My thoughts:
Assuming this is not a troll post, as I have a somewhat hard time believing a 46 year old 15 years into practice could have written this as some of it sounds like it could be coming from a first year resident. however:
- I am assuming you are in a somewhat desirable area (not rural Iowa) and are talking about former compensation in the 700-1M range probably with plentiful days off now cut to about 400k with 4 weeks of PTO.
- This exact scenario happened where I trained. Academic system bought up most of the private practices in town. Existing MDs were brought on as "faculty" at their previous compensation, which was upper 6 figures, some very high producers probably over 1M. Everyone happy for a while. Slowly the new satellite "faculty" are incorporated into the academic machine and have annoying academic tasks added to their plate, defending their work in chart rounds, etc. Main site faculty become jealous due to compensation. There is a change in leadership. Within a couple of years, new leadership presents 25% take it or leave it pay cut and a contract that says your pay can change at any time. Many leave. Many new grads hired. Continue the slow grind of redistributing and smoothing out the outlying high incomes with the goal of everyone having the same contract. Negotiation is simply not possible. If you want to work there, you take what they choose to give you, end of story. Supply and demand makes this possible.
- You can pretty much forget about the idea of flying out to some rural area, working for your previous compensation then flying back home on the weekends. Problems with this:
- Rural hospitals do not want doctors that are trying to do this. They want someone to relocate to their community and work 5 days a week. They will hire locums over people trying to fly in and fly out. There are lots of locums and they WILL staff without you.
- They will not pay you what you were making in PP. You will probably be offered mid 500s and should be able to negotiate it up to mid 600s. Beyond this they are going to whine about Stark law/fair market value and just keep going with locums instead.
- These places are many hours drive from a decent size airport, some many hours drive from any airport, often with only 1 or 2 flights a day that can be very expensive to fly out of. Unless you have a private plane (at which point the cost of commuting would erode whatever extra you are making), the idea of taking a late Sunday flight then flying back after work on Friday is logistically not going to happen. You would have to fly out Saturday, then fly back on Sunday, spending most of your time travelling, all for one Saturday evening a week with your family.
- Your only realistic option if you don't want to move your family but want to make more money is finding a rural hospital within 4-5 hours driving distance of where you live now, convincing them to pay you 700k and give you a 4 day work week. IF you can do this, then the idea of commuting out could possibly work. Good luck.
- Is your standard of living really so high and your savings so low such that you cannot survive on 400k/year or whatever you are being offered? Surely your family is worth more than trying to make sure you are in the top 1% of earners that top 2%? You used the word "desperate." At least you got to experience 15 years of the good life in PP. 400k employment with zero leverage is all many coming out of the pipeline now will ever know.
- Why would any quality med student choose this field when there are a dozen other specialties where you can reliably make over 500k and not have to move your family to rural Iowa if your job sucks? If the academics continue to build a system where income and lifestyle is eroded away, they will end up having the bottom of the class staffing their satellites and creating endless headaches for them.
- Taking a 50% income hit to take a job that ends up having even worse working conditions sucks. I have been there. Look on the bright side, though. You aren't having to move and leave your formerly not-so-terrible life behind to do it and live in conditions comparable to what you had in college like I did. Unless you have huge debt obligations on your mansion, vacation homes, and exotic cars, you can probably stay right were you are and continue to make ends meet. If you do have those things, it's going to be hard to garner sympathy from your new boss about your "desperate" situation.