Physician Recruitment Process and Compensation Overview
Contracts & Benefits Package
Covenant HealthCare offers a robust contracts and benefits package designed to attract and retain top healthcare professionals. Key components include:
- Base Salary: $625,000, complemented by performance-based bonuses tied to wRVUs. Bonuses begin above 9,615 RVUs at a rate of $65.00 per RVU, plus an opportunity for $4/wRVU related to quality metrics:
- Quality metrics include: chart closure within 3 days, coding accuracy, patient satisfaction, and citizenship.
- Paid Time Off (PTO): 7.4 weeks off per year (37 days), inclusive of holidays, CME, sick time, and vacation.
- Continuing Medical Education (CME):
- Up to $7,000 per year as pre-approved by the Director
- Eligible from first day of hire; prorated per fiscal year
- Professional Dues:
- Up to $3,500 per year as pre-approved by the Director
- Eligible from first day of hire; prorated per fiscal year
- Relocation Assistance: Up to $15,000 in reimbursement to facilitate a smooth transition.
- Licensure Fees Reimbursement: All annual licensing fees reimbursed as pre-approved by the Director.
- Sign-on Bonus: Negotiable (average around $50,000). Half paid upon signing, half on first paycheck.
- Training Stipend: $3,000 per month for up to 24 months to aid recent graduates transitioning to full-time practice.
- Student Loan Forgiveness: $25,000 per year.
- Retirement Plans: 403B plan with matching funds and a 457B plan.
- Insurance Coverage: Comprehensive, including paid malpractice insurance with tail coverage.
- Health Plans: Options for medical, dental, and vision insurance.
- Additional Benefits: Short- and long-term disability, life insurance, and pet insurance available.
Covenant HealthCare’s comprehensive contracts and benefits package underscores their commitment to providing a supportive and rewarding environment for healthcare professionals—ensuring they are equipped to deliver exceptional care while enjoying competitive compensation and full-spectrum support.