Job search advice

[Sammich81]

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Hi guys. Graduating this year. Looking in the DC metro area, Richmond VA, and also northern Indiana near chicago. I'm sure there must be a sticky somewhere about this but I couldn't find it in the popular stickies spot.

What are, say, the top 10 things to evaluate about a practice? Things to ask, look for, etc?

Also, do you think it's better to live near family in a high cost of living area where you work harder to make the same amount, or live farther away, have an easier pace of life, and make more money?

 

[IlDestriero]

The smartest thing a new grad could do now would be to take the highest paying job he could find, pay off all of your loans/debt as fast as possible. Than save 50k for an emergency fund and another 100k or so for a house. Don't forget about saving for a tail. (malpractice tail coverage when you change jobs)
Once you are financially free of debt and set up for the future, go find your dream job. Whatever the situation is 5 years from now, and it probably won't be very different for us, you will be in the drivers seat.
Others will tell you debt is not bad right now with probable inflation, etc. That is true, but it makes some assumptions. Being debt free and financially secure now vs later is freeing on many levels. If the sky falls due to Obamacare, you'll still be financially free and able to roll with the punches vs sweating your wife's Rover payments and wondering if you will make partner and if there's any money left there at all.
Good luck, but you won't need it if you heed my advice.

 

[Sammich81]

That's what my husband and I are debating doing. He's graduating from urology so at least he'll still have a feasible career in 10 years. So go live somewhere slightly crappy and roll in the money while I still can huh.

 

[pgg]

Others will tell you debt is not bad right now with probable inflation, etc. That is true, but it makes some assumptions. Being debt free and financially secure now vs later is freeing on many levels. If the sky falls due to Obamacare, you'll still be financially free and able to roll with the punches vs sweating your wife's Rover payments and wondering if you will make partner and if there's any money left there at all.

I really believe bad inflation is coming - massive deficit spending can end no other way. But that could be in 5 years or 25 years. Wouldn't surprise me if they somehow keep the music going long after logic dictates otherwise.

I guess I'm not really in a great position to hand out advice, being a whole year out of residency and working a government job, but I'd
a) live someplace cheap where the pay is great
b) make minimum payments on low-interest or tax-advantaged debt (student or home loans)
c) and save/invest

I'm 1/2way to A - the Navy put me someplace reasonably cheap but I only get the great pay when I do weekend locums work. 🙂 B & C are within my grasp though.

I wouldn't pay off low-interest debt before amassing a large liquid reserve because at some point I might rather have $100K cash available than be 5 years ahead on a 30-year home loan.

 

[IlDestriero]

I really believe bad inflation is coming - massive deficit spending can end no other way. But that could be in 5 years or 25 years. Wouldn't surprise me if they somehow keep the music going long after logic dictates otherwise.

I guess I'm not really in a great position to hand out advice, being a whole year out of residency and working a government job, but I'd
a) live someplace cheap where the pay is great
b) make minimum payments on low-interest or tax-advantaged debt (student or home loans)
c) and save/invest

I'm 1/2way to A - the Navy put me someplace reasonably cheap but I only get the great pay when I do weekend locums work. 🙂 B & C are within my grasp though.

I wouldn't pay off low-interest debt before amassing a large liquid reserve because at some point I might rather have $100K cash available than be 5 years ahead on a 30-year home loan.

Can't argue with you with the order of save vs pay. I think inflation may be on the way as well. Either way bank the loot now and be free. If you think you can do better with safe investments, go for it. I'd rather be free of school debt. If your situation changes you can sell the fancy house, move, rent, etc. Your loans will still be there.

 

[BLADEMDA]

The smartest thing a new grad could do now would be to take the highest paying job he could find, pay off all of your loans/debt as fast as possible. Than save 50k for an emergency fund and another 100k or so for a house. Don't forget about saving for a tail. (malpractice tail coverage when you change jobs)
Once you are financially free of debt and set up for the future, go find your dream job. Whatever the situation is 5 years from now, and it probably won't be very different for us, you will be in the drivers seat.
Others will tell you debt is not bad right now with probable inflation, etc. That is true, but it makes some assumptions. Being debt free and financially secure now vs later is freeing on many levels. If the sky falls due to Obamacare, you'll still be financially free and able to roll with the punches vs sweating your wife's Rover payments and wondering if you will make partner and if there's any money left there at all.
Good luck, but you won't need it if you heed my advice.

Great Advice.👍

 

[Jay K]

What are, say, the top 10 things to evaluate about a practice? Things to ask, look for, etc?

1) Min income
2) Max potential income
3) Years to partnership
4) Buy-in cost
5) Number of partners left past 3 yrs and why
6) Practice model (how much % do your own work)
7) Amount of call, what type, divided equally?
8) How you are compensated for your work
9) Types of cases
10) Amount of vacation time (paid or not)
11) How you make partner
12) CRNA's?
13) Residency or crna students?
14) How the group or you can terminate your relationship
15) terms of non-compete
16) Exclusive contract?
17) Number of venues covered?
18) Leadership structure of group

Just off the top of my head. I echo most everything others said about job choice. Make your FU money while available, until you've a wad of cash to rely on, your future ain't reliable - that comfortable high-cost, low pay life can evaporate just like Kaiser Souze.

 

[ProRealDoc]

The smartest thing a new grad could do now would be to take the highest paying job he could find, pay off all of your loans/debt as fast as possible. Than save 50k for an emergency fund and another 100k or so for a house. Don't forget about saving for a tail. (malpractice tail coverage when you change jobs)
Once you are financially free of debt and set up for the future, go find your dream job. Whatever the situation is 5 years from now, and it probably won't be very different for us, you will be in the drivers seat.
Others will tell you debt is not bad right now with probable inflation, etc. That is true, but it makes some assumptions. Being debt free and financially secure now vs later is freeing on many levels. If the sky falls due to Obamacare, you'll still be financially free and able to roll with the punches vs sweating your wife's Rover payments and wondering if you will make partner and if there's any money left there at all.
Good luck, but you won't need it if you heed my advice.

This will be my biggest dilemma this year. Go to cowtown for the pot of gold (it is out there) or the big city for a partnership track and promises of riches two years from now.

 

[IlDestriero]

This will be my biggest dilemma this year. Go to cowtown for the pot of gold (it is out there) or the big city for a partnership track and promises of riches two years from now.

Go to the cow town, if you can stomach it, and make your loot. Your partnership track job will probably still be available, and easier to get with some real experience. A bird in the hand is worth 2 in the bush.
Honestly it depends on how much you owe. 100k? Probably easy to pay down and save at either place in a few years. >200k? I'd take the money job now, while it's available.
Just my 2 cents.
I'm actually considering giving up my lifestyle job for a cash cow job just to stockpile some more loot while I still can. When the music stops I'll still have a chair, but you can never have too much gold.

 

[cfdavid]

Go to the cow town, if you can stomach it, and make your loot. Your partnership track job will probably still be available, and easier to get with some real experience. A bird in the hand is worth 2 in the bush.
Honestly it depends on how much you owe. 100k? Probably easy to pay down and save at either place in a few years. >200k? I'd take the money job now, while it's available.
Just my 2 cents.
I'm actually considering giving up my lifestyle job for a cash cow job just to stockpile some more loot while I still can. When the music stops I'll still have a chair, but you can never have too much gold.

This is some seriously great advice. 👍

Also, there are worse problems for one to have.......

 

[amyl]

where do you find the cash cow jobs? recruiters? gaswork? i know if you have a locale in mind you just call there but if you are open to location in favor of the $... where do you find those jobs?

 

[IlDestriero]

where do you find the cash cow jobs? recruiters? gaswork? i know if you have a locale in mind you just call there but if you are open to location in favor of the $... where do you find those jobs?

Ask 10 people to look at a map of the US and name 3 cities they would never want to live in under any circumstances. Start there, cross out the names of any cities you've heard something good about or would consider living in yourself.

 

[Frank Rizzo]

1) Min income
2) Max potential income
3) Years to partnership
4) Buy-in cost
5) Number of partners left past 3 yrs and why
6) Practice model (how much % do your own work)
7) Amount of call, what type, divided equally?
8) How you are compensated for your work
9) Types of cases
10) Amount of vacation time (paid or not)
11) How you make partner
12) CRNA's?
13) Residency or crna students?
14) How the group or you can terminate your relationship
15) terms of non-compete
16) Exclusive contract?
17) Number of venues covered?
18) Leadership structure of group

Just off the top of my head. I echo most everything others said about job choice. Make your FU money while available, until you've a wad of cash to rely on, your future ain't reliable - that comfortable high-cost, low pay life can evaporate just like Kaiser Souze.

19) relationship with hospital administration?
20) how long has the group held the contract with the hospital?
21) is the group self-sufficient, or does the hospital contribute some sort of stipend?
22) groups relationship with surgeons?
23) if there was one thing the partners wish they could fix right now, what would it be?

 

[Sammich81]

Great advice guys, thanks! Clarification--what do you mean how are you compensated for your work? Do you mean fee for service vs a base pay? What's better?