Comparing Compensation - Benefits, Regional Trends?

[vengaaqui]

Hi all. Looking for some updated compensation info, particularly for the NE. Anyone know going hourly rates?

Also, any suggestions for comparing offers for independent contractor positions versus employee positions in private community groups? Particularly in regions to trying to place a value on malpractice being covered, health insurance, disability insurance, etc.

Thanks!

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[gman33]

For the IC vs. W2 position comparison.
Benefits - you need to get the costs of each item and adjust paying for these with after-tax dollars.
Also don't forget that you will need to pay all of the taxes yourself.
In a W2 paid position, the employer pays a portion of your taxes.

The actually numbers will come out different in every position you are offered.

I have a friend who is a compensation analyst, not in healthcare.
A rule of thumb he suggested is that an IC position with no benefits should pay about 25-30% more than the same position W2 with benefits
Again, this rule will not work out acrosss the board, but gives you a starting point.

One big area where this can vary is in the retirement benefits.
Some places might be putting up to $50k a year in retirement plans.
Other places might have a terrible 401k where they are only matching 1.5 - 3% of your base salary.
That is a huge difference, especially when you look at your cost of saving the same amount with after-tax dollars.

 

[doctorFred]

NY metro area starting salaries 120-160k/h.

 

[namethatsmell]

NY metro area starting salaries 120-160k/h.

Normally I wouldn't consider moving to NYC...but for this kind of cash I'd move there in a heartbeat.

 

[fahimaz7]

Normally I wouldn't consider moving to NYC...but for this kind of cash I'd move there in a heartbeat.

You could rent a 1 bedroom with a private bath at that rate!

 

[EctopicFetus]

With regard to comparing w2 and IC. That25-30% is true for most but in EM and most docs you will pay off your social security quickly. As such the % of your income that is subject to both sides of SS is 1/3 or so.

 

[doctorFred]

Normally I wouldn't consider moving to NYC...but for this kind of cash I'd move there in a heartbeat.

really? i believe that's below average to average, at best. and keep in mind, your cost of living is essentially the highest in the country.

 

[Apollyon]

NY metro area starting salaries 120-160k/h.

Normally I wouldn't consider moving to NYC...but for this kind of cash I'd move there in a heartbeat.

really? i believe that's below average to average, at best. and keep in mind, your cost of living is essentially the highest in the country.

You entered "120-160 thousand dollars per hour - 120-160k/h" - "120-160k/h". I believe that that is to what that person referred.

I don't know - maybe he wore his white coat to his financial advisor's office?

 

[namethatsmell]

You entered "120-160 thousand dollars per hour - 120-160k/h" - "120-160k/h". I believe that that is to what that person referred.

I don't know - maybe he wore his white coat to his financial advisor's office?

Heh, I don't know if that's a zing against me or not but I wore my white coat to a little league game the other day and it got me front row seats. No big deal.

 

[iish]

Normally I wouldn't consider moving to NYC...but for this kind of cash I'd move there in a heartbeat.

Are you serious? This is below market rate for the US and puts you squarely in the lower middle class in most areas of NYC.

 

[deleted547339]

Are you serious? This is below market rate for the US and puts you squarely in the lower middle class in most areas of NYC.

It was a joke. There was a type saying $120,000-160,000/hr.

 

[HunterGatherer]

Heh, I don't know if that's a zing against me or not but I wore my white coat to a little league game the other day and it got me front row seats. No big deal.

It was a funny remark in reference to this thread:
http://forums.studentdoctor.net/threads/wear-your-white-coat-to-traffic-court.1099154/

 

[namethatsmell]

It was a funny remark in reference to this thread:
http://forums.studentdoctor.net/threads/wear-your-white-coat-to-traffic-court.1099154/

Yeah wasn't certain but I suspected that (and didn't want to seem to pile it too high on OP)

 

[The White Coat Investor]

While every contract is different (and it depends on your deductions and benefits provided), I'd think about 10% more for an IC compared to an employee position is about equivalent for an EP.

 

[doctorFred]

i'm wearing nothing but my white coat right now.

 

[Apollyon]

i'm wearing nothing but my white coat right now.

Are you trying to sound skeezy? 'Cause that is exactly what I'm getting.

 

[Birdstrike]

Are you trying to sound skeezy? 'Cause that is exactly what I'm getting.

Skeezy? That was a direct "come hither."

 

[DocEspana]

Skeezy? That was a direct "come hither."

Its giving me pleasant flashbacks to that one movie with Jennifer Aniston in just a white cost.

 

[Birdstrike]

Its giving me pleasant flashbacks to that one movie with Jennifer Aniston in just a white cost.

I didn't know Apollyon resembled Jennifer Aniston wearing only a white coat, but hey....who am I to judge?

 

[DocEspana]

I didn't know Apollyon resembled Jennifer Aniston wearing only a white coat, but hey....who am I to judge?

If you squint just right....