Salary
Average Salary: $225,000
Expected Lifetime Earnings: $9,393,300
For a top-notch, experienced concierge doctor with an MD from a highly respected, Ivy League med school, who has put in their dues networking and growing a prestigious client list over time, the rewards are high. From retainer fees that typically can run $2,000-$4,000 or more a year (higher for celebrity clients), house calls with a $200 minimum and $600 routine physical check-ups, not to mention travel and out-of-pocket expenses, there is a lot of money to be made with this job.
However, there's also a lot of money to lay out. Some doctors, despite doing house calls, also have an office and expenses to go along with it.
Then there's insurance and malpractice costs, which are exorbitant, considering the level of clientele.
Also, med school isn't cheap and if you're just starting out, chances are you're going to have some hefty student loans to pay off while you do your medical residency for a whopping $40,000 or so a year.
Being self-employed means investing your money wisely, socking away a good portion of your paycheck into an IRA and a fully divested portfolio to retire on when you get tired of the frantic pace and want to enjoy the fruits of your labors.
When you're first starting out, after your internship, you're going to have to pay your dues and that might entail working with a more experienced concierge doctor on salary until you learn the ropes or develop your own client list. An average starting salary for medical interns is only around $40,000—peanuts compared to the student loans you'll have to pay off.
Plus, working as an independent contractor means you'll have to manage your own personal health care costs.