Happydoc57
New Member
- Joined
- Jun 3, 2018
- Messages
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Hello Guys,
I am new to this forum, and have already learned so much just from browsing and researching here. I know this is going to be an excellent resource for me! You guys all seem so incredibly helpful and knowledgeable on the subject of compensation, and I was hoping that perhaps you could help me as well.
I am a Family Practice physician in the Northeast of the US (suburban neighborhood), and have been practicing now for 6 years post residency. I am currently leaving my group practice, where I was a partner and doing very well financially (many reasons for leaving, which I won't get into, but definitely the best thing to do).
In any event, I am currently considering an offer as an employed physician for an outpatient setting, "hospital owned" office. They have been analyzing all of my data from my prior year at my previous office, and finally shot me a compensation offer. I would very much appreciate any help/feedback - as I am meeting with the administration first thing Monday morning, and would like to negotiate anything which may be lacking - as well as ask any appropriate questions.
This is based on the wRVU system - which was completely foreign to me until I began to look into this just recently (this forum included, but of course I looked at the usual sites such as MGMA, etc). In our region, there really aren't many places that use RVU's yet - so this is largely new to us. I also felt like I "mastered" the value based system that primary care has been moving to - so this will be a complete shift for me.
In any event, their offer is $300K base salary with a wRvu of 5,850; annual wRvu >5,850 paid at $28. They put a target of 8,550 because that's what I produced last year (which would get me an extra $75,600). They also put a Value based measures metric TBD up to $75,000 (which I am going to discuss with them Monday). This gives an estimated compensation of $450,600 if I produce similar to last year.
I am completely clueless on how to interpret this. I realize for a fam med doc, Im extremely productive (I work very hard and smart). I anticipate being able to consistently earn $600K at my current group practice - so this would be a pay cut for me (base $212K, the rest profit sharing). Its not worth it to me to stay at my current group just for the money, but what do you guys think about the above offer? Is there any room for negotiating, or is this a pretty decent offer already?
Compared to my previous office, they kept the target RVU well within what I can produce traditionally. I was hoping for a better wRVU above base incentive, but perhaps the higher base offsets this? At my previous office, achieving this target wRVU of 8550ish - my fee for service for the year was approx. $700K, and capitated payments for the year were approx. $250K - for a total of $950K I generated (not counting quality measures, etc - which is a whole separate discussion). Assuming similar production, $450K compensation on $950K rolling in would be about a 53% overhead - does this seem high?
Id love some feedback from you guys, as the wRVU system is very new to me and there aren't many colleagues in the area utilizing this. I was hoping to be in the $600K range with this production - but maybe that not possible. BTW - I have a 4300 patient panel and am looking to grow (the great majority are following me to my new office).
Thanks in advance guys! Im meeting with them Monday, so Id love to go in feeling like I have the right knowledge to do what's best. I love the higher base salary of this offer - but I wish the total compensation was higher as well. I appreciate any advice you can offer!
I am new to this forum, and have already learned so much just from browsing and researching here. I know this is going to be an excellent resource for me! You guys all seem so incredibly helpful and knowledgeable on the subject of compensation, and I was hoping that perhaps you could help me as well.
I am a Family Practice physician in the Northeast of the US (suburban neighborhood), and have been practicing now for 6 years post residency. I am currently leaving my group practice, where I was a partner and doing very well financially (many reasons for leaving, which I won't get into, but definitely the best thing to do).
In any event, I am currently considering an offer as an employed physician for an outpatient setting, "hospital owned" office. They have been analyzing all of my data from my prior year at my previous office, and finally shot me a compensation offer. I would very much appreciate any help/feedback - as I am meeting with the administration first thing Monday morning, and would like to negotiate anything which may be lacking - as well as ask any appropriate questions.
This is based on the wRVU system - which was completely foreign to me until I began to look into this just recently (this forum included, but of course I looked at the usual sites such as MGMA, etc). In our region, there really aren't many places that use RVU's yet - so this is largely new to us. I also felt like I "mastered" the value based system that primary care has been moving to - so this will be a complete shift for me.
In any event, their offer is $300K base salary with a wRvu of 5,850; annual wRvu >5,850 paid at $28. They put a target of 8,550 because that's what I produced last year (which would get me an extra $75,600). They also put a Value based measures metric TBD up to $75,000 (which I am going to discuss with them Monday). This gives an estimated compensation of $450,600 if I produce similar to last year.
I am completely clueless on how to interpret this. I realize for a fam med doc, Im extremely productive (I work very hard and smart). I anticipate being able to consistently earn $600K at my current group practice - so this would be a pay cut for me (base $212K, the rest profit sharing). Its not worth it to me to stay at my current group just for the money, but what do you guys think about the above offer? Is there any room for negotiating, or is this a pretty decent offer already?
Compared to my previous office, they kept the target RVU well within what I can produce traditionally. I was hoping for a better wRVU above base incentive, but perhaps the higher base offsets this? At my previous office, achieving this target wRVU of 8550ish - my fee for service for the year was approx. $700K, and capitated payments for the year were approx. $250K - for a total of $950K I generated (not counting quality measures, etc - which is a whole separate discussion). Assuming similar production, $450K compensation on $950K rolling in would be about a 53% overhead - does this seem high?
Id love some feedback from you guys, as the wRVU system is very new to me and there aren't many colleagues in the area utilizing this. I was hoping to be in the $600K range with this production - but maybe that not possible. BTW - I have a 4300 patient panel and am looking to grow (the great majority are following me to my new office).
Thanks in advance guys! Im meeting with them Monday, so Id love to go in feeling like I have the right knowledge to do what's best. I love the higher base salary of this offer - but I wish the total compensation was higher as well. I appreciate any advice you can offer!
