Reduction in Salary

[MstaKing10]

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No one can predict the true #'s at this point in time, but what I can tell you is I've already seen loss of older docs in my community that have no intention of returning to clinical medicine. Your're saying that a loss of 1-2% of docs would apply evenly across the workforce and be in line with loss of general population, but I think it would disproportionally affect our old and gray haired work force. At the end of the day it isn't a matter of infection or death but psychology. Especially when realistically this could go on for 3 yrs before a vaccine is made (having a reliable vaccine in 1 yr is a pipe dream IMO).

I also think the average 65 year old ophthalmologist is sitting on larger piles of cash or liquefiable equity than the average 65 year old, and it would not be out of the question just to retire early. Hell I would.

Most older docs in my community are going strong. That older generation is one to work till they can’t work anymore. Early retirement is not in their vocabulary. Trying not to make a blanket statement but this applies to most older docs I know of

 

[sore eye asses]

To clarify, the partners, including me, took a 60% pay cut (I said “40% of normal [pay]” in my original post).

Our practice is very generous - when I became partner 5 years ago, the owners actually did pay me a larger bonus than was agreed to in the contract because I greatly outperformed their projections. We did the same thing with the associate/incoming partner one year after me, who also outperformed projections.

I completely agree that it is our associate’s legal/contractual right to take full salary, but I argue that in this particular worldwide, unforeseen, practice and life-altering pandemic, it is not the ethical route to take. Everyone is affected by this, so saying, “I know you and all our staff are taking a hit, but I want all my money because it’s my legal right” doesn’t fly with me.

This associate can take all his money for 90 days, but it’s hit-the-road-jack after that, and good luck finding another job in your hometown (the associate grew up and still has family in our practice location & there are no ophtho jobs available for a 250+ mile radius) in this current job and economic environment.

If we want to play the legal game and argument, the associate’s last day is 90 days from now. The legal/contract argument goes both ways. Not the way I want it to end, but if the associate is not willing to budge, it seems like that’s the way our partnership will vote.

Good discussion and more than I anticipated. Thanks to everyone for his/her thoughts.

Were you able to assess why the associate would not budge? Was it a matter of principal or does he/she have financial obligations that they will now be unable to meet? I’d try to get clarity on this point with the associate.

What does a 60% reduction in partner salary equate to when compared with the associate base salary? In my mind it would be a gesture of goodwill on behalf of the partners to make all MD pay equal during this time of unprecedented crisis. Saves a lot of heartache and the need to find a new MD when stuff normalizes.