nose coverage as sign on bonus

[AndyDufrane]

hi all, so the hospital where I work as an independent contractor on small rehab unit is approaching me about full time hospital employment, but when I ask about if they provide nose coverage as I have close to 20K tail I would have to pay if I closed my own practice malpractice policy and about 9K to pay off an EMG machine, they state that they can structure it into a sign on bonus, which seems kind of weird, so essentially my sign on bonus would be going towards paying off the expenses from me closing my practice, which does seem off , I thought whenever you go from private practice to hospital employed, they provide nose coverage and other costs for closing your practice, am I mistaken?any input would be appreciated.

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[deleted480308]

hi all, so the hospital where I work as an independent contractor on small rehab unit is approaching me about full time hospital employment, but when I ask about if they provide nose coverage as I have close to 20K tail I would have to pay if I closed my own practice malpractice policy and about 9K to pay off an EMG machine, they state that they can structure it into a sign on bonus, which seems kind of weird, so essentially my sign on bonus would be going towards paying off the expenses from me closing my practice, which does seem off , I thought whenever you go from private practice to hospital employed, they provide nose coverage and other costs for closing your practice, am I mistaken?any input would be appreciated.

There is a ceiling to your value. Many places will let you get that value in various forms but there is still a limit.

Are you annoyed at having to write the “nose” check out of a signing bonus or because you want that money and then an additional bonus

 

[AndyDufrane]

thanks for the input, I guess I am just confused, I thought the nose coverage is usually a standard item taken care of when going from private practice to hospital employed, heck , I rented space once from a large multi-specialty group that if you joined as full time, they provided nose coverage.

 

[RangerBob]

Congratulations on the new job offer!

I don't know many people that have been in your shoes, but I haven't heard of nose coverage being standard. However, it's definitely something you can negotiate for. Every job offer is unique in it's own way, and ultimately you can only negotiate for what your employer is able/willing to give you. There were things I wish I could have gotten in my contract but my prospective employer was either unable or unwilling to give them. There were things they wanted from me that I was unable/unwilling to do. In the end that's what negotiation is all about, and if you don't feel you're getting a reasonable deal you can walk away. If the hospital wants you that bad they can offer you more, but you obviously have to be careful if you threaten to walk but don't actually mean to, as they may call your bluff.

Still, if I were in your shoes, I guess I'd be a bit upset too to not be getting a true bonus, since it sounds like it'd all be going to your costs of closing up shop. $29k does sound really nice to me, though I don't know what a typical bonus for an experienced attending is.

Unfortunately, there are very real costs with changing jobs. Usually the bigger costs are from having to sell your home (closing costs) and buy a new one, which is why most financial expects say not to buy a home right away (which I will say has been rather difficult--my wife and I would really like to "settle down" and have a place of our own!) This is one thing I am watching for, but I am hopeful the job I accepted will be the one I stay at permanently.

 

[Gauss]

thanks for the input, I guess I am just confused, I thought the nose coverage is usually a standard item taken care of when going from private practice to hospital employed.

You can try to negotiate that if you are selling them your practice. Nothing is ever “standard” and you may want to consider a lawyer to help with the details