What’s the most you know of a doc making?

[PikminOC]

No one is mentioning optho? They make alot

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[sirspamalot]

No one is mentioning optho? They make alot

I can see how that would be true


(groans). Yeah I know.. Low hanging fruit just too tempting..

 

[The White Coat Investor]

Just curious….what’s the most if you know of a doc making from clinical work?

I've met a lot making 7 figures in just about every specialty (including Peds and FM). I've met a few that do more than $2M a year. They tend to be successful spine and plastics docs and some dental specialists. I'm sure there are few that push mid 7 figures. But the better way to get to that range is to own a practice and have a bunch of folks working for you. That's certainly what the Peds/FM folks making 7 figures are doing. You know, two employees docs, 3 employee APCs etc. It's not just their billing.

If you want to make a lot, get good at business and stay good at medicine and don't take employee jobs. Specialty really not as relevant as you might think.

 

[sirspamalot]

don't take employee jobs

#

 

[702]

I've met a lot making 7 figures in just about every specialty (including Peds and FM). I've met a few that do more than $2M a year. They tend to be successful spine and plastics docs and some dental specialists. I'm sure there are few that push mid 7 figures. But the better way to get to that range is to own a practice and have a bunch of folks working for you. That's certainly what the Peds/FM folks making 7 figures are doing. You know, two employees docs, 3 employee APCs etc. It's not just their billing.

If you want to make a lot, get good at business and stay good at medicine and don't take employee jobs. Specialty really not as relevant as you might think.

Were the dental specialists all Maxillofacial surgeons by any chance? Or periodontists and endodontists as well? That’s impressive.

 

[sloh]

I've met a lot making 7 figures in just about every specialty (including Peds and FM). I've met a few that do more than $2M a year. They tend to be successful spine and plastics docs and some dental specialists. I'm sure there are few that push mid 7 figures. But the better way to get to that range is to own a practice and have a bunch of folks working for you. That's certainly what the Peds/FM folks making 7 figures are doing. You know, two employees docs, 3 employee APCs etc. It's not just their billing.

If you want to make a lot, get good at business and stay good at medicine and don't take employee jobs. Specialty really not as relevant as you might think.

This is very true. I'm PM&R with no fellowship. I gross upper six figures minimum, past year 7. Learn the ins and outs of the business of medicine, billing, coding, relationship building. Don't take employed jobs (I was a W2 my first year out as an attending). Be a 1099 ninja

Just hit the 1 million net worth mark 3-4 years out of residency.

 

[finalpsychyear]

This is very true. I'm PM&R with no fellowship. I gross upper six figures minimum, past year 7. Learn the ins and outs of the business of medicine, billing, coding, relationship building. Don't take employed jobs (I was a W2 my first year out as an attending). Be a 1099 ninja

Just hit the 1 million net worth mark 3-4 years out of residency.View attachment 374640

1. Great job. I am guessing you were near the 500k salary mark, pretty soon after you started as a 1099 in june-july 2020 I am guessing.... and obviously onwards and upwards from there.

2. I do feel bad for most docs who are naturally more risk averse and that 250-300k with bennies right away is too hard to pass. To be fair though, most will earn less for the first 1-2 years if they go into PP as it ramps up but are ahead a few years out. Imo some combo of 1099 guaranteed money with a PP is a win win. I would also argue I would still do the same route even if it meant less money because the autonomy and freedom to be your own boss is priceless for me. I hear too much about drama and staff complaints from my circle of docs and obviously experienced residency where all that was present and needlessly stressful.

3.My boards were end of September the year I graduated and I kinda just focused on that, friends and personal life and getting ripped.. things that maybe hadn't ever been able to really have 3-4 months to focus on before without some major obstacle ahead and since passing my boards wouldn't stop me from really working it was sorta chill unlike usmle or mcats in the past which were roadblocks if you didn't pass. I really didn't start seeing patients till december but I also was out of state and didn't move till post boards then lots of things to do for PP as I did my own credentialing and learned a lot.

 

[forchinet121]

This is very true. I'm PM&R with no fellowship. I gross upper six figures minimum, past year 7. Learn the ins and outs of the business of medicine, billing, coding, relationship building. Don't take employed jobs (I was a W2 my first year out as an attending). Be a 1099 ninja

Just hit the 1 million net worth mark 3-4 years out of residency.View attachment 374640

How many patients per day do you see on average

 

[Splenda88]

This is very true. I'm PM&R with no fellowship. I gross upper six figures minimum, past year 7. Learn the ins and outs of the business of medicine, billing, coding, relationship building. Don't take employed jobs (I was a W2 my first year out as an attending). Be a 1099 ninja

Just hit the 1 million net worth mark 3-4 years out of residency.View attachment 374640

Any equity on your home?

I don't get why some people use home equity as part of their net worth (NW).

Most of my NW are in 2 investment homes that I own.

 

[702]

This is very true. I'm PM&R with no fellowship. I gross upper six figures minimum, past year 7. Learn the ins and outs of the business of medicine, billing, coding, relationship building. Don't take employed jobs (I was a W2 my first year out as an attending). Be a 1099 ninja

Just hit the 1 million net worth mark 3-4 years out of residency.View attachment 374640

Impressive. What’s the best way to learn? Thanks

 

[finalpsychyear]

Any equity on your home?

I don't get why some people use home equity as part of their net worth (NW).

Most of my NW are in 2 investment homes that I own.

Its very clear that he has 1m liquid NW based on the image of an investment/brokerage account in his post. There is no mention of real estate anywhere.

 

[ER BlueBlood]

Michael jackson’s anesthesiologist made 150K a month at the time, what’s that when inflation adjusted?

Well he was incarcerated so….

 

[worthless]

Any equity on your home?

I don't get why some people use home equity as part of their net worth (NW).

Most of my NW are in 2 investment homes that I own.

Because you can always sell it and buy something else with that money. It also (generally) appreciates.

 

[worthless]

Impressive. What’s the best way to learn? Thanks

You might start with tax books, The White Coat Investor, and the millionaire next door.

 

[Splenda88]

Because you can always sell it and buy something else with that money. It also (generally) appreciates.

I meant to say.

I don't get why some people DO NOT use home equity as part of their net worth (NW).

 

[finalpsychyear]

I meant to say.

I don't get why some people DO NOT use home equity as part of their net worth (NW).

Because some people, me included, don't plan to sell current or future home anytime soon. It's also a bit safer if your using 25x FIRE numbers or what not to get there with liquid investments ideally.

 

[worthless]

Because some people, me included, don't plan to sell current or future home anytime soon. It's also a bit safer if your using 25x FIRE numbers or what not to get there with liquid investments ideally.

I count it since I go by cashflow instead of 25X.

But yes, that why some do and some don’t.