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Podiatry income and wellness of the profession

Discussion in 'USA' started by yanik, Oct 19, 2005.

  1. yanik

    yanik Welcome New Poster


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    I'm a prospective applicant to Podiatry school (New York school of Podiatric Medicine), I wanted to know if Podiatry is a good and healthy profession to go into?, also are incomes good for podiatrists? about how much does the average podiatrist make first few years after residency?, and then after 10 or so years? How long is the residency for Podiatry?, and how much do residents make? finally, is it hard to find a job as a podiatrist after residency?
    Thank you
     
  2. admin

    admin Administrator Staff Member

    http://www.studentaffairs.columbia.edu/preprofessional/health/types/podiatry.php
    http://www.bls.gov/oco/ocos075.htm
    http://www3.ccps.virginia.edu/career_prospects/briefs/P-S/Podiatrists.shtml
     
  3. yanik

    yanik Welcome New Poster

    I've looked at all this information before, but my question is all of this fairly accurate in the view of actual practicing podiatrists? as far as income and job outlook is this a healthy profession to go into?
     
  4. admin

    admin Administrator Staff Member

    Last edited: Oct 20, 2005
  5. dfootdoc

    dfootdoc Welcome New Poster

    The number's you've been given are fair. However, there are a lot of very rich podiatrists who are well invested in addition to those who cut nails in nursing home and then bad mouth the podiatric field (many on forums).
    I'm in a private practice as an associate working towards partnership and I made $150,000 this year. Salary is $60K then there is the bonus structure. I also am invested in a shockwave company, surgery center, and an imaging center to "supplement" my income. I work about 50 hours per week and do not do any nursing home work. I cut maybe 2 or 3 patients nails per day. I see about 20-30 patients per day.
    I did four years of residency and have training in a wide scope of practice. Granted I don't use all of my training every day, but I do a fair share of rearfoot/ankle surgery given the type of practice I joined and the fact that there really isn't any other podiatrists doing these rearfoot cases where I work.
    Podiatry is a great profession although it has its pitfalls, just as many other professions. The earning potential of any podiatrist is based solely on how much volume you do, what you do (surgery or cut nails), and where you work...where I live cost of living is very cheap vs. NYC.
    Hope this helps.
    d.
     
  6. PMSII

    PMSII Member

    dfootdoc

    Just curious, is the 150k you made last year including your supplemental income? How much would you have made without it? Also, how many years have you been in practice? Is your bonus compensation good? The reason I ask is because from what I have heard from a few residency directors, their grads are consistantly starting at a 6 fig salary base. Do you believe that this is an exception rather than a norm with the current graduates?
     
  7. dfootdoc

    dfootdoc Welcome New Poster

    Response to PMSII,
    No, the 150K was my salary plus bonus. The supplemental income is difficult to calculate at this point, but basically I have made a around 5K on the ESWT investment. I'm making about $1500-2500 per month on the surgery center investment. I haven't broken even on that deal yet - invested 40K. I have only recently invested in the imaging center, but the other 8 centers this guy has done performed well.
    My bonus compensation is average, 42.5% over a $180,000 (3 times salary) threshhold of collections. I collected a little over 400,000 last year and will do more this year. I'm beginning my 4th year of private practice. I did 4 years of residency.
    I believe a starting salary of 100K or more is a big exception. Most will start you out less than that. (my salary is 60K) Depending on what fringe benefits, bonus structure, reputation and working arrangement you have as to whether the 100K starting salary is a good thing or not. When I've seen a starting salary that high, it is usually accompanied with minimal benefits, limited bonus structure and no ownership interest.
    Unfortunately Podiatrists who bring on young well trained associates low ball them and want you to buy into their practice (the first half of buying the practice) with a high dollar amount like 1/2 their collected income the preceding year that you join them. That can account for around 300,000 for a 600,000 practice. Paying $300,000 to "own" 1/2 of a practice is basically a good way for them to make a lot of money, but you don't really own much at the end of paying all that money. You are building your equity in that practice arrangement. Be aware of "buy out" clauses in your contract. this can be in addition to the "buy in" arrangement.
     
    Last edited: Jan 17, 2006
  8. PMSII

    PMSII Member

    Thank you. That was very informative. Sounds like you are doing pretty well for yourself. Good luck in the future.
     
  9. dfootdoc

    dfootdoc Welcome New Poster

    Goodluck to you too.
     
  10. summer

    summer Active Member

    Income

    You know this is interesting.

    I do a fair amount of rearfoot and reconstructive surgery as well, but have found the reimbursements for those procedures is actually less than for the less invasive procedures. For example. 3 extensor tendon lengthenings in the office for flexable hammer toes pays EXACTLY the same as an inpatient Triple Arthrodesis. We have some insurance carriers which pay at 50% of Medicaid rates. For example...A fifth digit and ray amputation for gangrene with sepsis pays $250 with a 10 day hospital stay! Truthfully, it's getting to the point where it's not worth it anymore.

    With regards to my practice. Last year we grossed approximately $600000.
    I do a fair share of nursing home patients as well since believe it or not I enjoy doing it. It is kind of relaxing to me. I do very little nail care in the office.

    Now I have contacted our state insurance commisioner regarding issues with payment delay and fees from self funded plans. You know, our state association has never done this, and this is what I found out.......

    Back to the old ERISA issues which were never addressed by the APMA. Insurance commisioners have NO jurisdiction over them. They can do whatever they want. 13 years ago I was at the state association meeting and suggested they work hand in hand with the APMA to obtain legislation against this. Nothing was ever done, and the fee schedules keep decreasing.

    Now there is no sour grapes here and I am not bad mouthing the profession, as it is rewarding but takes a LOT OF HARD WORK and time. But I do believe in equal work for equal pay, but my health care attorney has told me something VERY interesting.

    Orthopedic surgeons make nearly twice what we do, and this is because of the perceived notion that their training is better and more complex than ours. He likened it to this......I can't bill out a paralegal at the same rate as me since they are not attorneys.
     
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