Physician Recruitment Process and Compensation Overview
Summary
- Two-year agreement that automatically renews for successive one-year terms unless either party provides notice
- Mutual out clause to leave without cause: 120-day notice
- Malpractice coverage provided by the employer (details below)
- J1 and H1b visas can be accommodated
- Full benefits provided
Base Salary, Bonuses, and Earning Potential
- For the first two years, base salary is set near MGMA median, roughly $540,000 to $550,000 (2024 MGMA), paid as a guaranteed salary with production upside on top
- After two years, the role moves to a production model
- Current providers earn between $800,000 and $900,000 annually
- A $40,000 signing bonus is provided. The forgiveness period is tied to the two-year initial term. If you leave early, it is repaid pro-rata based on the days remaining in the initial term
- Relocation assistance is available if needed
- Student loan repayment is available on a case-by-case basis through Benefis, separate from 501c3 nonprofit Public Service Loan Forgiveness (PSLF)
How Your Pay Flows
At the two-year mark you have flexibility in how your earnings reach you, and the annual total reflects your actual production either way.
- You carry a set draw paid evenly across your biweekly paychecks, with the remainder paid quarterly across four bonus payments
- A higher draw puts more in each paycheck and leaves smaller quarterly bonuses; a lower draw does the reverse, with larger quarterly checks
- The yearly total is the same under either choice. The decision is about cash flow timing, so you can match your paychecks to how you prefer to budget or invest
Compensation Structure
The compensation is divided into a base tier and an enhanced tier.
Base tier:
- Applies to wRVUs up to 6,021
- Production compensation rate: $78.40 per wRVU
- Performance incentive compensation rate: $8.71 per wRVU
Enhanced tier:
- Applies to wRVUs above 6,021
- Production compensation rate: $81.39 per wRVU
- Performance incentive compensation rate: $9.04 per wRVU
The minimum wRVUs required to qualify for performance incentive compensation is 3,980, once you are on the production-only model.
403(b) Pension Plan
- Employee contributions: eligible upon employment
- Employer contributions: 5% after one year of employment (0.5+ FTE, 2.5% minimum employee contribution), increasing to 6% after 10 years and 7% after 25 years
- Vesting: 20% per year, fully vested after 5 years
- 2024 contribution limits: $23,000 annually, additional $7,500 for age 50+
- Administered by Wespath Benefits and Investments
457(b) Plan (Non-Qualified)
- Pre-tax contributions and tax-deferred growth
- Administered by Voya
- Eligibility: first day of employment
Time Off
- 8 weeks of PTO (2 weeks CME) upon employment, pro-rated for less than 1.0 FTE
- Refreshes annually per contract year
Leaves of Absence
- Bereavement Leave: up to 3 days (24 hours) for immediate family
- Other leaves: Family and Medical Leave (FMLA), Military Leave, Personal Leave, Educational Leave
Licenses and Dues
- $1,000 reimbursement per contract year, pro-rated for a partial year or less than 1.0 FTE
- Eligibility: first full day of work
Continuing Medical Education (CME)
- 10 days (80 hours) per contract year
- $5,000 reimbursement per contract year, pro-rated for a partial year or less than 1.0 FTE
Liability (Malpractice) Insurance
- Provided by Benefis
- Claims-made insurance policy ($1 million per occurrence, $3 million aggregate)
- Tail policy provided through Benefis
- Eligibility: first full day of work
Group Health, Dental, and Vision Plan
- Two plan options: a $3,200 deductible High Deductible Health Plan (eligible for HSA), and an Affordable Plus Plan ($2,000 deductible for Tier 1, $3,200 for Tiers 2 and 3)
- Coverage options: Employee only, Employee plus Spouse, Employee plus Child(ren), and Family
- Eligibility: first of the month after hire date (employee pays full premium initially)
- Benefis contribution begins the first of the month following 60 days of employment
Health Savings Account (HSA)
- Available with the $3,200 deductible health plan
- Eligibility: first of the month following 90 days of employment
- Administered through HSA Bank
- Requires the high deductible plan
Flexible Spending Accounts (FSA)
- Available for health and dependent care expenses
- Can be used with either health plan or without the Benefis Health Plan
- Eligibility: first of the month following 90 days of employment
- Administered through HSA Bank
Short Term Disability (STD)
- 7-day waiting period (first day if hospitalized)
- 11-week maximum benefit period
- Coverage: 66 2/3% of weekly income up to $4,000
- Eligibility: first of the month following 90 days of employment
- Must be 0.5 to 1.0 FTE to qualify
Long Term Disability (LTD)
- Base coverage: 40% of base annual earnings (max $10,000 per month)
- Optional coverage: 60% (max $10,000 per month)
- 90-day waiting period
- Eligibility: first of the month following 90 days of employment
- Must be 0.5 to 1.0 FTE to qualify
Life Insurance
- Basic coverage: 1x annual earnings (max $500,000)
- $2,000 coverage for spouse and dependents
- Includes Accidental Death and Dismemberment
- Eligibility: first of the month following 90 days of employment
- Must be 0.5 to 1.0 FTE to qualify
Supplemental Life Insurance
- Additional coverage available for employee and dependents
- Employee: up to $500,000 or 5x annual earnings, whichever is less
- Spouse: up to $250,000, not exceeding the employee's coverage
- Children: $5,000 or $10,000 options
- Eligibility: first of the month following 90 days of employment
- Must be 0.5 to 1.0 FTE to qualify
Employee Assistance Program (EAP)
- Provides counseling for personal, financial, and legal issues
- Eligibility: first full day of work
Additional Benefits
- Employee discounts at Benefis facilities (cafés, shops, Med Spa, PEAK Health and Wellness Center)
- Employee fitness centers on East and West Campus
- Free vaccinations through the Employee Health Department
- Discounts on Verizon Wireless and AT&T monthly service charges
- Dry-cleaning concierge service