Dermatology Job Market

[bad_bunny]

Any input from recent residents or new hires on what the job market is currently like? Can you pretty much find a job in any state? How was COVID effected this situation?

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[Skindoc83]

I know of people who had offers rescinded and many colleagues in PE based practices who suddenly lost their salary and were switched to collections based. This is almost always a Breach of their contract, but they don’t have deep enough pockets to fight it. Folks I know at places like kaiser were forced to use their paid vacation days during the shut down/slow down and are now being required to see a higher caseload. Places like NYC and Florida are worse in these regards.

 

[carolp]

Job market is still good

 

[yungspleen]

Job market is still good

What typical starting offers were you seeing

 

[PatsyStone]

What typical starting offers were you seeing

This is difficult to answer. Location, payer mix, practice type, patient volumes, and reimbursement structure vary. Derm pays well, but some jobs pay better than others

 

[yungspleen]

This is difficult to answer. Location, payer mix, practice type, patient volumes, and reimbursement structure vary. Derm pays well, but some jobs pay better than others

I guess I should have asked what were the jobs on the upper end like, since I'll prob be single when I finish residency and not geographically restricted

 

[dermie1985]

I guess I should have asked what were the jobs on the upper end like, since I'll prob be single when I finish residency and not geographically restricted

For general medical dermatologists, I think the typical starting salary (guaranteed salary) in a major metro area is probably somewhere between 350-450k + benefits +/- production bonus. You can get higher (e.g. 500k+) if you go to a rural area or a very busy metro practice. For the latter, you will work very hard to make that much. Most private practices and/or multi specialty groups will guarantee salary for a period (anywhere from 6 months to 2 years) until you switch to a production-based model (or hybrid salary / production based model). Depending how long you plan to stay in the job, the latter (e.g. production-based model) will be the main determinate of your "long-term" earnings potential.

 

[yungspleen]

For general medical dermatologists, I think the typical starting salary (guaranteed salary) in a major metro area is probably somewhere between 350-450k + benefits +/- production bonus. You can get higher (e.g. 500k+) if you go to a rural area or a very busy metro practice. For the latter, you will work very hard to make that much. Most private practices and/or multi specialty groups will guarantee salary for a period (anywhere from 6 months to 2 years) until you switch to a production-based model (or hybrid salary / production based model). Depending how long you plan to stay in the job, the latter (e.g. production-based model) will be the main determinate of your "long-term" earnings potential.

Thank you for the reply, it's been hard to find that kind of info. Those starting salaries sound great, glad to see the job market still looks healthy.

 

[Cuongoff]

Yea, any tips on negotiating? I've only seen a few articles specific for derm but none are really detailed. Like should we be negotiating for a guaranteed salary + bonus after a certain threshold? Or salary vs tiered percentages (the higher of the two) or flat percentage? What's a good percentage? I've seen 40-60% on some sites but will you get a lot of pushback if you tried to push for higher %? Sorry if this is common knowledge and I just don't know things.

 

[sore eye asses]

Each of the components you mention are negotiable. Salary, malpractice, noncompete, bonuses, % collections. It’s a bit of a chess game, a good attorney can guide you and if there are sticking points that you or they cannot resolve then you move on. It’s one of the many costs of doing business. You’ll never ever see 60%. Even 50% is pushing it these days. If you want 60%, open your own shop and spend a few years in the red, gain efficiencies, and then 60% is probably achievable.
Most private equity will offer a competitive first year salary, a decent bonus and then % collections thereafter. Depending on location the range will likely be 40-50% (I personally would not sign anything for less than 40%). But the biggest question is percentage of what? You must see their payors, they should be open with you on that. If not, red flag and move on. Good luck, happy hunting.

 

[doctalaughs]

Also make sure you understand how much support you will have.

It’s MUCH easier to see 40 patients/day with 2 MAs, a scribe and 3 rooms than 30/day with 1 MA and 2 rooms