Any hospitalist here making >500k/yr. Can you share how you are able to double the average salary (# of hours per wk, $/hr, RVU or incentive bonus, etc...).
Any hospitalist here making >500k/yr. Can you share how you are able to double the average salary (# of hours per wk, $/hr, RVU or incentive bonus, etc...).
I've seen people over bill a lot too, if they paid via productivity. Everything become sepsis, everything is critical care, tobacco cessation counseling every day, etc etc. It can get very shady, I'd avoid the temptation. Supposedly you can get audited by CMS.
There's a virtual cap to what you can make as a hospitalist. Even if you were the nighthawk in Billings, Montana, making $2K/shift, you'd have to work at least 250 shifts/year or 20 shifts per month to clear over $500K. I guess it can be done.
I will add to this. Back in the day as an intensivist (ICU + step down), I would make a ~$1500 base + RVU production. I did my own honest billing. I would make $2-3k a shift depending on number of admissions, acuity, and procedures. This was also in a desirable city on a coast.
Not sure about 500k but I definitely knew a hospitalist in the ~$400-450k who did it working ~20 shifts/month, mostly nights, 8-10 of which were in a "good" area and the remainder were a 6+ hour drive away in a rural hospital where they were the only person in house at night and responsible for all airways/lines/vents etc; not sure most IM people coming out of residency would either want or be comfortable with that kind of setup.
Yeah... a few people in my class are great with central and a-lines. These are the people who love to do procedure. Most of us would not be comfortable with that kind of setup. We also do not intubate, so rural hospital is a no-no for me.Not sure about 500k but I definitely knew a hospitalist in the ~$400-450k who did it working ~20 shifts/month, mostly nights, 8-10 of which were in a "good" area and the remainder were a 6+ hour drive away in a rural hospital where they were the only person in house at night and responsible for all airways/lines/vents etc; not sure most IM people coming out of residency would either want or be comfortable with that kind of setup.
Yeah... a few people in my class are great with central and a-lines. These are the people who love to do procedure. Most of us would not be comfortable with that kind of setup. We also do not intubate, so rural hospital is a no-no for me.
Don't forget he also supposedly makes 250% returns while day trading on margin. I don't necessarily believe everything I read on Reddit, but he's probably on the "take with an even larger grain of salt" part of the spectrum.cefpodoxime on Reddit.
Don't forget he also supposedly makes 250% returns while day trading on margin. I don't necessarily believe everything I read on Reddit, but he's probably on the "take with an even larger grain of salt" part of the spectrum.
Working yourself to death in pursuit of 500k is not what I would describe as baller, tbh.
Work smart, not hard.
What surprises you most about humanity?
“Man.
Because he sacrifices his health in order to make money.
Then he sacrifices money to recuperate his health.
And then he is so anxious about the future that he does not enjoy the present;
the result being that he does not live in the present or the future;
he lives as if he is never going to die, and then dies having never really lived.”
Dalai Lama
YOLO
This is the hard truth. It's sad that we are all running behind money. Everyday we see lowly paid pediatricians and palliative care specialist satisfied in their job (doesn't mean they don't desire more money) and then you see highly laid surgical specialists which such a short temper (makes you wonder how >500k salary doesn't mean happiness).
When we all die (which we do) we can't take our wealth with us and the only thing which matters in the last few minutes of our life is reflecting on our relationships and sweet memories.
...do they get laid that much more than the other specialties?
...do they get laid that much more than the other specialties?
Imagine putting *that* nursing order in.If they got laid q8hrs prn they'd probably be the nicest people in the hospital.
Imagine putting *that* nursing order in.
Don't forget he also supposedly makes 250% returns while day trading on margin. I don't necessarily believe everything I read on Reddit, but he's probably on the "take with an even larger grain of salt" part of the spectrum.
This is the hard truth. It's sad that we are all running behind money. Everyday we see lowly paid pediatricians and palliative care specialist satisfied in their job (doesn't mean they don't desire more money) and then you see highly laid surgical specialists which such a short temper (makes you wonder how >500k salary doesn't mean happiness).
When we all die (which we do) we can't take our wealth with us and the only thing which matters in the last few minutes of our life is reflecting on our relationships and sweet memories.
They could literally afford to! Sugar daddying is very mainstream in any city that has a big college....do they get laid that much more than the other specialties?
LOL I figured someone would mention Cefpodoxime. I too am up tremendously this year, > 200% YTD. But no way in hell I'm investing with margin. Truth is everyone and their mother is making a killing in the market this year with Fed injecting trillion after trillion into the market. 2021 and after that will be a brutal wake up call for every newbie trader/investor that thinks they've mastered the market in a matter of months. Long time trader friends of mine said same thing happened in 2008, tons of people thrived from the crash, but fast forward 1-2 years and many new traders blew out all of their accounts.
In regards to working as a hospitalist. I did > $500K in 2019, working just little over 300 shifts i think, tons of doubles and lots of evenings. I'm relatively fresh out of residency and wanted to see my limit, and that was about it. Slowed down tons this year, and quality of life definitely has improved. Won't plan on working that hard ever again.
oh, he’s definitely not completely reliable. But if you want to talk to someone who at least claims to make $600,000 on his w2 yearly, he’d be the one!
The bittersweet truth of being a hospitalist is that there is no secret sauce:
♪♫You want a hot body? You want a Bugatti?
You want a Maserati? You better work b**ch ♪♫
You can be the best hospitalist in the world- no one is gonna fly cross country to see you. You have no patients to leverage against the local hospital corp. Your billing is a pittance compared to ortho bros and CT surg. Hell, as I type this, Chrome's dictionary doesn't even recognize the word hospitalist as evidenced by the bright red squiggly line, underscoring both the word and my point. The attendant "anonymity" (pt's dont consider me their doctor, treat em and street em mentality, people don't ask follow up questions at social gatherings) is something I consider an advantage. UpToDate doesn't have an article on making money, so I will teach you how to make >500k with the hospitalist's 2nd best friend: the algorithm.
View attachment 313195
This is the way.
As a rule, it is easier to cut expenses than to generate profit (this sums up MBA school and explains shortstaffing). This leads to another algorithm:
View attachment 313197
Finally, the above post illustrates 1 final point: you will be asked to do uncompensated work. If you are a slurper like i aspire to be, this is the name of the game. Otherwise, I suggest you adapt a more F.Y.P.M approach. If neither slurper nor FYPM mean anything to you, you have remedial reading and watching to do before your next didactic.
edit: forgot to say, assuming infinite resources (that is, shifts and patients to be seen), you can titrate your workload to your desired salary. There is no free lunch in hospital medicine. Figure out how much you get paid per patient, then solve this formula: 500,000/$ =P, where is $ is dollars per encounter and P is how many encounters needed. that's how you make 500k. night stipends and such alter P.
I’m the same cefpodoxime guy. Why is it not believable?
You don’t understand margin trading.
margin doesn’t mean you HAVE to leverage up or take on more risk than your cash is worth.
margin accounts allow you infinite trades in a single trading day while cash accounts limits you to settlement (wait 2 business days per buy and sell).
margin accounts are a hugely beneficial trading tool that gives you flexibility
Sorry i should have been clearer. My trading account is a margin account. What i meant is that i don't leverage up to take more risk than what my account worth in cash like you said. I'm just saying I've experienced plenty of people blowing up accounts being way over leveraged using margin funds, especially those who do options trading. Margin "account" absolutely is a huge beneficial trading tool I agree.
Easy! Because it’s quite a few standard deviations from the mean, and that makes it inherently difficult to believe. Does that mean it’s not real? No. But I think some skepticism is healthy.
I concede, you are right to be skeptical. What I make as a hospitalist and from trading is indeed standards of deviation above the norm. I had replied to you earlier with pics of my paystubs proving the authenticity but deleted it since it becomes too easy to figure out where I work.
When I become truly financially independent or retire I will have no qualms returning to this very thread and posting it all to bare. Hopefully will achieve this in a few years.
250% return is not unfathomable especially if one has been trading AAPL, AMD, and TSLA options the past few years.
I have >200% returns in my tax deferred accounts. I only started active trade less than a year ago (see my roth ira for example
And how can I possibly trade with margin, let alone options in a 401k, HSA account? Can’t do it in my IRA either.
My gains were not accrued via options gambling.
Wow... Medicine will be a side gig for you.
Before COVID, probably two or three in our group made that kind of money.
Our nocturnist are 1 on, 2 off. One was 2 FTE.
One of our day docs used to be 1 FTE days, 0.5 nights, worked a SNF that was affiliated, director of said SNF. He has since dropped the 0.5 FTE nights as his wife is now a fellow and they have a couple young kids.
Another one of our day guys is the local pusher of pharma and works/travels/frequently while he is off and sets up lunches while on. His wife is a rep. . . So he has connections.
I could get pretty close to $400k if I worked at it (again before COVID). We will see how the next bit works out.
Literally anything. Inhalers. Diabetes medicine. Psych drugs. Etc.What kind of meds do IM docs push? Pain?
Can you tell us your secret?That is definitely the goal. Investment gains have exceeded my base+moonlighting income since I started active trading october last year.
That's kind of being a pimp for Big Pharma... I can't envision any physician doing that.Literally anything. Inhalers. Diabetes medicine. Psych drugs. Etc.
You could go around and give talks to other internists if you found a drug company to sponsor you to talk about your experiences with any given drug.
Can you tell us your secret?
Do you invest on high yield dividend stock?
No secret.
in these non-margin tax deferred accounts the real way to beat the market is stock picking. I also day traded leveraged ETFs like UPRO or TQQQ after I recognized the bottom was in late March, due to heavily oversold conditions but not something I would do in a “regular” market.
Before the crash in late Feb, I was successful with small-mid cap biotech stock picking and was beating bull market index returns handily ; having a MD background helped immensely. I remember picks like AUPH, KRTX, CVM, BTAI that were hugely profitable swing trades. I would never recommend holding these things “long term”. I could write a huge lengthy post on my experience with biotech.
Once the crash occurred, I shifted my thinking towards picking stocks that would benefit most from the pandemic. Things like SaaS, ecommerce, clorox stock, mask producing companies. They were excellent swing trades. As mentioned above, riding gains on TQQQ was very profitable on capturing the shift to tech sector.
However I believe the most important guiding principle that gave the guts to buy and trade at the bottom of the crash was understanding and recognizing macro/market factors. Having a MD degree was extremely helpful in predicting the fundamentals of the COVID virus too.
On my reddit account (Not same username as on sdn) you can look at my history and find the April 6 or so post I made detailing my thoughts analyzing historical market data and current events that would predict a swift V shape, bull market recovery and calling the bottom was late March accurately.
In any case, we are now way past the absolute lifetime of an opportunity in the markets. The big easy profits if you recognized the crash and bottom of 2020, is over. It was a time like 2009 that has now passed (not that i had any money as a broke college student back then anyway). I do believe money will be harder and take longer to make moving forward. I am now focused on stock picking hypergrowth companies (massive TAM, huge YoY revenue growth, great management teams) and trying to find attractive entry points on them.
Examples
LVGO was huge profit for me before the merger this week.
SE was great although i believe now overvalued on its runup to earnings this month
ETSY is continuing to prove to be a monster grower in its market space
You want to be a trend follower when there's a lot of people saying "this move makes NO SENSE" and a contrarian when people are saying "this makes so much sense". This is why a bull climbs a wall of worry & a bear falls down the stairs of hope. Trends are driven by (dis)beliefBeing so critical, I am often considered a contrarian. But I am very cautious about going against the herd; I am liable to be trampled on. Most of the time I am a trend follower, but all the time I am aware that I am a member of a herd and I am on the lookout for inflection points. I watch out for telltale signs that a trend may be exhausted. Then I disengage from the herd and look for a different investment thesis. Or, if I think the trend has been carried to excess, I may probe going against it. Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.
“This right here - if you followed this logic, you would have bought hard towards the bottom in 2009 and also during the last couple months in 2020. Think about all the majority users here only 60 some days ago heavily downvoting those saying we already hit bottom and that we were in a new bull market because they just could not believe or understand the trend of the market rising.You want to be a trend follower when there's a lot of people saying "this move makes NO SENSE" and a contrarian when people are saying "this makes so much sense". This is why a bull climbs a wall of worry & a bear falls down the stairs of hope. Trends are driven by (dis)belief