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List- Ridiculously High income doctors

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  • Antares
    replied




    Manhattan has a lot of MDs who don’t take any kind of “health insurance.” If you run a cash only practice, which people flock to from all over the world (Russian oligarchs, oil sheikhs, various royalty from around the world, New York trust fund babies, hedge fund managers, heirs to the greatest fortunes ever made in our country, etc..), if you run such a cash-only practice you can make that kind of money through your clinical work. It usually requires having an important title at a place like sloan-Kettering or the Hospital for special surgery.
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    Not quite. Most psychiatrists I know in NYC have cash-only practices. Many, like me, have no fancy institutional title at all. There’s a long possibly boring explanation, but important elements  are the numbers of practitioners vs patients, regional socioeconomics, a culture of valuing mental health services, and a consequent large disparity between insurance reimbursements and private fees.

    Incidentally, while I know a few psychiatrists in NYC who are making close to 7 figures from clinical work working long hours in high-priced practices run like well-oiled machines (no, I have no interest in what that would require), the few I know who are making the most are indeed the physician-executives or physician-administrators. I thank god that is not my fate.

    Edited to add: Oh - and a few who are highly successful in the pharmaceutical industry.

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  • BCBiker
    replied
    Does this mean I should stay in NYC? I hope IBR is done before pulling those numbers down.

    This list clearly excludes non-practicing physician executives and maybe some folks that are full time MD researchers. No reason to begrudge. I would bet some of these folks don't have enviable work-life ratios.

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  • Harmonica Man
    replied




    I would speculate none of them would intend to FIRE, despite the clear ability to do so. When you reach that level, it’s not about money. It’s about ego. I suspect bye majority on that list have their entire identity in their job. The job is not the means to the end, as it is in FIRE, but rather the job is the end. It’s who they are. I’ll never be on a list like that, and I’m 100% fine with it. In fact I would prefer not to have my job define my self.
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    Agree with this.  It's the same reason why hedgies worth $200M don't quit the game.  They like the stress, challenge, and ego that come with the job

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  • Harmonica Man
    replied
    https://www.crainsnewyork.com/assets/pdf/CN11502647.PDF

    page 16

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  • Kamban
    replied


    Could you share the link where you found the list? It s
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    It is a pdf so the best option I could see was this link on a google search

    https://www.crainsnewyork.com/article/20170411/HEALTH_CARE/170419966/doctors-at-catholic-health-services-hospitals-among-the-highest-paid-in-new-york

    In it click on the hyperlink in the middle of the article.

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  • q-school
    replied
    Those are the winners of life.  They are not grateful for the big incomes.  They are the career jumpers.  They are looking for the next bigger job.   There is no thought of retirement in them.

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  • DCdoc
    replied
    I would speculate none of them would intend to FIRE, despite the clear ability to do so. When you reach that level, it’s not about money. It’s about ego. I suspect bye majority on that list have their entire identity in their job. The job is not the means to the end, as it is in FIRE, but rather the job is the end. It’s who they are. I’ll never be on a list like that, and I’m 100% fine with it. In fact I would prefer not to have my job define my self.

    Leave a comment:


  • soundsystem
    replied
    Could you share the link where you found the list? It seems that the list only includes NYC physicians. I'd be curious to know how it looks in the rest of the country. I recognize several names on the list, and clearly these salaries are mostly coming from administration duties/leadership positions. Nothing wrong with that in principle.

    As a side note, if you'd ask one of those guys on the list about the FIRE movement, I wonder what they'd say.

    Leave a comment:


  • mxg67
    replied




    notice how some of these are at same hospital which clearly are the ones that allow shady behavior, such as having an LPN as your assistant.

     

    is this list including all of NY state or just NYC area? If it includes all of NY state and all of them are in NYC area that would also seem shady to me. seems like the medical stuff in NYC is shady in general. was told when applying for residency that residents have to draw their own labs, nurses don’t follow orders etc
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    I'm not sure having an LPN assistant is necessarily considered shady. I don't see the benefit except that possibly it's someone he trained to do things exactly his way and he trusted.  I assisted with outpatient procedures in a family members office for a summer job in college.  I wasn't officially trained, but they told me what to do and it's not hard.  What about docs doing a weekend seminar to learn cosmetics or those who practice beyond their scope of training. I'm not sure either if NYC is particularly shady or what they're doing is abnormal.  Florida has some weird stuff as do many places I've come across.  It's apparent across medicine and elsewhere.  Anytime money is involved it happens.  One person's shady is another's normal.  Credit card hacking and manufactured spending could be considered shady.  Look at the WSJ physician reimbursements.  Family med doctors raking in multi-millions.  Is leveraging midlevels to increase your revenue shady? What about marketing (pharma, hospitals, etc.), billing and coding, homeopathy and so on.  I've heard stories of hospitals doing shady things to boost their numbers, US news ranking and reputation.  In NYC there's a cardiologist (who gets paid millions too) who's dept has suspiciously insane volumes.  I too have heard of the scut NYC residents have to deal with, again I don't consider it shady so much as just the general culture/attitude of that area.

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  • Panscan
    replied
    notice how some of these are at same hospital which clearly are the ones that allow shady behavior, such as having an LPN as your assistant.

     

    is this list including all of NY state or just NYC area? If it includes all of NY state and all of them are in NYC area that would also seem shady to me. seems like the medical stuff in NYC is shady in general. was told when applying for residency that residents have to draw their own labs, nurses don't follow orders etc

    Leave a comment:


  • Panscan
    replied




    I’m not well versed in all the first names, but is there a single female on this list????
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    and if there wasn't that would be a problem to you?

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  • drgenericusername
    replied
    Would not want to be some of the names on that list

     

    https://nypost.com/2018/12/23/top-surgeon-employed-barely-trained-nurse-to-assist-in-major-procedures/

    Leave a comment:


  • ACN
    replied
    A hospital employed surgeon depending on the specialty can bring in $10-20mil in downstream revenue per year.  So hospitals paying these doctors $1-4mil is nothing to them.

     

    A single surgery involves labs, consults for clearance, advanced imaging, therapy, OR time, clinic visits, home nursing visits, braces/equip...and the hospital owns it all.

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  • VagabondMD
    replied







    So ancillary income > professional fee reimbursement in private practice?

    I can understand that in PP. All these docs listed are hospital employed, and salaries were presumably found on 990 forms, so would think it’s mostly professional fees. Although like some said, maybe there is some income coming from joint IP deals.
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    those are definitely not professional fees.  if they are, whistle blow them.

     
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    Agree that there is a 0% that those docs on the list are earning those incomes based on professional fees and RVUs. I would not be surprised if there are several on the list that are earning under 20% of those compensation packages from clinical work.

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  • Harmonica Man
    replied




    David Samadi probably looks at Jeff Bezos and says “how the $%*¥ do you make that much money?!?!

    Learning to be happy with what you’ve got, regardless of what that is, is the key to feeling wealthy.
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    Thank you, Anne!  That's the "inner peace" advice I needed to hear

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