Originally Posted by footdocva
I've browsed these boards before but I've never posted, however as a PGY3 who has signed a contract with a hospital I can speak on my hiring process and what I've seen from friends/coresidents. First of all I signed with a hospital system, Its a multi-hospital regional health system which is very "podiatry friendly" with on staff podiatrists including one who treats a large amount of lower extremity trauma. I have been hired to provide that same level of care at second largest hospital in the system about 40 miles away. I'll be expected to treat all foot ankle pathology and help decrease the need for transfers from my hospital to the level 1 center. All that aside, this health system uses MGMA salay statistics for staffing of all physicians, podiatrists included. They were very upfront about how they compensate their doctors and how they motivate for quality and performance with their bonus structure. When I started the job search I looked at a few private practice groups, all with the same base salary range of around 130K-160K plus benefits, bonus, etc... with potential for partnership and increased pay. The hospital, based on MGMA numbers, is starting me at 250K plus bonus structure that would put me in the 300K range BEFORE performance bonus. Beyond the humble brag that I just wrote, I know how frustrating the job search can be and wondering if I was going to be compensated fairly for my training, but two of my coresidents were offered similar jobs with similar pay scales, one with a hospital system, one with an ortho group.....so my numbers are not anything completely out of the norm.
This all sounds great!
For me personally, my biggest problem with this is you will always be no more than an employee. Hospital goes belly up, you're out on the street. I've known MANY who have sold their practices to hospital groups and within 2-3 years are looking for ways to get out of the relationship. Not just in Podiatry either.
Also, as I've said in other posts, if the corporate structure of large Ortho groups allow for a DPM to have ownership in the practice, great. If not, see my statement above.
Talk to a good accountant and lawyer before making any of these decisions. I'm just a lowly Podiatrist trying to make my way.