FP Residencies offering Signing Bonuses, is it too good to be true?

[Boxer1]

I'm seeing more and more Family Practice Residency Programs offering signing bonuses, anywhere from $1,000 to $20,000, to people who match into their program. I'm wondering what forces are driving this trend, and whether a program that offers a signing bonus is putting up a red flag.

It seems that some programs that are in trouble are doing this, and I'm definitely not interested in this type of situation. What I am wondering is if there are programs out there that are solid, that have great learning opportunities and a good work environment, that are simply offering bonuses to recruit better candidates.

Any thoughts in this? Anyone have personal experience being offered a bonus from a program that was great, or one that was in trouble?

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[Boxer1]

Also, what are some of the programs that you have heard about or seen that are offering bonuses, and what is your opinion of the place? Include both ACGME and AOA programs.

 

[lateness]

I havent heard yet of any, but I am curious to know too.. I hope something can enlighten us.

 

[frogs]

Can you please share with us which programs are offering such bonuses? I'm sure it would be a great help to a lot of us and would save some of the scutwork searching for these programs.

I can help start the list:
I read that Janesville, WI offers a $10K bonus with matching

Thanks in advance!

 

[Boxer1]

Here are the programs that I've found so far, each of them have $10,000 bonuses. I haven't taken the time to see whether they are ACGME or AOA or dually accredited programs.

http://www.mercyfpres.com/salary.html
http://www.kcom.edu/academia/PostdocStudy/Illinois/IL_UofILcollofmed.htm
http://www.kcom.edu/academia/PostdocStudy/Illinois/IL_Springfield.htm

 

[tatabox80]

I have found that fp residencies in less desirable areas often offer sign on bonuses to get residents from us schools. My medical school is located in NE ohio and some of the local FP residency programs offer sign on bonuses from 5-7000. I have heard of some programs also offering housing to their residents.

 

[Boxer1]

I have found that fp residencies in less desirable areas often offer sign on bonuses to get residents from us schools. My medical school is located in NE ohio and some of the local FP residency programs offer sign on bonuses from 5-7000. I have heard of some programs also offering housing to their residents.

Can you comment on the quality of these programs in your area? Are they nice places to work and learn, just located in small towns or at no-name institutions?

 

[tatabox80]

Can you comment on the quality of these programs in your area? Are they nice places to work and learn, just located in small towns or at no-name institutions?

They are associated with reputable hospitals in the Akron/Canton area. There is also one in the area that is unopposed and gives ample opportunities for rural care if you are interested. No one really wants to live in akron or canton, they are kind of boring towns. Especially since cleveland is within an hour drive from all of these towns.

 

[Boxer1]

BUMP

Any more input on the quality of programs offering signing bonuses?

 

[PennChick]

I am not sure of the program's quality but there is a program in Evansville Indiana called Deaconess that offers a $19,000 (no - that's NOT a typo!) signing bonus. I know that the program hasn't done great in the match over the last few years but don't know if that is the result of the program or the city or the fact that there's a second program in a pretty small town or what? Seems to be OK from looking at their website. I have a friend looking at that program, and I am fairly certain that their in-house call is light. Otherwise I don't know much about the program.

 

[Boxer1]

Thanks for the posts so far everybody. Any more programs to add to the list of sites that offer signing bonuses? Would this be a subject better discussed after ROL's are turned in?

 

[Boxer1]

I've been looking at programs recently, and there seems to be a vast spectrum of benefits available. Most programs offer roughly $40K/year with health/life insurance and 2-3 weeks of vacation. It would be great to compile a list of programs that offer EXCEPTIONAL benefits, and any comments on the quailty of said programs. Because FM is a buyers market these days, there are great programs out there that just aren't filling, and some seem willing to offer incentives to attract the applicants they want.

For those 4th years who just completed the interview trail, please list the programs that you have seen that offer incentives like housing allowances, moving allowances, offering to pay for malpractice insurance if you moonlight in other institutions, and signing bonuses. Please include your impression of the programs as well.

 

[Boxer1]

bump

 

[eilros]

It would be great to compile a list of programs that offer EXCEPTIONAL benefits, and any comments on the quailty of said programs.

Here are a few that I found. I'll update this list as I find more:

http://www.mercyfpres.com/salary.html

http://uuhsc.utah.edu/dfpm/residency/applicants/

http://www.rcrhfpr.org/benefits.asp

http://www.barbhosp.com/getpage.php?name=familypractice&sub=Physicians

 

[roo]

From an evidence-based perspective the only things that will retain a GP to a rural area is (1) grew up in a rural area, and/or (2) exposure to rural practice during training.

The difficulty is that the percentage of rural-born citizens doesn't match the citizens in a medical school graduating class. Moreover, most medical schools are located in urban centers with tertiary care specialist centers, and rural exposure can be mimimal. The net result is for a specialty where a lot of physicians are needed, like family practice, there is giant shortfalls in available physicians to be recruited after the training period is over.

A paltry $10-20K for a residency signing bonus is money well spent, since it is a time when the physician needs money to live and service debts, so gets a foot in the door. Then it gives an opportunity to give exposure to 3 years of the rural practice. From the evidence available, this makes fiscal sense.

When I was on residency tour, one of the residencies was in a well-to-do semi-urban/rural area, and the townspeople had collected their own signing bonus for residents (?around 8-10K) since they knew that was their best opportunity to bring in family doctors to keep their stocks high, if some stayed after residency.

There are many reasons for a signing bonus, from the one above, to the more obvious ones of filling a residency with good candidates to fill out the call schedule and cover services, but that won't be a malpractice liability.

 

[Boxer1]

Thanks for the good posts, keep them coming.

 

[Boxer1]

Okay, now that the AOA match is over, does anyone want to comment on AOA FP programs with exceptionally good benefits?

 

[Boxer1]

Now that all the matches are over, does anyone have more information about bonuses offered by their programs?

 

[labruy69]

Washington Hospital offers "free housing". The houses are next to the hospital, you don't pay rent, but they factor in around $8000/yr and this is added to your total income when taxes are being calculated. It works out to be similar costs with other FP residencies in PA, but you don't have to worry about paying for utilities, DSL, you don't have to cut your grass, shovel snow, fix things if they break. Plus the program is awesome! The residents are great, very smart, good reputation in the area. Eventhough it's a community type hospital, you get to see alot and do alot.
Wilson Hospital in Binghampton, NY offers sign on bonuses if they really want you. My friend was offered 10K this year.
If I'm remembering correctly, St. Joe's in Reading offers 5K and Robert Packer in Sayre, PA offers 5K as well.

 

[8744]

LSU Shreveport, I am told, offers a $12,000 signing bonus. Shreveport is a nice town and the program is pretty solid.

I agree that the money can not possibly be an incentive to get people to go into FP but it can influence where they go.

 

[eilros]

Washington Hospital offers "free housing". The houses are next to the hospital, you don't pay rent, but they factor in around $8000/yr and this is added to your total income when taxes are being calculated. It works out to be similar costs with other FP residencies in PA, but you don't have to worry about paying for utilities, DSL, you don't have to cut your grass, shovel snow, fix things if they break. Plus the program is awesome! The residents are great, very smart, good reputation in the area. Eventhough it's a community type hospital, you get to see alot and do alot.

Wow!! That's a nice perk. The houses look pretty nice too.

http://www.twhresidency.org/public/index.cfm?WebPageID=39&CategoryID=8&TheMenuItem=8

 

[Boxer1]

Awesome Posts, Thanks!