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Ten Reasons Why It Is Good to Be a Podiatrist

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Ten Reasons Why It Is Good to Be a Podiatrist THE PROFESSION OF PODIATRY Ten Reasons Why It Is Good to Be a Podiatrist The positives outweigh the negatives BY JON A. HULTMAN, DPM, MBA Editor’s Note: The following arti- Reason One: DPMs work in a spe- of hours you work each day and the cle appeared in the December, 2011 cialty and an industry for which there amount of vacation time you take. issue of the California Podiatric Physi- is growing demand, a declining supply, Who wouldn’t want to be in this cian and is reprinted by permission. and formidable barriers to entry. Every same situation? If you have heard industry would kill for this type of eco- friends and acquaintances who work ach year there seems to be nomic dynamic. If you feel that the in other careers complaining about no shortage of things for healthcare industry is tough, imagine their work environments, horrible physicians to complain working in an industry for which de- bosses, and the typical litany of com- about. For decades, fees have been declining, prac- Etice costs and patient workloads have been escalating. With so much focus If we compare the average podiatric physician’s salary on the negatives, it is easy to over- with those for all other jobs, it is certainly look the positives associated with being a podiatric physician—positives in the top 5% nationally, and most of the “others” that far outweigh the negatives. Compared with all the career in the top five percent do not choices possible in the United have the same potential upside we do. States—with each having positives and negatives of its own—the com- plaints voiced by many physicians seem relatively minor. This is espe- mand is declining, there is an over-sup- plaints commonly heard from those cially true during this time of eco- ply of competitors who can provide the who are employed in jobs where they nomic downturn which has created same services that you do, and almost have little independence or control an environment in which some recent anyone can quickly enter the field. Yes, over their work environment or even college graduates feel lucky to find a there are things in healthcare that need their own career, you know that “McJob.” Employees with promising to be fixed which will improve our sit- being your own boss can be priceless. careers and well-paying jobs are uation, but the dynamics within our being laid off, and millions are unable specialty assure that there will always Reason Three: It is amazing how to make their mortgage payments. be work and future opportunity. many doctors complain about their There are significant numbers of peo- incomes. If we compare the average ple out there who would gladly trade Reason Two: Most practicing in podiatric physician’s salary with their jobs and financial situations for our specialty are either self-employed those for all other jobs, it is certainly those of physicians—even with their or are working in group practices in the top 5% nationally, and most of “problems.” Let’s take a look at ten with future partnership and owner- the “others” in the top five percent do positives associated with our specialty ship likely. If you are self-employed not have the same potential upside and re-discover why it is we hear so or a partner in a group practice, you we do. Many in our profession al- many podiatric physicians say, “Our can’t be fired or laid off in a bad ready earn two or more times the av- specialty is one of the best kept se- economy, and you control your work erage podiatrist. crets in medicine.” environment—including the number Continued on page 88 Illustration by Christopher Donoghue www.podiatrym.com AUGUST 2012 | PODIATRY MANAGEMENT | 87 THE PROFESSION OF PODIATRY TEN REASONS Reason Four: There is no forced retirement for podi- hours” instead of 24/7. Having a “life” outside of practice atric physicians, and because the work is not physically de- is becoming more important for all physicians, with most manding, a healthy and active practitioner could work into choosing to work fewer hours than doctors worked in the his/her 90s. In a national survey of 1,500 people, Wells past, even if this means earning less. Physicians who value Fargo found that 25% of respondents estimate they will lifestyle also want to practice in a place they enjoy living need to work until at least age 80 before being able to re- and where they would want to raise a family. Unlike many tire comfortably. Respondents of this survey were between career choices that have geographic limitations as to where 20 and 70 years of age, with incomes ranging from $25,000 employees can live or the possibility that they could “sud- to $99,000 (considered middle class). Their median savings denly” be transferred anywhere in the world at the whim goal for retirement was $350,000, but their current median of a superior, physicians can work anywhere they choose. savings was only $25,000 (7% of this goal). We hear simi- They can determine where they would most like to live be- lar complaints from DPMs who say they will never be able fore embarking upon their careers. to retire, and many feel they will need $2 million or more in order to do so. As severely as their retirement plans may Reason Six: Opportunities are increasing for DPMs—es- have been hit, most DPMs have already saved more than pecially those now entering practice with seven years of $25,000 towards retirement, and if they don’t hit their training. There is a growing respect and demand for our spe- multi-million dollar goal, they will have the option of sup- cialty. Opportunities to work in orthopedic or multi-specialty plementing their income by continuing to practice part- groups, or to be employed by hospitals or academic health- time for as long as they choose to work. care centers are growing. While an employed DPM must an- swer to a “boss,” starting salaries for such positions have in- Reason Five: Many DPMs claim they chose this spe- creased, and these doctors function relatively independently cialty for “life-style” reasons—such as having more time to when compared to other types of employees. I also fully ex- spend with their families, seldom being called out in the pect CPMA to achieve the goal of full parity with MDs and middle of the night or on weekends to deal with “life and DOs in California—an achievement which will further ex- death” situations, and having the option to work “normal pand opportunities for all podiatric physicians. Reason Seven: Every podiatric practice is unique and takes on the personality of its practitioner(s). The field has so many different areas in which one can focus that a doc- tor is able to limit his/her focus to just those things that s/he is best at and most enjoys while still making a good living. In many cases, those who limit their focus to a nar- rower area of specialization often do better financially with this “less is more” strategy. Reason Eight: The value that DPMs deliver to the healthcare system relative to other specialties is likely to in- crease in the future, especially when quality and “achieve- ment of better outcomes” become the relevant measures for determining the appropriate level of reimbursement for ser- vices. Podiatric physicians not only save limbs, they keep patients walking—something that enables maintenance of a level of functional capacity that will keep them out of nurs- ing homes as they age and will have a positive impact on the most costly and debilitating conditions challenging healthcare (obesity, osteoporosis, hypertension, diabetes type II, ischemic heart disease, stroke, depression, and even many types of cancer). These conditions and their associat- ed complications generate the greatest portion of today’s healthcare costs, making the potential contribution that DPMs will bring to the healthcare system more valuable in the future. This should make our profession one of the spe- cialties most highly sought after by ACOs and other “quali- ty” oriented models that emerge in the future. Reason Nine: Since many DPMs still practice solo, or in small groups of two or three practitioners, merging practices (grouping them into larger entities) offers new opportunity Continued on page 90 88 | AUGUST 2012 | PODIATRY MANAGEMENT www.podiatrym.com THE PROFESSION OF PODIATRY TEN REASONS for DPMs to gain the “corporate perks” things better, becoming more profitable things that will impact our futures of being part of a bigger “company” at the same time. Medicine is one of which are not under our individual while still retaining much of the inde- the few industries that has barely control, we have an organization pendence enjoyed by solo practition- scratched the surface in this area of ready and able to address the issues. ers. Grouping will also create employ- creating greater efficiencies and opera- Recognition of all these positives ment opportunities for new practition- tional improvements designed to ad- should put our “negatives” in perspec- ers and exit strategies for “older” ones dress lower fees and higher costs. This tive. We have the capability of im- who might eventually want to slow presents future opportunity for improv- proving any of them in the future. PM down or relocate and practice part-time ing quality and the bottom line—even in some other part of the country. with potential lower fee structures. Dr. Hultman is author of St. Anthony’s Reengi- Reason Ten: Even though we face In spite of all the challenges we neering the Medical Prac- the challenges of declining fees, in- face, we have much to be thankful tice (1995) and The Med- creased “red tape,” and higher costs, for.
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