NeuroParticipantStatus: PhysicianPosts: 56Joined: 01/08/2016
Hopefully there are some Mayo folks here.
1. How are the benefits esp in terms of defined benefit/ pension plan? How does it work? Are you vested as soon as you join? What about when one is planning to retire/ leave? How good is it?
2. How does the pay compare to other academic and private practices?
thanks in advance.September 20, 2018 at 2:04 pm MST #152166BlueCollarMDParticipantStatus: PhysicianPosts: 19Joined: 08/20/2018
Not with Mayo, but consider this:
Mayo model is based on recruiting the best docs, developing them and keeping them. Hard to believe, but this approach is totally alien to most large health care companies, where production, churn and burn, is the norm and administrators regard physicians as interchangeable units. So the benefits of this model require some deep thinking about your career development, teaching, research, involvement in institutional efforts to improve quality and value that go beyond just production.
The salary comparison will necessarily be rough, but to get an idea, look at MGMA median comp for hospital-owned practice in your specialty, benchmarked to median RVU. Your Mayo recruiters have these numbers and hopefully will provide them.
Part of the discussion should be to understand their expectations regarding this median RVU number. What are their expectations and how do they keep track of your performance?
Good luck and congratsSeptember 24, 2018 at 6:21 am MST #152943hospitalist mdParticipantStatus: PhysicianPosts: 85Joined: 10/31/2017
from my understanding so far, mayo pension plan is quiet competitive. I don’t claim to understand their formula completely but usually HR gives estimates on the pension based on yrs worked and your current salary and retirement age. . vested after 3 yrs of work . 403b match is only 2 % I think mostly because of their pension.
as for compensation, they are more competitive than most other academic practices. cant speak of private practice. it also depends on your field.September 24, 2018 at 10:21 am MST #153025q-schoolParticipantStatus: PhysicianPosts: 2592Joined: 05/07/2017
the people in our organization from mayo rave about the benefits. the ones i talk to often speak reverently about the expected workload and the freedom to pursue academic interests. they talked a lot and were encouraged to do so. their rvu expectations were very small relative to national averages. the downside was the chief seemed to be in charge, so if they didn’t like your area/worse opposed to chief’s ideas, you might be assigned a lot of other stuff; and hard to climb the mountain.
pay very good relative to cost of living and amount of work done. plus good pension.