Does anyone know what are some reasonable expectations for compensation packages for noninvasive jobs in areas around NY, DC, Seattle, LA, San Fran? Should one expect signing bonus, loan repayment, and relocation? Or is that stuff more in the realm of primary care and/or less desirable areas?
Compensation packages
- Thread starter MrTee
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I can't wait for the responses to this lol. No one is going to pay you extra cash, loan repayment, and relocation money to move to desirable areas in a field that is largely saturated in the markets you listed. Most people would do unspeakable things for any job in cardiology that paid a decent salary in those cities.
Haha, that's kind of what I thought as well, but I have a friend who got a bonus and relocation for a noninvasive job in one of those desirable areas, so it's not impossible. Just trying to see if others got those types of things and if it is reasonable to expect.
Agree....you're looking at a 220 to 250K starting and thats it. None of the rest will be included.
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Glad I am wrong. If the starting salaries are in the 300's thats awesome. Where I am its low to mid 200's.
That would make sense since the Bay Area is super expensive. Hopefully the low to mid 200s is for an academic position? Although I know that the pay at some of the more "prestigious" institutions is below that of hospitalists.
Nope that is private/hospital employed. Welcome to NYS (LI). Probably one of the WORST places to practice medicine. You pay >600K for a 2500 sq foot house with 20K in taxes plus a low salary.
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I can speak for NYC finishing up at a top tier interventional program in the city. If you can even find a job in the city 250K would be a good offer, with no signing bonus etc. Academic... forget it you'd have to be willing to accept 150K or less at a top tier institution.... as an interventional attending nonetheless. The scary part is there are lots of people willing to accept that! I'm shocked its possible to get 300K in the bay area. Maybe 45 min to an hour into the outskirts perhaps... Cardiology is super-saturated in big cities, with even seasoned mid-career folks having to kill themselves with clinic and outreach to generate any sort of reasonable cath volume. Is it possible to do well in work life quality as well as financially? Absolutely, but you'll have to move to a mid-sized or smaller city, outside the northeast and west coast.
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The numbers I quoted were interventional btw. In places like NYC, non-invasive is even worse, as there's people of questionable qualification (internists, etc) performing and reading non-invasive studies.
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you're wrong; for interventional in the Bay area (RBA, not outskirts) it's higher than 300K starting. NYC sounds like a poor environment (supersaturated). I would not generalize your NYC experience to other areas.
p diddy
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Bay Area seems like a great place for physicians. I can totally believe that ICs are getting 300K+ there. Hospital medicine offers in that area are like 230-250k for pretty cushy gigs... My buddy just got offered 250k-300k (also administration duties) by a large hospital staffing corporation over there.
That is awesome and leaves me with some hope. Being from NY, we get the royal shaft. I don't understand why anyone wants to live there. I am out and will never return.
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Can we discuss the various compensation models? i have interviewed at 2 places so far for jobs, and both had really different pay models. I really dont understand these models well. i am not sure how much other fellows who are just graduating know about these compensation models. its critical we understand these models and dont allow hospital administrators rip us off.
One of the models was:
"Collections minus the expense model"- Hospital employed position.
Collections or compensation: 300 K base + 25% of 450,000 (after one reaches 450K) + 65% of next 150 k (i.e upto 600 K) + 75% of next 200 K (i.e up to 800 K).
There is no overhead at all (the hospital system takes care of it).
There are expenses deducted if i do not make my compensation + benefits (~70-80k).[i did not understand this part well].
At the end of the year- Work will be judged by wRVUs (although i wont get paid by wRVUs). and the salary model would be adjusted every year to make sure that i am within 15 percentile for earning for the amount of wRVUs generated, as judged by MGMA survey.
i am going to be on the phone with the hospital to try to understand this better, but can anyone here, who is experienced, comment about the pros and cons of this model?
One of the models was:
"Collections minus the expense model"- Hospital employed position.
Collections or compensation: 300 K base + 25% of 450,000 (after one reaches 450K) + 65% of next 150 k (i.e upto 600 K) + 75% of next 200 K (i.e up to 800 K).
There is no overhead at all (the hospital system takes care of it).
There are expenses deducted if i do not make my compensation + benefits (~70-80k).[i did not understand this part well].
At the end of the year- Work will be judged by wRVUs (although i wont get paid by wRVUs). and the salary model would be adjusted every year to make sure that i am within 15 percentile for earning for the amount of wRVUs generated, as judged by MGMA survey.
i am going to be on the phone with the hospital to try to understand this better, but can anyone here, who is experienced, comment about the pros and cons of this model?
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If you're doing collections instead of billings then pay attention to the payer mix. You have no control over what gets collected, you can only control what you bill.
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Thats a good point TJ, they promised 85% collections for the billing for insured patients and 65% for uninsured patients.
It sounds like if you don't generate enough rvus to cover 370-380k, which is your total compensation for the year, then you have to pay your employer back the difference..is that right? It sounds suboptimal if that is the case.
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bump
I know this has been discussed somewhat in other threads but how is compensation like for part time jobs? How hard is it to find them? Especially if you are limited by location? Anyone have experience with the part time job market? Is it easier for general cardiology vs imaging vs other subspecialties?
I haven't seen any decent part time jobs posted...but I never really looked specifically for them either. The ones I did see were to cover weekends and holidays, or were locums...neither are really ideal if your goal is to spend time with your family. Also, not sure what they'd pay to work so few days. That is not to say that good part time gigs aren't out there, just be prepared to look longer and possibly work days that others don't want to.
Are any private practices modeled around a hospitalist model where they hire a few people to just round in the hospital and to do consults in the hospital? If that were the case, that may afford some flexibility? Also are there just imaging jobs where ones job is to read echos? If so, can one have the flexibility to read from home?
