Did I choose the wrong field?

[onthefence1]

Just some background, just started Ophtho after a Transitional Year, so am currently a PGY2.
Reading more about Ophtho, I've come to learn about how much lower the starting salaries in our field are compared to the rest of the E-ROAD specialties (includes EM).

I know we shouldn't base career decisions solely on money, but money is a big part of life and in part determines how much free time you have and what you are able to do with your free time. So far after my first week I can see why Ophtho is considered a lifestyle specialty, but the money simply does not seem to be there. A thorough search on SDN shows starting salaries in the NY area around 150k. In comparison a starting academic hospitalist job earns you 180k PLUS benefits.

If you look at starting salaries for Rads, Anesthes, Derm (other lifestyle specialties) they are significantly higher. Also these jobs in Rads and Anesthes presumably if you join a large academic group, would include benefits in addition to your salary. Ophtho is primarily a private practice endeavor (90% of ophthalmologists work in private practice) so the 150k starting salary may not even include benefits such as health and dental insurance.

I'm afraid that by choosing a field I liked based solely on two medical school rotations in my third year, and not looking more into the salaries and the job market, I may have made a poor career decision.

I hope I'm wrong. Would love to get input from other residents in the same boat and recently graduated residents.

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[DrZeke]

http://www.forums.studentdoctor.net...rads-with-something-positive-to-say?.1134817/

This thread above should answer some of your questions. Also search the young ophthalmologist section.

To be honest, if money is your concern how much you make is dependent on your business acumen and your drive to make the money and work for it. You gotta put the work in... Less of a lifestyle specialty then to some sense. Because whenever you run your own business you have to put in more work.

 

[CookieMonster55]

Average ophtho salary is $370k according to MGMA, which is comparable to other ROAD specialties. Starting salaries are much lower but increase substantially once you become a partner.

 

[Slide]

If you want to stay in the NY area, your salary ceiling is going to be very limited compared to living in a different area, regardless of field. As far as your starting salary, yes, it's lower, but that figure is typical in many places in the country. If you're in private practice joining a group, having a lower starting salary may NOT be a bad thing. This is because of how your bonuses pan out; most groups have a pay structure where after you pull in a certain amount of money to the group, you then start getting your bonuses. The number is usually a multiplier of your base salary, so if you're industrious and can bring in lots of revenue to the group, you can hit your bonuses quickly.

The other thing is that your starting salary is that; it's a starting salary. After your initial year, your salary will be much higher as early as the following year. In our field, you have the potential to quickly ramp up your salary. I know of an ophthalmologist making 750k easily, though it's not in the NY area.

 

[LightBox]

Haha, this type of post is seriously up here like once every month! As Dr. Zeke has alluded to, please read that forum that talks about all of these financial issues. I feel like I'm one of the few cheerleaders to give you first year residents a "financial pep talk"!

I wish I could share specific financials with you...but let's just say that 6-figure monthly distributions can be had in your future as an enterprising Ophthalmologist Though he is definitely an outlier, someone close to me (in his mid-30's) just took a 400k distribution last month. And this is pretty typical for this person!

 

[calvnandhobbs68]

Heaven forbid you actually like looking at eyes all day...

 

[airplanes]

Q: Did I choose the wrong field?
A: I don't know, do you like Ophthalmology?

 

[Rhexis]

Don't pick any specialty for the $. Reimbursements always change. Realistically it will play a part in your decision, but don't let it be your only factor. If $$$ is a your biggest factor, yes you chose the wrong specialty.

 

[chesstiger]

Reimbursements change. A whole bunch of people went into pain medicine in the 90's because reimbursement was high. Then it was cut, and they ended up with what they deserved.

There will always be challenges in any profession, but you need to go into what you enjoy.