Compensation comparison

[NYDOC112]

Hi everyone

I am having difficulty comparing these two jobs in the NY area

Job 1
W2 Employee
$150 per hour + benefits
Benefits:
Malpractice + Tail
Vision, Medical, Dental (will need to contribute ~$700/month to upgrade the plan)
Short and long term Disability
10% of monthly salary to a 401K paid by Company
$4000 yearly CME


Job 2
Independant Contractor
$230/hour
Malpractice+ Tail
$3,000 yearly CME


Hard to compare which is actually a better deal or if they are equivalent

Thanks!

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[namethatsmell]

Need more info on the jobs. Give us things like pph, midlevel situation, commute time, required amount of hours/mo, etc.

If both are really equal in the above regards, pick job 2 unless it’s massively expensive to get the level of health insurance you need as an IC. Especially since job 1 sounds like usacs.


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[NYDOC112]

Need more info on the jobs. Give us things like pph, midlevel situation, commute time, required amount of hours/mo, etc.

If both are really equal in the above regards, pick job 2 unless it’s massively expensive to get the level of health insurance you need as an IC. Especially since job 1 sounds like usacs.

Both are CMGs (not USACS, they are not in NY anymore)
Both have the exact same physician and PA hours coverage. Exact same driving distance (subway)
Both have the same hour requirements

Job one PPH 2.5, has most specialities in house

Job two PPH 1.8, most specialities require transfer down the block

 

[GeneralVeers]

Job 2. There is no reason to pick Job 1 as it is inferior in almost every way.

 

[namethatsmell]

Both are CMGs (not USACS, they are not in NY anymore)
Both have the exact same physician and PA hours coverage. Exact same driving distance (subway)
Both have the same hour requirements

Job one PPH 2.5, has most specialities in house

Job two PPH 1.8, most specialities require transfer down the block

This makes job 1 even worse. Unless you and your entire family are hemophiliacs then the health insurance benefit of job 1 is faaaaaaarrrr outweighed by the hourly rate and pph of job two.

 

[Alvarez13]

Move.

 

[miacomet]

OK, first, WHERE in NY are these jobs, and where are you living? $150 is crap even for within the city limits (I was just quoted $250 an hour for a job in the five boroughs, albeit a terrible job that I would never take). You can make $150/an hour doing telehealth/urgent care/any number of less stressful/more circadian-friendly jobs. There is very little point in working for $150 an hour in EM under any circumstance I can think of, even with unforgiving geography. Even if every single job in my defined geographic area paid $150, I would do something else. No vale la pena.

Job 2 might or might not be OK. I personally don't mind not getting benefits and find the packages often to be oversold, which is probably what is happening with the first job- we can lowball you because you of our amazing benefits package. Don't take the bait- no bennie package is worth that much.

Why were you considering the first job at all? Does it have some major attraction we are missing?

I am fairly familiar with the NYC market if you want to PM me/talk specifics.

 

[cyanide12345678]

I'm beginning to feel a lot better about my 260/hr IC job offer after reading this.

Job 2 for sure.

The benefits of being employed are around 15-20 dollars per hour on average. Job 1 seems like crap. If you have a spouse or significant other whose benefits you could go on, then your cost of benefits is even lower.

Also, as IC although you're paying more taxes in FICAA, you can have greater deductions that you can make.

 

[GonnaBeADoc2222]

W.T.F?!

Job 1 sounds like pure horse s***. Like, how do they even get people to work there. I'm guessing they are all non-ABEM/AOBEM certified, or else they are major suckers. And even if not ABEM/AOBEM, I know FM people working in the ED making 200+/hr within 1.5 hrs of NYC (for a CMG no less!)

Assuming 1440 hours / year:
-Their 401k gimmick adds $21,600 / yr, for a total of $237,600, and an "effective" hourly rate of $165 / hr (yeah, I know not exactly, cause the 401k money is pretax, but close enough).
-After subtracting $20 / hr (probably less if you max out a solo-401k...smarter people than me can comment) for being IC, it's still $210 / hr, or $302,400 / yr

So, they are paying you $64,800 dollars LESS to see 0.7 pph MORE.

This, my friend, is a JOKE.

I got paid $120 / hr as a resident to babysit an urgent care at night seeing MAYBE 1 pph and sleeping for half the shift.

Are you sure job 1 isn't USACS? Sure sounds like them.

Other comments:
1) Malpractice insurance is not a benefit. It is an industry standard. Do not let anyone try to tell you otherwise.
2) I don't even consider employer sponsored short/long term disability much of a benefit really either as it's not portable once you leave. You should have your own individual policy that you MAX out.
3) The health insurance "benefit" sounds pretty lame too. You mentioned having to shell out another 700/month.
4) NYC sucks. You should leave. Or, if you're really in love with it, live there and do locums. I know multiple people who do it.