Jarrod Shapiro, DPM
Practice Perfect Editor
Assistant Professor,
Dept. of Podiatric Medicine,
Surgery & Biomechanics
College of Podiatric Medicine
Western University of
Health Sciences,
St, Pomona, CA

Podiatric Physician Salaries

This week, the US Senate passed an agreement to extend the payroll tax holiday. As part of the larger deal, they also agreed to push back an approximately 27% Medicare tax cut. This is good news for any physician who sees Medicare patients – almost all of us.

Of course, this is only temporary – we’ve pushed the problem down the road a little, again. But within this discussion is the issue about physician salaries.

All of us are rightfully concerned about the effect federal changes will have on our incomes. Some have argued that physicians already make too much money, and we should shoulder the burden of the cuts. Whether that occurs or not, clearly something has to change. With all this change in the atmosphere, I wonder: what do podiatric physicians make on average? Are we in the low range of earners? If so, should we be in that position? Let’s consider...

What’s Our Salary?

According to the US Bureau of Labor Statistics(BLS) May 2010 estimates, podiatrists on average make $133,410 annually. Interestingly, the top 5 paying states for podiatrists are Michigan ($177,720), Colorado (175,540), Arkansas (174,500), New Hampshire ($168,000), and Nevada ($166,000). Just for comparison, the BLS estimates the yearly average for internal medicine physicians at a mean of $180,480 and surgeons at $225,390. For a little more perspective, consider that police officers make a mean estimated $55,620 for the dangerous and important job they do. Now, clearly there’s variability in these numbers (various sources will quote different ranges), and any mathematically oriented person will correctly argue that this is the mean, which has its limits. However, with that said, it is still clear that podiatric physicians are among the higher salary earners in the United States (if you remove Wall Street brokers, etc.). How high? Let’s find out.

Tonight's Premier Lecture is
Classification of
Lower Extremity Wounds
by Lawrence Lavery, DPM,MPH

What Percent Are You?

According to the online Wall Street Journal calculator, you would have to earn a yearly $160,000 to be in the top 10% of earners in the United States. Want to be one of the 1%? You’ll have to make $507,000 per year. If we use the above calculations, the average podiatric physician is in the top 86% of American earners. Granted, not the top 1%, but much better than most.

Podiatrists are in the top 86% of American earners

I bring this up mostly for perspective (though it is a fun exercise – for us at least). First, it’s good to know we are in a reasonably stable and monetarily comfortable position. Second, and perhaps more importantly from a recruiting standpoint, podiatric medicine remains a viable profession. The fact that we have a hard time recruiting stronger candidates to the profession argues for our need to improve the profession’s image. An exciting, interesting job with variety, strong human interaction, responsibility, and job security – it’s a wonder they’re not banging down the doors to enter the profession.

Now, I don’t want to paint too rosy a picture. The cost to be a physician today is only increasing. Whether it’s the cost to run a practice, the various memberships, state licensure, hospital panels, malpractice insurance, or any of a number of other expenses(not least of which is the payback of our student loans, we pay quite a lot of money to be podiatric physicians. Add in the typically long hours many of us work (I’m far beyond the 40 hour work week), and the hourly income declines precipitously. Even so, I’d rather be doing this than almost anything else.

Should Physicians Make More?

During the many Medicare debates over the last decade or so, we’ve repeatedly heard about the "doc fix." As most of us know, this is the government’s attempt to prevent a large reduction in the Medicare reimbursement to physicians. Each year, it gets moved back, and each year the proposed cut gets larger. Within this issue is the view by some that physicians already make too much money and should carry the burden of these cuts. Make the cuts, they argue, and let the doctors with deep pockets cover the loss. Obviously, I disagree with this view, but embedded within this argument is the belief that physicians shouldn’t make as much as they do.

We are dealing with the health of humanit

My answer to this is simple: these people must be nuts. Besides the fact that physicians spend so many years of our lives in training, accrue a huge amount of financial aid debt, must spend a significant amount of extra time and money for continuing education, and deal with very high risks – besides all this is the fact that we are dealing with the health of humanity. If this doesn’t deserve a higher pay than most people, then what does? Yes, physicians should make more because we deal with one of the most important aspects of human life. I don’t know about you, but I don’t want my doctor to make minimum wage. I want her to be very well paid, so she can focus on my health rather than paying the next mortgage bill. I may be biased, but doctors should make more than most people.

By the way, I would make the same argument for public school teachers. Education, in my eyes, is just below health in importance. Just imagine what public school would look like if school teachers made six figures. Of course, some prefer the status quo where guys who can throw a ball into a hoop make millions of dollars. Do we really want that? I vote for the doctors.