The Mayo Clinic is cutting physician salaries by 10%.

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One can only hope this crisis and the fallout will continue to expose not only the overcompensation of most hospital administration, but the utter idiocy and redundancy of many of their positions in general.
 
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metallica81788 said:
One can only hope this crisis and the fallout will continue to expose not only the overcompensation of most hospital administration, but the utter idiocy and redundancy of many of their positions in general.
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Agree.

I also hope it exposes how broken our economy is in general
 
Mayo clinic only gets the headlines because it's the Mayo clinic. Let's not kid ourselves, we have all had the same thing said to us by the bean counters in our respective institutions.

Salary cuts , hiring freeze , slashed travel expenses.....etc

Millions of dollars of projected loses should this thing drag on for too long.

And nothing will change. It'll be a repeat of 2008 with steroids.
 
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Nonprofits try to spend and break even and use accounting tricks sometimes. So much money flowing in to this place.
www.modernhealthcare.com

Mayo Clinic eclipses $1 billion of operating income in 2019

The not-for-profit health system reported net operating income of $1.06 billion on revenue of $13.82 billion, up 72% from $617 million in net operating income on $12.6 billion of revenue in 2018.
www.modernhealthcare.com www.modernhealthcare.com
 
10% isn't bad at all, considering.

Our (very large) private practice group went ahead and proactively said we're all going to be making 80% of what we made in 2019 through all of December 2019. At the end of the year we'll see where we are, and we could get a little money back if we've done ok. We were all perfectly happy with this arrangement.

Fortunately, we were able to get $$ from the government, even though we're not Ruth's Chris.
 
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One problem is the nature of revenue cycle in US healthcare. There are several steps that have to happen in order for you to be reimbursed for clinical services.

1. Do the service
2. Capture the charge
3. Submit the charge to your billing team
4. Charges are "scrubbed" appropriately
5. Charges are submitted to payors
6. Delays, denials can lead to more lag time and need to submit additional clinical documentation
7. You get paid for #1

The whole process can take between 3-7 weeks. Therefore, the cash you have on hand now is based on work that you performed 1 to 1.5 months prior; it is a lagging indicator. Many practices were probably doing fine 1.5 months ago so their cash in hand is probably decent. However, in the coming weeks they will see a precipitous decline.

There is also a problem on the recovery end of the COVID pandemic. Assuming the work comes back in and you are extremely busy catching up, you will be "cash poor" for several weeks before you get paid for the clinical services you render. This leads to the impression that one is working very hard but getting paid nothing.
 
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Gfunk6 said:
One problem is the nature of revenue cycle in US healthcare. There are several steps that have to happen in order for you to be reimbursed for clinical services.

1. Do the service
2. Capture the charge
3. Submit the charge to your billing team
4. Charges are "scrubbed" appropriately
5. Charges are submitted to payors
6. Delays, denials can lead to more lag time and need to submit additional clinical documentation
7. You get paid for #1

The whole process can take between 3-7 weeks. Therefore, the cash you have on hand now is based on work that you performed 1 to 1.5 months prior; it is a lagging indicator. Many practices were probably doing fine 1.5 months ago so their cash in hand is probably decent. However, in the coming weeks they will see a precipitous decline.

There is also a problem on the recovery end of the COVID pandemic. Assuming the work comes back in and you are extremely busy catching up, you will be "cash poor" for several weeks before you get paid for the clinical services you render. This leads to the impression that one is working very hard but getting paid nothing.
Click to expand...

Yes.

As it relates to this, that attestation you have to sign for your CMS money is supposed to be signed within 30 days. Our revenue this 30 days is likely on par with what we normally are at...but very likely in next 90 days will be down.
 
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One of my urology buddies called me in complete TEARS because he hasn’t taken a Gleason 10 prostate out in weeks. Guy was besides himself
 
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metallica81788 said:
One can only hope this crisis and the fallout will continue to expose not only the overcompensation of most hospital administration, but the utter idiocy and redundancy of many of their positions in general.
Click to expand...

Ya that’s definitely not happening. If anything they will be praised for guiding the hospitals through the disaster and will be given a raise. Don’t forget the adulation for healthcare workers is hot air. We could be given an individual tax break but no real interest in that, just hey thanks for what you do if you get covid we’ll send them thoughts and prayers.
 
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medgator said:
Not every hospital admin sucks

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Fake news! I’m kidding, that’s good to hear! Hopefully, this will the beginning of a new chapter regarding the value of the physicians.
 
I know of one hospital in Texas that gave everyone small bonuses for their "hard work during this difficult time". The story even made it to press, lots of pats on the back on social media. Two days later, they announced that they were going to start cut hours by 20-25% for at least 5 weeks. LOL. Some admins are not bad, but some can be outright manipulative.
 
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They are a destination hospital and no one is traveling. Maybe they will axe the carbon ion unit in Jacksonville.
 
Stanford to cut salaries by 20% for 10 weeks:

www.paloaltoonline.com

Stanford Health Care to cut workers' wages by 20%

Employees of Stanford Health Care, including doctors and nurses who are caring for COVID-19 patients, will have their pay reduced by up to 20% starting Monday, April 27, for 10 weeks, the organization told workers on April 21.
www.paloaltoonline.com www.paloaltoonline.com

Knowing the Banner system, it’s a marketing play and adjustments will be made overtime as contracts get renewed (hope I’m just being pessimistic). They have had some good investments and adequate cash on hand for now.
 
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For those who are on 1 to 5 year contracts with a defined base salary, would anyone consider declaring the employer to be in breach after being threatened with a pay cut? A potential benefit is getting out of non-compete clause.
 
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seper said:
For those who are on 1 to 5 year contracts with a defined base salary, would anyone consider declaring the employer to be in breach after being threatened with a pay cut? A potential benefit is getting out of non-compete clause.
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Only after you have another job in hand. My wife is planning this with her current employer.
 
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Stanford cutting pay across the board for everyone by 20% for the next 10 weeks.

www.paloaltoonline.com

Stanford Health Care to cut workers' wages by 20%

Employees of Stanford Health Care, including doctors and nurses who are caring for COVID-19 patients, will have their pay reduced by up to 20% starting Monday, April 27, for 10 weeks, the organization told workers on April 21.
www.paloaltoonline.com www.paloaltoonline.com
 
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Ha
Gfunk6 said:
Stanford cutting pay across the board for everyone by 20% for the next 10 weeks.

www.paloaltoonline.com

Stanford Health Care to cut workers' wages by 20%

Employees of Stanford Health Care, including doctors and nurses who are caring for COVID-19 patients, will have their pay reduced by up to 20% starting Monday, April 27, for 10 weeks, the organization told workers on April 21.
www.paloaltoonline.com www.paloaltoonline.com
Click to expand...

Ha! I just posted that link above.
 
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Gfunk6 said:
Stanford cutting pay across the board for everyone by 20% for the next 10 weeks.

www.paloaltoonline.com

Stanford Health Care to cut workers' wages by 20%

Employees of Stanford Health Care, including doctors and nurses who are caring for COVID-19 patients, will have their pay reduced by up to 20% starting Monday, April 27, for 10 weeks, the organization told workers on April 21.
www.paloaltoonline.com www.paloaltoonline.com
Click to expand...

including doctors
 
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Pandemics have happened. And will happen again.
In the between-pandemic periods, places like Stanford and Mayo put beautiful fountains and sculptures everywhere (you'd almost think Stanford had presaged corona!), $10000+ paintings in the hallways, an iPad and 65" OLED in every "special" patients' rooms, etc.
One way that the Mayos/Stanfords etc. could really signal they know what's up, medically-speaking, is to reduce expenditures in the between-pandemic periods... frugality to achieve savings for the inevitable rainy days. Then, healthcare workers wouldn't have to be penalized for admins' lack of foresight--and (seeming) lack of knowledge re: medicine, public health, economics, etc.
Just a thought!
 
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Are they going to compensate physicians for the pay cut when this is over?
 
Lamount said:
Are they going to compensate physicians for the pay cut when this is over?
Click to expand...

Of course, the administration will return their bonuses for all the physicians generating the revenue, and the insurance companies making profits off their recurring payment model will give back all the excess premiums relative to expenditures they received as well.
 
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Looks like 10% pay cut here, 20% for "highest earners", 25% for C-level types.

I'm just as busy as ever. The cancer center barely slowed down through this, and I didn't slow down at all. I'm owed a bonus about 20% of my base salary that I'm afraid they're going to keep as well. Sigh.
 
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Neuronix said:
Looks like 10% pay cut here, 20% for "highest earners", 25% for C-level types.

I'm just as busy as ever. The cancer center barely slowed down through this, and I didn't slow down at all. I'm owed a bonus about 20% of my base salary that I'm afraid they're going to keep as well. Sigh.
Click to expand...

I’m surprised they haven’t broken the news to you earlier.

You’re screwed either way it sounds. Why not just slow down? Even if you generate the same pre COVID revenue it’ll probably be taken to pay for other messes elsewhere in the system.
 
RadsWFA1900 said:
I’m surprised they haven’t broken the news to you earlier.

You’re screwed either way it sounds. Why not just slow down? Even if you generate the same pre COVID revenue it’ll probably be taken to pay for other messes elsewhere in the system.
Click to expand...

Because he has patients that need his care? Slowing down doesn’t even enter the picture for a lot of us.
 
Neuronix said:
Looks like 10% pay cut here, 20% for "highest earners", 25% for C-level types.

I'm just as busy as ever. The cancer center barely slowed down through this, and I didn't slow down at all. I'm owed a bonus about 20% of my base salary that I'm afraid they're going to keep as well. Sigh.
Click to expand...

I have a colleague i a similar situation though employed, private practice.

His hospital is cutting pay 20% but "promising" he'll get that money over the next year or two when things pick back up on their balance sheet. I'd hope they would at least do that for you.
 
RadsWFA1900 said:
I’m surprised they haven’t broken the news to you earlier.

You’re screwed either way it sounds. Why not just slow down? Even if you generate the same pre COVID revenue it’ll probably be taken to pay for other messes elsewhere in the system.
Click to expand...

if he “slows down”, admins will track his declining RVUs and cut his pay more. Rad oncs are easy to replace. Many people would line up to take a job these days.
 
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thecarbonionangle said:
if he “slows down”, admins will track his declining RVUs and cut his pay more. Rad oncs are easy to replace. Many people would line up to take a job these days.
Click to expand...

Again, if volumes collapse enough he will be on the Choping go block. Probably better directing efforts elsewhere.
 
RadsWFA1900 said:
Again, if volumes collapse enough he will be on the Choping go block. Probably better directing efforts elsewhere.
Click to expand...

Perhaps. Speaking generally. Don’t know anybodys personal situation. What i do know is admins, and they don’t let a good crisis go to waste. Admins are doing lots of thinking at the moment. More socializing of losses and privatization of gains
 
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All I know is that literally a trillion dollars was given out and I haven’t seen any of it.
 
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RadOncDoc21 said:
All I know is that literally a trillion dollars was given out and I haven’t seen any of it.
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"Let me tell you something. There’s no nobility in poverty. I’ve been a rich man and I’ve been a poor man. And I choose rich every f**king time."
– Jordan Belfort
 
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thecarbonionangle said:
"Let me tell you something. There’s no nobility in poverty. I’ve been a rich man and I’ve been a poor man. And I choose rich every f**king time."
– Jordan Belfort
Click to expand...

He was a crook but at the same time I can’t say I don’t think like him...every now and then.
 
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RadsWFA1900 said:
He was a crook but at the same time I can’t say I don’t think like him...every now and then.
Click to expand...


back in the early IMRT days, rad oncs were like in act 2 of wolf of wall street, including the qualuudes and prostitutes. scarb remembers
 
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radoncgrad2019 said:
back in the early IMRT days, rad oncs were like in act 2 of wolf of wall street, including the qualuudes and prostitutes. scarb remembers
Click to expand...
I once saw a rad onc land his chopper in a field outside the center so he could do a single OTV
thecarbonionangle said:
"Let me tell you something. There’s no nobility in poverty. I’ve been a rich man and I’ve been a poor man. And I choose rich every f**king time."
– Jordan Belfort
Click to expand...
Jordy's a real mensch. Actually a great guy. He was going to be a dentist, applied and got in and everything, but on the first day of dental school the dean said "The golden age of dentistry is over; pick another profession!" What's a warning future rad oncs are never gonna get for $2000, Alex.
 
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scarbrtj said:
Pandemics have happened. And will happen again.
In the between-pandemic periods, places like Stanford and Mayo put beautiful fountains and sculptures everywhere (you'd almost think Stanford had presaged corona!), $10000+ paintings in the hallways, an iPad and 65" OLED in every "special" patients' rooms, etc.
One way that the Mayos/Stanfords etc. could really signal they know what's up, medically-speaking, is to reduce expenditures in the between-pandemic periods... frugality to achieve savings for the inevitable rainy days. Then, healthcare workers wouldn't have to be penalized for admins' lack of foresight--and (seeming) lack of knowledge re: medicine, public health, economics, etc.
Just a thought!
Click to expand...
Denver Health Executives Get Bonuses 1 Week After Workers Asked To Take Cuts
 
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