Compensation Model:
The compensation model includes a base salary with productivity-based incentives. Specifically, a productivity-based salary model is utilized, with a base salary and additional incentives tied to work RVU (wRVU) rates. For example, the salary structure may include a base salary of $500,000 annually during the initial term, with a wRVU rate of $60, and a wRVU base threshold of 8,333.
Potential Earnings:
Potential earnings include competitive salary ranges with additional incentives for performance and patient care outcomes. The earnings structure typically includes a productivity-based salary, which could range from $500,000 or higher, depending on the specialty and performance metrics, such as wRVU production.
Health/Dental/Vision Insurance:
Comprehensive health, dental, and vision insurance plans are provided. For example, health insurance options may include traditional PPO plans or Health Savings Plans (HDHPs), with employer contributions towards premiums. Dental and vision coverage typically includes various plan options with associated copays and deductibles.
Malpractice Insurance Coverage:
The hospital offers full malpractice insurance coverage, typically on an occurrence-based, self-insured basis. This means coverage is provided for any claims arising from incidents that occur during the term of the policy, regardless of when the claim is made.
Retirement Plans (401k, Pension, etc.):
Retirement plans include options for a 403(b) with employer matching and pension plans. The 403(b) plan may include employer contributions based on the employee’s earnings, providing a secure financial future.
Paid Time Off/Leave Policies:
Generous paid time off and leave policies are available, including vacation, sick leave, and professional development time. For instance, a physician might receive up to 25 paid leave days annually during the guarantee period.
Allowance for CME, Licenses, Dues, Fees:
Allowances are provided for continuing medical education (CME), licenses, professional dues, and certification fees, with typical reimbursements up to $3,000 for CME expenses.
Relocation Assistance Details:
Relocation assistance is available for out-of-area candidates, including moving expenses and housing support. This may include full coverage of moving expenses and assistance in finding housing in the new location.
Health/Wellness Benefits:
Health and wellness programs are available, including gym memberships, wellness coaching, and possibly access to mental health resources. Programs like these are designed to support the overall well-being of physicians and their families.
Retirement Planning Resources:
The hospital provides resources for retirement planning, including financial advising services and educational materials to help employees plan for their future.