I wanted to elaborate more on the complicated answer regarding starting salaries of new associates. There are numbers quoted all over the spectrum, from insultingly low offers to offers so high it boggles my mind as a partner in a successful practice, how any group can afford to offer a starting salary that generous.
One important factor everyone has to consider is happiness in addition to salary. I have a friend who makes about $225,000 a year who does NOTHING but cut toenails all day long in nursing homes. I personally would go crazy going bed to bed 8 hours a day and would settle for a salary 1/2 that amount to be able to perform surgery and do what made me happy. You also must feel comfortable in the practice you are in, and must be comfortable with their billing practices, ethical practices, etc.
I personally walked away from a very lucrative situation many years ago when I realized the less than honest billing practices that were taking place, etc., etc. It didn't have any impact on ME, but I didn't want to be associated with that type of practice. I would also listen to some of the doctors talk patients into unneccessary procedures, etc., that once again didn't impact ME, but was simply wrong.
I've also stated many times that geographic area plays a role, and I'm not sure that some people "buy" that statement, but here are a few examples why an associate in some areas may not be offered a starting salary as high as other areas;
-the cost of malpractice in some areas can be up to $25,000 whereas in other areas the same coverage can be $4,000. Do the math.
-insurance contracts can differ significantly. Certain cities or areas in Pennsylvania are heavy with capitation and doctors are paid literally pennies per patient/per visit, and in other areas in the SAME state the insurance companies pay fee for service.
-some states insurance companies do not pay for physical therapy provided in DPM offices, while in other offices PT services are SO lucrative they actually have a PT in the office.
-some states have very tough rules regarding the billing of peripheral vascular testing, while in other states DPM's are making a killing billing for these services for patients who need testing.
-Many docs are enhancing their income by utilizing diagnostic ultrasound in their office. Some states have greatly limited radiographic reimbursement for office diagnostic studies, and some are not paying for office ultrasound.
-If you happen to practice in a state with MULTIPLE restrictions, you can still make a decent living, but you may have to work a little harder. That's why you have to do your homework
-As stated several times already, Kidsfeet had the opportunity to visit our office(s) and observe at least 5 of our docs "at work". I don't have to tell you about our "operation" or the number of patients that we treat daily, he can tell you himself. However, despite the fact that we ALL work hard, are beyond busy, etc., we probably don't make as much money as other practices seeing 1/2 the patients we do, simply due to our "location".
I'm NOT complaining, it's simply a fact. However, we're not going to pick up our practice and move it 2,000 miles to triple our income. All the partners in our practice are well aware of the fact that if we were located somewhere else, we probably could all be retired by now and would all be VERY wealthy.
Once again, I'm not complaining, just stating the facts. Despite the fact that we are very successful and busy, we can't afford to offer a new associate the "huge bucks". We have just asked another doctor to join our practice and we are putting together a package for him. It will be fair, but we are also counting on this doctor to realize that he has a future with our practice. Our intention is not to bring him on board temporarily, but as a permanent doc on the road to partner. However, he will always have the opportunity to decline our offer and seek a better offer financially.
One final note. Keep your eyes open when joining or visiting any new practice. It is VERY easy to make money, but a "little" more difficult to always do it honestly and ethically. There have been many smaller practices than ours in our area that SEEMED to make a ton of money, with huge ads, huge starting salaries for the associates, etc., etc., and many if not all of them eventually were brought up on some form of fraud charges.
So I urge ALL young docs to keep their integrity and always keep your eyes open to make sure that you don't get caught up in something unknowingly that can ruin your reputation for the remainder of your career.
Seek out the best contract you can, but also seek out what will ultimately make you happy, and that's NOT always the highest dollar amount.