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Waffling on 2 year vs 3 year contract?? EM 120 or 140 HR/Month Choice?

Home Practice Management Waffling on 2 year vs 3 year contract?? EM 120 or 140 HR/Month Choice?

  • Avatar hoosier 
    Participant
    Status: Resident
    Posts: 35
    Joined: 09/10/2017

    Have you had any W2 offers?

    As an IC, are you going to have to arrange your own health insurance, and do you get any practice paid PTO?  All those benefits in our group are worth very big bucks.

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    Unfortunately most of the jobs, and ALL of the level one hosptitals in my region are either Academic with very, very, very very low pay, or CMG owned.

    The W2 offers I’ve had are honestly 60-80k less income per year, in trade for health insurance.  Personally with a young family my priorities are getting out of debt and maxing retirement savings at this time in my life. The increased income more than makes up for the benefits of PTO at this time of my life.

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    In our group, the PTO, the health insurance, the CME/professional spending account, the practice paid HSA, the cash bonus, the profit sharing, the employer paid FICA, the long term disability policy, etc. are worth significantly more than the 60-80k difference in pay you mentioned for comparison with W2 job offers.  Did you run the actual numbers?

    We had a talented young doc in our group who was happy with her job but considering another position for the “higher pay” at a contracted group.  We sat down with her and calculated apples to apples to help her see how the numbers need to be compared on a spreadsheet and not simply on an hourly pay basis.  When she finished the actual apples to apples comparison, the job that sounded like higher pay was actually a pay cut.

    In our group, we also have the option of working through our PTO.  We can just get paid out for the extra hours if that is what we wish.  We have a  “time bank”.  Each doc can use their bank to build up extra vacation time or to get paid out in extra dollars.  The group is large enough in most specialties that there is flexibility to work a ton to earn the extra cash, or to take extra time off.  To each her own, as preferred.  It works very well for our physician satisfaction.

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    Your group sounds excellent 🙂 Unfortunately, the only democratic groups in this region of the country are not hiring, and almost everything else is CMG like I’ve mentioned.

    #237334 Reply
    Avatar Budgetmaestra 
    Participant
    Status: Attorney
    Posts: 37
    Joined: 04/30/2019

    I’d do the 3 year 120 hr one presuming you only payback the extra $15k if you leave after 2 years.

    #237340 Reply
    Avatar hoosier 
    Participant
    Status: Resident
    Posts: 35
    Joined: 09/10/2017

    The contract reads you pay back the sign-on bonus in full if you leave at any time during the contracted period.

    #237341 Reply
    Avatar snowcanyon 
    Participant
    Status: Physician
    Posts: 511
    Joined: 10/22/2018

    Sign on bonuses are just cheap handcuffs. Not worth it IMHO.

    Are you really in Indiana, Hoosier? I thought that was a great place to practice medicine.

    #237353 Reply
    Avatar Budgetmaestra 
    Participant
    Status: Attorney
    Posts: 37
    Joined: 04/30/2019

    Then a 2 year or even a one year sign on.

    #237726 Reply

Reply To: Waffling on 2 year vs 3 year contract?? EM 120 or 140 HR/Month Choice?

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