Hi everyone, I wanted your opinion on a contract offer I received this month. Its from a group backed by OneOncology in the Northeast, 425k base with a 100k signing bonus, $35 per wRVU above 5760 for 4 days a week with plan for an advancement position with a 75k base raise after year 2 and consideration for partnership after year 4. The contract lists 1:4 call and states that the term length is for 3 years initial term and then auto-renews for one year terms. From what I can tell, the practice is in a desirable area however the providers (physicians and APPs) work hard and typically exceed their base RVU statistics. I spoke to one partner who states that he works very hard but brings home over 1 mil. She said that she made roughly 700k at the 3 year mark after accounting for bonuses and was able to get APP support about 2 years in
Hey. This offer has some mediocre aspects and some red flag aspects.
1) Mediocre: Your base is 425 K for 5760 RVUs, which equals $74 per RVU ($425000/5760). That's overall low for oncology, but if you're in private practice, it might be a bit more justifiable if the partnership equity makes it up longer term. The signing bonus is very good.
2) Red Flag: The $35/RVU above 5760 is highway robbery. The harder you work, the less you will make.
3) Mediocre: 4 year partnership is long. Whether it's worth it depends on their track record of making new hires partners. If they fire you at the end of year 3, that's a lot of sweat equity you've lost. Has anyone failed to make partner?
4) Mediocre: 1:4 call is pretty bad, at least for me. How busy will you be on weekends? How many hospitals to cover?
It sounds like partnership equity is quite valuable from what you say, so I think you have to decide how unhappy you'd be being paid $35/RVU above your base for 4 years and how much you trust that partnership will materialize.
Just to provide some context, my PP offer in upper Midwest is:
- 400K for 4400 RVU base
- $90/RVU above base
- 1:10 call
- partnership at end of 5 years (no buy in, all sweat equity) - this is a very long partnership, but since I'm being paid fairly for my RVUs, I'm ok with it
You're in the Northeast, so not surprising the offer is less generous.