Hospitals fronting residents $30-40K/yr in exchange for coming there after residency?

[tugbug]

I searched for this and didn't see it so I thought I'd ask.

I'm 3rd year and one of my classmates was extended an offer from his hometown hospital for $30K/yr during residency if he agreed to practice there afterwards and if he matched into a specialty they needed. They mentioned ortho, cardiology, urology, neurology and a few others.

Anyway, I've heard of plenty of loan payoff deals from communities if you agree to practice there for a while, but hadn't heard of this sort of thing... especially from hospitals and especially for something other than general practice.

So, two questions, is this common and how do I sign up? $80K sounds a whole lot better than $40...

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[IndyXRT]

I've heard this sort of thing hinted at, but have no concrete data on how the deal would work. I imagine that it would only be extended by hospitals in areas that have trouble attracting specialists. Like any similar deals (e.g. military or primary care scholarships), this would narrow your options after medical school. I'm sure there will be lots of fine print, and it is alwas a good idea to consult a lawyer to help you decipher it. It sounds like this person's hometown hospital sought them out (probably thought they might not mind moving back home). I doubt this sort of thing is usually initiated on the medical studnet/resident end.

 

[dawg44]

These kind of deals are all over the place. I would recommend holding out though. There is nothing like being in the final year of your residency with no strings attached. You are more likely to know your worth and if they want you bad enough they will match any offer you get. So in the end you may make alot more by holding out and not tying yourself down.

 

[tugbug]

I've heard this sort of thing hinted at, but have no concrete data on how the deal would work. I imagine that it would only be extended by hospitals in areas that have trouble attracting specialists. Like any similar deals (e.g. military or primary care scholarships), this would narrow your options after medical school. I'm sure there will be lots of fine print, and it is alwas a good idea to consult a lawyer to help you decipher it. It sounds like this person's hometown hospital sought them out (probably thought they might not mind moving back home). I doubt this sort of thing is usually initiated on the medical studnet/resident end.

I'm thinking he didn't initiate it. The offer was made during a one month family med rotation at that hospital (we have to do a month out in the state). And yea, since it was for specific specialties they projected a shortage in 5-10 yrs out and since its a smallish town I'm guessing they have trouble bringing in specialists and so are concerned about losing procedures to other towns. I shudder to think about giving any lawyers any money... but, you're probably right about needing to check the fine print.

 

[tugbug]

These kind of deals are all over the place. I would recommend holding out though. There is nothing like being in the final year of your residency with no strings attached. You are more likely to know your worth and if they want you bad enough they will match any offer you get. So in the end you may make alot more by holding out and not tying yourself down.

Yep. No strings sounds like the best policy, and I'd never considered any of the other "strings". But, I've got a wife and kid and supplemental loans that will go into repayment during that time... and an extra $40K would be a life changer in those 4-5 yrs of residency. Plus, I'm somewhat geographically limited due to wife's family here (and mine too). But, moonlighting could do the same thing I guess.

At the very least its something I'm going to try to check into. I have been leaning away from some of the 5 yr residencies strictly because of the length of time the family would have to be towing the "bankruptcy" line, and because most of the surgical specialties I've looked into make moonlighting during that time difficult... this could change my "math" a bit.

Thanks for the input guys/gals.

 

[thackl]

The family med doc's are being offered a deal like this and the commitment is 2yr post residency at $160k/yr with guaranteed light hours. It really looks like a good deal. Fellows are also being offered $150k/yr to stay for three yrs and the minimums are today's market value and is negotiable up based on market value when the fellowship is over.

 

[APACHE3]

You will be offered 40k a YEAR on top of your resident salary to stay with hospital??? Thats a pretty good signing bonus for IM of FM. I've heard of some places paying PGY-3's a $25K last year stipend to sign on to a particular job, but I've never heard of $40k a year +. ??? more details thanks...and what state are we talking about?

 

[THP]

How does the administration of their hometown hospital even know that individual is in medical school. I come from a very small town originally, and I can pretty much guarantee that other than my parents and a few people they have told, no one at the hospital even knows I exist. Much less how to get ahold of me.

 

[tugbug]

I wouldn't think the hospitals would be looking for a specific person per se. I'd guess they just float the offer to a category of residents.

Apache - the offer as I understood it was $30K on top of resident salary with no strings other than set up/join the practice that does procedures at their hospital for a time. This offer is in Kentucky.

 

[USCDiver]

Happens all the time. The hospital in my home town is offering a similar deal for IM, FM, Ortho and OB/Gyn. They keep track of everyone from the town that is pre-med, Medschool or residency.

Also one of my classmates from residency made a deal with his home town hospital while he was an MS-II. They paid for medical school, and set him up with a hefty stipend through medschool and residency in exchange for 4 years of service once he graduated. And he wanted to go back anyways.

 

[Wallachia]

interestingly, i had seen some recent news on stark laws affecting physician recruitment by hospitals, accordingly one should have an attorney review any type of aggreement