Signing Bonus or Loan Repayment

[moranwoods]

I'll be an MS1 in about 60 days, and I'm a non-trad (30 y/o). When I'm done w/ school my debt could reach $220K easily as I have to pay non-resident tuition. Since I'll be in my late 30's when I begin practicing, I'm looking to get my loans paid off ASAP.

My question to you all out there is simple: Do signing bonuses or loan repayment offers exist for anesthesiologists?

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[Hockeyguy]

I'll be an MS1 in about 60 days, and I'm a non-trad (30 y/o). When I'm done w/ school my debt could reach $220K easily as I have to pay non-resident tuition. Since I'll be in my late 30's when I begin practicing, I'm looking to get my loans paid off ASAP.

My question to you all out there is simple: Do signing bonuses or loan repayment offers exist for anesthesiologists?

Good luck at CU woods. I just graduated from there and am about to start anesthesiolgy training (after intern year). That being said after working with a ton of Anesthesiologist all along the front range I can tell you that the answer is NO. Fort Collins to the Springs is a fairly tight market. You can get a good job - a lot of graduating residents and fellows I worked with did. But none of the large groups that seem to dominate the market here in Denver are going to give you those types of perks. Maybe some of the attendings can correct me. Plus 220K is conservative for CU man. My tution doubled over four years - I stayed for the "cheap"" tution. By the time I left we were getting pretty pricey. Krugman tries raise tution as much as possible every year. He starts super high like proposing a 50% hike and the when it comes down to like 12% we are all like geez we really dodged a bullet. When in reality he got exactly what he wanted. Sort of like buying a used car. Seriously though you'll have a good time and get a pretty good education but you wil pay for it. IM if you have any specific CU questions maybe I can answer.

Mario

 

[militarymd]

I'll be an MS1 in about 60 days, and I'm a non-trad (30 y/o). When I'm done w/ school my debt could reach $220K easily as I have to pay non-resident tuition. Since I'll be in my late 30's when I begin practicing, I'm looking to get my loans paid off ASAP.

My question to you all out there is simple: Do signing bonuses or loan repayment offers exist for anesthesiologists?

Private practice groups won't give you money to sign.....most of them will want money from you to pay for the opportunity to sign with them...the so called "buy in".

You may be able to swing a sign on bonus with a rural hospital in the middle of no where,but don't count on doing it anywhere where there are shopping malls and movie theaters within an hour's drive.

Especially now with a whole new group of medical students interested in anesthesiology...there will be a relative surplus of anesthesiologists....soooo...unless you walk above water....expect a salary with 1 year to partnership...nothing else.

If you really need money for loan repayment, you can look at the military.

 

[Laryngospasm]

I'll be an MS1 in about 60 days, and I'm a non-trad (30 y/o). When I'm done w/ school my debt could reach $220K easily as I have to pay non-resident tuition. Since I'll be in my late 30's when I begin practicing, I'm looking to get my loans paid off ASAP.

My question to you all out there is simple: Do signing bonuses or loan repayment offers exist for anesthesiologists?

Yes they do exist, usually in areas that are not so desireable/rural. There are rare exceptions, but they are few and far between with the amount usually being small ,10-20K$ for example. I am signing with a group in a medium sized city -250-500K people who gives a decent sized sign on bonus, it is a referral only type of job. And yes there are movie theaters and stop lights there Also of note for those who will be looking for jobs soon is that the immediate partership seems to be dissapearing, and now you are actually lucky to get one year to partnership. But keep in mind that answering your question at this time is impossible when you are talking about the roller coaster that is anesthesiology. Things will likely change more than once before you get to that point, and your mind about specialty choice will likely change as well.

 

[jetproppilot]

You may be able to swing a sign on bonus with a rural hospital in the middle of no where,but don't count on doing it anywhere where there are shopping malls and movie theaters within an hour's drive.

Select the right group with the right reimbursement in line (read: high percentage of insurance patients, low medicare/medicaid ratio) and you don't need the group to pay your loans off.

You can do it yourself.

 

[militarymd]

Select the right group with the right reimbursement in line (read: high percentage of insurance patients, low medicare/medicaid ratio) and you don't need the group to pay your loans off.

You can do it yourself.

Jet,

That is correct...assuming the group pays you what you bill...and not a set (artificially low) salary.

 

[Multifidus]

with a whole new group of medical students interested in anesthesiology...there will be a relative surplus of anesthesiologists...

Is there really going to be a surplus of anesthesiologists? I was under the impression that the number of residency spots hadn't increased that much and there will continue to be a strong need for anesthesiologists.

 

[militarymd]

Is there really going to be a surplus of anesthesiologists? I was under the impression that the number of residency spots hadn't increased that much and there will continue to be a strong need for anesthesiologists.

I planning my staffing needs and financial future based on a surplus that is going to take place in the next 5 years.

 

[Noyac]

Everything you have read so far from these posters is true. With that being said however, you can still negotiate some sort of sign on bonus from time to time. For Instance, my first gig was recruiting both MD's and crna's. Crna's make more money for the group so that is what they really wanted. Therefore, they offered a sign on bonus for the crna's. With all the new sites that they picked up, they also needed MD's. So I said, if you offer a signing bonus to the crna's, why not the MD's? They were put on the defensive and I negotiated a bonus that the other 2 MD's that signed the same time as me did not get. Call it unfair but you get what you ask for. Just remember, it never hurts to ask. By the way, I also got a sign on bonus in addition to a moving bonus with my next gig. And I am in a highly sought after location.

 

[militarymd]

The bottom line that I think everyone should be asking is...."where is the money coming from?"

Your "salary" comes from payments from:
1) insurance companies (blue cross, kaiser, medicare/medicaid, etc)
2) individual payers own pockets
3) hospital's treasure chest

Depending on what type of practice you wind up in....your ability to negotiate for a bonus will vary.

I'm in a situtation where 100% of my revenue comes from billing insurance compaines and patients......ZERO chance we will be offering bonuses to new grads....UNLESS you have some special ability (like x-ray vision) that we really want.

 

[jetproppilot]

.....ZERO chance we will be offering bonuses to new grads....UNLESS you have some special ability (like X-RAY VISION) that we really want.

Uhhh, Mil,

I'm usually the first in the cockpit to spot the runway while still ten miles out, at night, being vectored by ATC on a clandestine visual approach to a 3500 foot runway in Hobokoe, Kansas.

i've figured out a little trick to spot these little runways but thats for another conversation....right now I'm tryin' to get some JACK outta Mil....

Does that count?

 

[militarymd]

Uhhh, Mil,

I'm usually the first in the cockpit to spot the runway while still ten miles out, at night, being vectored by ATC on a clandestine visual approach to a 3500 foot runway in Hobokoe, Kansas.

i've figured out a little trick to spot these little runways but thats for another conversation....right now I'm tryin' to get some JACK outta Mil....

Does that count?

close enough

 

[Trisomy13]

...UNLESS you have some special ability (like x-ray vision) that we really want.

if i have x-ray vision will you hire me without me finishing residency? i'm like a self-contained ultrasound guided central line superhero. damn.

 

[militarymd]

if i have x-ray vision will you hire me without me finishing residency? i'm like a self-contained ultrasound guided central line superhero. damn.

If you have x-ray vision, you can do MUCHbetter than working for me in Alabama.

 

[Trisomy13]

If you have x-ray vision, you can do MUCHbetter than working for me in Alabama.

who am i kidding, i'd sit in Times Square and use my vision to view the different underwear the world has to offer.

 

[jetproppilot]

who am i kidding, i'd sit in Times Square and use my vision to view the different underwear the world has to offer.

save me a seat.

 

[Monty Python]

I'll be an MS1 in about 60 days ..... Do signing bonuses or loan repayment offers exist for anesthesiologists?

First, best of luck starting school.

Next: disclaimer: I am NOT a tax expert nor a CPA, so you might wish to follow-up this post with someone who is. And the laws might have changed since my situation, below.

I joined the military reserves in the early 1990s when they were really short of folks with my particular credentials. I got BOTH a bonus, and they paid off all my student loans.

The bonus was taxable and was included on my W-2. The student loan payoff wasn't.

One more option to request: assistance with relocation and/or interview expenses. I've heard that might fly beneath the IRS radar.

 

[badgas]

First, best of luck starting school.

Next: disclaimer: I am NOT a tax expert nor a CPA, so you might wish to follow-up this post with someone who is. And the laws might have changed since my situation, below.

I joined the military reserves in the early 1990s when they were really short of folks with my particular credentials. I got BOTH a bonus, and they paid off all my student loans.

The bonus was taxable and was included on my W-2. The student loan payoff wasn't.

One more option to request: assistance with relocation and/or interview expenses. I've heard that might fly beneath the IRS radar.

Careful with the military though. They nabbed a lot of my classmates with their too-good-to-be-true offer as MS1s. Now as MS4s they are realizing the offer WAS too good to be true.

 

[moranwoods]

'Precciate the thoughts, everyone.

 

[hermione]

Careful with the military though. They nabbed a lot of my classmates with their too-good-to-be-true offer as MS1s. Now as MS4s they are realizing the offer WAS too good to be true.

Can you expand on this?