most residency graduates are not equipped to run an effective/efficient solo practice coming out of residency. Let’s pretend that they are though for the sake of discussion.
I, like many, didn’t have a strong desire to run my own practice. So I spent the end of my 2nd and all of my third year looking for an employed position (as you recommended). I had some interviews and a few positions that felt close to working out, but never materialized. So now it’s March, 3-4 months until finishing residency...and you think the individual who hasn’t ever wanted to start their own practice, is gonna open up shop in 6 months? As someone who did eventually start his own practice, want me to tell you how I know you’ve been employed your whole career? The only person who is opening up their own clinic right out of residency is someone who made the decision to do that within the first year of residency. That’s a tiny % of students/residents.
Again, I’ve said over and over that young podiatrists should avoid working for other podiatrists, and that should include a willingness to open your own practice. But you’re assumption/suggestion that it can just be done when your dream of being an employed, well paid podiatrist doesn’t work out while you’re a 3rd year resident is a dumb one. That means that most new grads are still going to take crappy podiatry associate jobs and spend a year or three doing that before they get the job they want or start their own practice. And let’s say they do open up their own practice, most of them are still going to spend a good 12-18 months not making much more than the podiatrist they used to work for was paying them. You’re still talking 4 years of underwhelming pay.
Now, let’s go back to the reality that few residents are equipped to open and run their own clinic right out of residency. Well, you can pay people to help you. You can pay credentialing companies, billing companies, hire an experienced office manager, maybe pay a consultant to make sure you are doing things in the right order and not forgetting something (because how would you know that you need to create an ABN to be signed by every patient you dispense DME). Don’t forget learning how commercial leases work, and furnishing your new office. Throw a couple hundred thousand in start-up loans on top of any student debt you might have. You’ll be lucky to be have a positive net worth 5 years from opening. And again, it is unlikely this is what you really wanted to do from the beginning. Maybe you end up loving it, but probably not.
I’m glad to be a part of your employed, well compensated podiatrist bubble now. But you’ve never actually lived outside of it. I at least get some entertainment out of the fact that a couple of the more vocal “open your own practice” folks around here (now that dyk has become one), have only ever been employed docs in a hospital/msg setting. I’m certainly in favor of people doing it, but there’s a reason you don’t see me telling everyone “well why didn’t you just open up your own practice?” Heybrother gets it, I’m sure. And I’m by no means complaining about my early career. I limited myself in geography and you can’t do that if you want a good shot at a well paying employed position. Again, unlike people on both ends of this pay scale discussion, I’m being realistic.
www.forbes.com
