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- Sep 8, 2002
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So in the market to join a private practice group. Most groups I've interviewed with have either been 1 person, or 2-6 people groups.
I've had the following salary/structure presented:
1) Base salary supported by hospital in exchange for working at hospital for x number of years. If you leave early, you pay hospital back. The private groups generally like this to decrease the risk to them.
2) Fixed salary provided by group for first 1-2 years, then "eat what you kill"
2A) True partnership: There is a buy-in or sometimes free buyin where you'll get certain benefits of practice. At one group, once you made partner, you'll get certain percentages of group in relation to how much you contribute. In exchange, you'll get a "facilities" fee every month generated by the group's equipment/staff/etc.
2B) Pseudo partnership: After your 1 year of salary, you "eat what you kill", with an asterisk in the sense that the "owner" of group doesn't sell out portion of his company to his "partners". Instead, he charges his partners a facilities fee. i.e. At one place, the owner cardiologist takes 45% of all your earnings while you take 55% of the earnings. Two groups have presented this to me as a partnership, but it isn't what I consider partnership in traditional means.
What has been your experience with the main guy taking a cut for overhead? What is reasonable percent?
Also, how much would you value group providing disability, pension, health insurance? i.e. What is difference in salary between one group that provides the above benefits and one group that doesn't that would would still motivate you to sign with the higher paying group w/o benefits? i.e. are these "benefits" worth 10k/year, 20k/year, etc?
I've had the following salary/structure presented:
1) Base salary supported by hospital in exchange for working at hospital for x number of years. If you leave early, you pay hospital back. The private groups generally like this to decrease the risk to them.
2) Fixed salary provided by group for first 1-2 years, then "eat what you kill"
2A) True partnership: There is a buy-in or sometimes free buyin where you'll get certain benefits of practice. At one group, once you made partner, you'll get certain percentages of group in relation to how much you contribute. In exchange, you'll get a "facilities" fee every month generated by the group's equipment/staff/etc.
2B) Pseudo partnership: After your 1 year of salary, you "eat what you kill", with an asterisk in the sense that the "owner" of group doesn't sell out portion of his company to his "partners". Instead, he charges his partners a facilities fee. i.e. At one place, the owner cardiologist takes 45% of all your earnings while you take 55% of the earnings. Two groups have presented this to me as a partnership, but it isn't what I consider partnership in traditional means.
What has been your experience with the main guy taking a cut for overhead? What is reasonable percent?
Also, how much would you value group providing disability, pension, health insurance? i.e. What is difference in salary between one group that provides the above benefits and one group that doesn't that would would still motivate you to sign with the higher paying group w/o benefits? i.e. are these "benefits" worth 10k/year, 20k/year, etc?