Hi everyone!
Iām currently a PGY-1 in pediatrics, and Iāve been trying to learn more about the different career paths available after residency, particularly private practice.
I know discussions about physician income can sometimes be frustrating, and I understand that medicine isnāt solely about money. I hope this doesnāt come across the wrong way, but I genuinely want to understand the financial realities of different career paths so I can make informed decisions about my future.
For those of you working in private practice pediatrics, Iād really appreciate it if you could share some insight into:
⢠Income: What is your approximate annual take-home or pre-tax income?
⢠Practice structure: Do you own your practice, work as an employed physician, or work in a physician-owned group?
⢠Location: What region or state do you practice in?
⢠Work-life balance: What do your typical hours and patient volumes look like?
⢠Overhead and expenses: For practice owners, how much of your revenue goes toward overhead, staffing, rent, insurance, etc.?
⢠Career progression: How does income change as you become more established, particularly if you eventually become a practice owner?
⢠Would you choose private practice again? Are you happy with your decision, or would you consider a different career path?
Iām also curious about how private practice compares financially with hospital-employed pediatrics and other options available to pediatricians.
Iām not expecting anyone to share exact numbers if theyāre uncomfortable doing so. Even approximate ranges and general experiences would be incredibly helpful.
Iām at the beginning of my training, and Iām trying to figure out what kind of career would allow me to enjoy practicing medicine while also achieving financial stability and having a comfortable life outside of work.
Thank you to everyone willing to share their experiences!