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05/02/2016 Jeff Kittay, DPM
Current Compensation Rates for New Practitioners Out of Residency (Name Withheld)
I was very disappointed to read today's PM News and see that the discussion of compensation rates for new practitioners had deteriorated into a pissing match among our colleagues, one of whom regularly contributes valuable insights in this forum, a Dr. Withheld who claims to be making $500K+ after four years on the job, and another DPM who perpetuates the myth that DPMs who have just completed their residencies should expect at least $100K to $200K to start. Nurses do NOT routinely make six figures as was stated. There may indeed be some positions out there for group or hospital employed podiatrists that will pay that kind of money but I suspect that they are the exceptions. Solo/group practices that can afford to take a $150K gamble on a doc who may have impeccable surgical skills but zero experience in practice management will be few and far between. The experience of the Dr. who worked for two years for a group practice and did nothing but raise their income and was then fired for requesting a modest and deserved increase in his percentage is more like the experience I heard about during my years in practice.
Raising the expectations of residents throughout the country, only so that they can find out that much of what they were told was exaggeration or falsehood, is much like the problem of enticing new podiatric students into schools that demand their tuition money and then abandon them after graduation with "we never promised you could make a living." Patently unfair and clearly degrading. The Dr. from Mississippi may indeed be right about the future of solo practices. I do not see how an individual, with all of the ongoing and proposed rules and regulations which are and will continue to be extremely expensive to implement, can survive in this marketplace, and I for one am glad to be out of it. I wish you all well and hope that the level of discourse here in PM News can be brought back to a more civil level.
Jeff Kittay, DPM (retired), San Isidro, Costa Rica
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04/28/2016 Marc Katz, DPM
Current Compensation Rates for New Practitioners Out of Residency (Name Withheld)
I think there are a few important points to make. I think the profession has issues with schools putting students over 300K in debt and presenting misleading information about the earning potential of podiatrists. That needs to be addressed by the profession.
Here is my advice. Everyone needs to stop complaining and take responsibility for their career choice. We all chose this profession. If you did your research, here should be no surprises You need to make the best of it. Everyone is complaining like they have such terrible lives, its not true.
Many podiatrists will not make more than a nurse or NP or PA ever. A few will make millions. This is not necessarily a high compensation profession for many. Where do you want to be? It's all about working hard, getting some business experience and making connections. If you want to be successful realize that this is not a 9-5 job and it is going to get harder and harder each year as there will be massive changes.
Podiatry is like any other business. If you don't like the offers out there or you feel you are being abused then go open your own practice. Hospitals and Orthopedic groups may be good for some people but are often not what you thought they would be. You are fortunate that you have the option to run a practice the way you would like it to happen. You have that ability, so work hard and make it a reality. Nobody deserves or is entitled to someone else's patient's or practice unless they meet the terms of that doctor or group. That is true for all businesses and jobs. And that doctor or group has the right to any terms that they feel are appropriate. You don't have to agree. Go to Apple and tell them you've been in school 7 years and are 300K in debt and watch their blank faces as they offer you an entry level position and tell you to work your way up to be a success. That's life!
Reach out to experienced podiatrists for help if you want to start a practice. Ignore the podiatrists that are threatened by your presence. Stop listening to the person who has a friend who makes 500k there first year and had the doctor hand them the practice for free. All of this second-hand information is a distraction.
Thankfully, I have had a great career in podiatry and I am happy with my choice. I am willing to help others, so feel free to contact me.
Marc Katz, DPM, Tampa, FL
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