scenario.

 

[goFeetgo]

Thank you Kidsfeet!

If you were to estimate the percentage of residents that choose each path what would they be? I ask this question because on many of the other forums Pre-podiatry/Podiatry students, posters and more likely troll's post about how a majority of students are taken in as associates with low pay (50K). Is there any truth to this? I highly doubt it but I wanted to check with credible sources like yours! Thanks for all of the help!

 

[347932]

There is a huge variety of salaries out there for new associates. Its really impossible to tell for sure. It depends on what part of the country you're in, how proficient you are out of residency, and about 100 other factors.

When I came out almost 10 years some people wanted to hire me for less than $50K lol. I'm really out of touch with what the current rates are now, but I've heard that some well trained Pods are making in the mid 100s out of residency.

I can tell you that I hear less and less that people are hanging out their own shingle these days. Its very tough to make it on your own, but ultimately, again, you are the owner.

 

[goFeetgo]

Wow so it is true! How does one move up in terms of salary/responsibilities?

 

[347932]

Wow so it is true! How does one move up in terms of salary/responsibilities?

Performance and production=more money

Smart, good doctor with a good or better business mind=more responsibility

 

[PodSquad7]

Before I left for pod school I was talking with a local Podiatrist that happened to be fresh out of residency (this last summer). We talked about his decision to be an associate with a practice that had one other podiatrist. I hope he was being honest and I believe he was, but he told me that with a bonus he would be making approximately $200,000 in his first year. This was a driving force for him to decide on this position. He had checked out other options as well at local hospitals and said they were offering approximately $140,000. From what I have heard around school and other podiatrist people don't make $50,000 but far more.

 

[jonwill]

Before I left for pod school I was talking with a local Podiatrist that happened to be fresh out of residency (this last summer). We talked about his decision to be an associate with a practice that had one other podiatrist. I hope he was being honest and I believe he was, but he told me that with a bonus he would be making approximately $200,000 in his first year. This was a driving force for him to decide on this position. He had checked out other options as well at local hospitals and said they were offering approximately $140,000. From what I have heard around school and other podiatrist people don't make $50,000 but far more.

I think it depends on geographical location. If you're far east coast or west coast where the cost of living is higher, salaries will obviously (or should) be higher. Some of the lower cost of living areas will have lower salaries. My buddy signed for 170K his first year out but the city was a very expensive one. I live in a city with a reasonable cost of living and will do well my first year but it won't be 200K (my base is in the six figures)! I think the bottom line is that there are a lot of things that go into a salary and there are things far more important than your first year earnings. I'd elaborate but I've got to start seeing patients! I'll post more later.

 

[krabmas]

I think it depends on geographical location. If you're far east coast or west coast where the cost of living is higher, salaries will obviously (or should) be higher. Some of the lower cost of living areas will have lower salaries. My buddy signed for 170K his first year out but the city was a very expensive one. I live in a city with a reasonable cost of living and will do well my first year but it won't be 200K (my base is in the six figures)! I think the bottom line is that there are a lot of things that go into a salary and there are things far more important than your first year earnings. I'd elaborate but I've got to start seeing patients! I'll post more later.

While your salary should be reflective of the cost of living in the area you practice this is not true of the east coast. I think the east coast is the place most likely for pods to eat their young when hiring a new associate.

 

[goFeetgo]

Thanks for all of the information! I just wanted to make sure I can make a living and repay loans out of residency before I take the leap into committing myself to the profession : ). I heard 50K going around and it scared me, I just wanted to know that it wasnt uncommon for someone out of residency to make at least 70-80K in the first year...obviously moving up slightly with experience.

 

[347932]

While your salary should be reflective of the cost of living in the area you practice this is not true of the east coast. I think the east coast is the place most likely for pods to eat their young when hiring a new associate.

You ever talk to anyone in Texas? When I was coming out it had a really nasty rep for that. Hopefully its changed.

 

[Podfather]

You ever talk to anyone in Texas? When I was coming out it had a really nasty rep for that. Hopefully its changed.

Your answer would be yes and no. Some still do not get it and offer low salaries and guess what? They never find an associate. We had one kid last year get 175,000 and another 150,000 who stayed.

 

[347932]

Your answer would be yes and no. Some still do not get it and offer low salaries and guess what? They never find an associate. We had one kid last year get 175,000 and another 150,000 who stayed.

I'm relieved to here this. Truly I am. There were some not so scrupulous people when I was coming out that were eating associates up and spitting them out at an alarming pace. It seems that gladly that has changed for the better. Thanks for clearing that up.

 

[goFeetgo]

That is a relief to hear! I just realized many of the threads I had been reading were from 2002!

 

[lDanny]

That is a relief to hear! I just realized many of the threads I had been reading were from 2002!

and when you are done with pod school it will be 7 yrs from now.. so pretty much the same situation..

 

[goFeetgo]

LOL, I hope not.