WHICH SPECIALTY MAKES THE MOST MONEY?

[Isida]

Which is the most scalable, I'm guessing surgery?


How are some doctors making 7 million a year in NYC?

City’s hospital specialists are raking in millions of dollars

They’re operating in the green! The highest-paid doctors in New York City are raking in millions of dollars each year, with some, even at struggling hospitals, getting six-figure bonuses, a Post re…

nypost.com

Is it really feasible to make millions a year if you're a spine surgeon in NYC?

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[PONS]

They all make tons of money, get into med school first. But, if I were to guess probably plastics. The ones out in Beverly Hills and Malibu are probably making a killing.

 

[mmmcdowe]

Unrealistic. In general, except a few outliers, being in highly favorable locations like nyc has a negative effect on your income.

The richest doctors had a good idea that they patented and went into startups. The second richest own equity in private medical clinics/same day surgery centers.

Then surgeons come a distant third. TLDR if you are talented enough to make money on medicine you probably could make more elsewhere.

 

[Trefoil]

Don’t go into medicine for money. You will make a lot more money in investment banking/stock trading. You start making money very late in medicine, and it takes a very long time to build wealth. You go into medicine because you find it interesting and like helping people.

 

[LADoc00]

Making crazy paydays and specialty choices are largely divorced from each other now.

I know plastic surgeons who live paycheck to paycheck and a pediatrician who sold a clinic chain to private equity for a 25m+ payout.

An internist I went to residency with just sold her start up for 17 billion...yes billion.

Another guy from my program dropped out and went into capital management and made over a billion.

Im not sure going into medicine because "you like people" is good idea. Trust me you will learn to hate people fairly quick. My advice: avoid medicine at all costs. I spent an hour with the medical chief of a hospital last week and we both agreed we would never let our kids even consider being a physician given the current situation.

 

[WildWing]

The Bureau of Labor Statistics has a breakdown:

May 2023 National Occupational Employment and Wage Estimates

www.bls.gov

Physicians start at 29-1210, so search for that number and you can see the mean hourly and annual wages. Looks like Cardiologists are the winners at $353,970 average.

 

[Trefoil]

The Bureau of Labor Statistics has a breakdown:

May 2023 National Occupational Employment and Wage Estimates

www.bls.gov

Physicians start at 29-1210, so search for that number and you can see the mean hourly and annual wages. Looks like Cardiologists are the winners at $353,970 average.

Eh, these surveys are not accurate. That is low for cardiology to be honest. Medscape salaries are probably somewhat closer, but choosing a specialty for money is a terrible idea.

Making crazy paydays and specialty choices are largely divorced from each other now.

I know plastic surgeons who live paycheck to paycheck and a pediatrician who sold a clinic chain to private equity for a 25m+ payout.

An internist I went to residency with just sold her start up for 17 billion...yes billion.

Another guy from my program dropped out and went into capital management and made over a billion.

Im not sure going into medicine because "you like people" is good idea. Trust me you will learn to hate people fairly quick. My advice: avoid medicine at all costs. I spent an hour with the medical chief of a hospital last week and we both agreed we would never let our kids even consider being a physician given the current situation.

It kind of sounds like your company isn’t really typical of a standard physician. If I had to guess, you went to an Ivy League school, and your company was using the degree as a stepping stone to something other than actual medical practice in which case of course they don’t like medicine.

The specialty you pick might matter with this regard. Most of my patients are great, and they keep the work interesting. I rarely have patients that bother me much. Internal medicine might teach you to be more jaded than other fields. If you don’t enjoy helping people then you will end up miserable in medicine, which might be what you are unintentionally articulating.

 

[scoopdaboop]

Which is the most scalable, I'm guessing surgery?


How are some doctors making 7 million a year in NYC?

City’s hospital specialists are raking in millions of dollars

They’re operating in the green! The highest-paid doctors in New York City are raking in millions of dollars each year, with some, even at struggling hospitals, getting six-figure bonuses, a Post re…

nypost.com

Is it really feasible to make millions a year if you're a spine surgeon in NYC?

it's feasible to make millions a year in a lot of specialties. scaling is not there in medicine. there is a theoretical cap unless you're a big dog in academics. for example, if you work 52 weeks a year and 60 hours a week as a cardiologist you might push 2-3 million, but that's your cap unless in academia where money comes from other revenue sources.

also its hilarious the "president" and this Dr. Santa were "in shock" at the salaries.

 

[LADoc00]

it's feasible to make millions a year in a lot of specialties. scaling is not there in medicine. there is a theoretical cap unless you're a big dog in academics. for example, if you work 52 weeks a year and 60 hours a week as a cardiologist you might push 2-3 million, but that's your cap unless in academia where money comes from other revenue sources.

also its hilarious the "president" and this Dr. Santa were "in shock" at the salaries.

You can kill it in medicine by using an arbitrage income model. Employee a physician where you do all the billing, admin, overhead etc for him/her because he/she cant be bothered and just wants a paycheck. In doing that, you make say 100K for your work. The difference between what you pay them and your revenue is then the arbitrage. Now lets say you make roughly 100K per MD you employee as a contractor, you scale that easily up to 30 M.D.'s, you make 3m.

Rinse/repeat to your desired income level.

 

[jhmmd]

You can kill it in medicine by using an arbitrage income model. Employee a physician where you do all the billing, admin, overhead etc for him/her because he/she cant be bothered and just wants a paycheck. In doing that, you make say 100K for your work. The difference between what you pay them and your revenue is then the arbitrage. Now lets say you make roughly 100K per MD you employee as a contractor, you scale that easily up to 30 M.D.'s, you make 3m.

Rinse/repeat to your desired income level.

This is very unrealistic, to say the least. No one is going to pay a biller $100k, first of all. Everybody knows that revenue - overhead = profit, second of all. There's no need to invent a fancy word for this.

I am very confused about the bolded. M.D.s don't have the time to manage practices full-time, as you stated above. Healthcare admins do this type of work (30 physicians in a multi-specialty practice, for example). This is a full-time job and most physicians do not wish nor desire to do both the business side for a large practice AND practice full-time. It makes no sense to go into medicine only to end up managing a practice full-time, either.

Good luck