keep the marriage working and the wife happy..nothing destroys wealth faster than divorce...1 divorce 1/2 2 divorces 1/4 left etc etc. i have seen this time and time again. work on the marriage and you will be rewarded in more ways ..
people seem so disillusioned...
- Thread starter anatomyaddict
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I would have gone anywhere and been happy...
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yes you may argue that ophtho is supersaturated in major cities...but what specialty isnt? seems to me that almost all specialties are supersaturated in major cities? what specialties, esp. surgical specialties, aren't???
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It sounds like a terrific opportunity, however, it is probably overkill if your only goal is to manage a lucrative practice and protect yourself from the threats described in this thread.
On the other hand, if you believe in the social responsibility of MD/MBAs to guide our country through the current healthcare crisis -- whether through involvement in health policy, social entrepreneurship, cost and quality research, and so on -- then go for it!!
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Any predictions on future impact to reimbursements if Romney wins in Nov and repeals Obamacare?
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There will be no repeal, even if Romney is elected. There may be modifications of the existing bill, but a full repeal is not happening.
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Hey you don't know that! In America we vote and Romney is so different from Obama he may try to repeal!
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Any updates on this situation? Does the future job market for ophthalmology really look this bad?
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Big big cities starting is low 100s. Elsewhere starting is 200-250. Your salary supposedly doubles in a few years once you're partner or established your practice.
And that 30% medicare cut discussed, that'll never pass. They push it back every year and just haven't tabled it yet bc they are still deciding where to get the money from. They never look too much into it so they just push it back again. It's been pushed back for over 10 years now.
And that 30% medicare cut discussed, that'll never pass. They push it back every year and just haven't tabled it yet bc they are still deciding where to get the money from. They never look too much into it so they just push it back again. It's been pushed back for over 10 years now.
Honestly that is pathetic. With all the training and surgical risk taken on... there are human resources coordinators that make that. I'm hoping you are referring just to WITHIN manhattan or san francisco and not the suburbs.
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^^ Yeah seriously I had to second this question...what gives? Are partner tracks common or difficult to get? What if you are stuck to that super low salary.
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I hear salaries are better 30 to 60 min outside the super big cities. I don't know for sure. I don't know why you'd want to live in one of those cities once you're in your 30s anyway. No place to raise a family. I have no interest in a huge city or probably even close to one so I'm not worried about it. I expect to start at 200 and close to double it in a few years. I'm not pessimistic at all like the sdn ppl.
Btw most physician salaries are that low in the huge cities.
Btw most physician salaries are that low in the huge cities.
This "issue" has been beaten to death. Yes, advertised starting salaries are lower in the big cities because "newbies" will sacrifice alot to live in Los Angeles, etc without taking any monetary risk. I am a practice owner, and if I had 40+ applicants lining up to work for me for 100k, then obviously I would jump on that opportunity. That's a no-brainer. Why the heck would any practice owner who has taken all of the risk pay any more than what the market is giving him or her? If you don't want to start at at those salaries, either: (1) go to a less competitive area or (2) take a risk and open up your own practice.
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I have never had direct experience in business. I've read some blogs. Starting your own practice sounds terrifying, yet rewarding.
I understand the basics, but how do you recommend I educate myself further?
Also, did you always know you wanted to start your own practice or was it a gradual development?
There's nothing wrong with working for a more established practice for a little of time so that: (1) you can refine your surgical and clinical skills; (2) learn how medical practices work to earn a reasonable profit; and (3) gain some knowledge from older mentors.
If you aren't offered partnership, then at least you will have learned something. It is extremely difficult for complete "newbies" to start a practice cold, since most don't even know what "accounts receivable" or other simple business terms mean. Newbies typically get overwhelmed by the entire process which can lead to frustration or emotional troubles. Also, why would anyone refer to a newbie for anything if his or her surgical experience is limited to the few hundred cases you did during residency and/or fellowship? These are valid things to consider.
If you aren't offered partnership, then at least you will have learned something. It is extremely difficult for complete "newbies" to start a practice cold, since most don't even know what "accounts receivable" or other simple business terms mean. Newbies typically get overwhelmed by the entire process which can lead to frustration or emotional troubles. Also, why would anyone refer to a newbie for anything if his or her surgical experience is limited to the few hundred cases you did during residency and/or fellowship? These are valid things to consider.
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What percentage of young ophthalmologists who start out on the partnership track ultimately end up becoming a partner?
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99.7%
But in all seriousness probably the majority after 2-3 years. The ones who don't were the stupid and desperate ones who took those bad jobs. You can supposedly tell in interviews and word of mouth which jobs are going to screw you. So you avoid those jobs. You really should be making partner in the vast majority of jobs. This is medicine not law.
Do you have any real-world experience to support your ideas? Not trying to be negative or critical here, but the % of people making partner with their first job is actually not that high. Industry statistics say that ~50% of associates will leave their first job after 2-3 years. There are a variety of reasons for this including personal circumstances (e.g. want to be closer to home), unrealistic expectations for the first job, personality/practice conflicts with the owners, etc. So, I definitely would not say, "...probably the majority after 2-3 years."
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Like LightBox stated, about 50% of those coming out of training leave their first job within 2 years. For many, coming out of school location was the factor for looking for a position. After a while making minimum monies or performing a small amount of volume, job desired change. For some, it is family issues.
Yes, positions in Los Angeles and NYC are going to be in the low $100s while a situation a midsized community (250,000 population) will approach the $175-200K mark for most residents. It is the basic supply and demand rule.
In my experience, 50% of those finishing training want to be in one of those two locations. With a limited number of jobs, the hiring authority has the upper hand. If you want to live in those places, you are going to sacrifice income as well as volume. The patient pie can only be divided so many times.
The market is a great market, if you are flexible in where you relocate to.
If you are stuck on Manhattan, better have a plan B in place.
These are bold statements from someone who hasn't even finished his/her 1st year of residency. The real-world out there is not all roses and lollipops. Sure, this is Medicine, but as you will find out in a few years, it is also BUSINESS!
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Lol and how much real world experience do you have? Not everyone cares about living in a huge coastal city. There are solid opportunities basically in many other places
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Depends on the department. Long term, you will be limited in terms of income vs. private practice.
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This has been a great thread. Really good discussion and things to keep in mind.
