As a new Neurologist provider at Imperial Health, you will be offered a comprehensive compensation and benefits package that ensures both initial financial stability and opportunities for income growth. Here are the key components of the employment offer:
Guaranteed Salary:
You will receive a two-year guaranteed salary of $362,000.
Profit Sharing:
After your guarantee period, if your collections exceed the guaranteed amount, you will earn 50% of the net profit.
Calculation of Income Post-Guarantee:
Your income following the guarantee period will be calculated based on your collections minus various expenses, such as rent, equipment costs, supplies, utilities, and both fixed and variable overhead.
Vacation and Benefits:
During the guarantee period, the following will be provided:
- 3 weeks of vacation.
- A comprehensive benefits package that includes medical, vision, and dental insurance.
- A sign-on bonus.
- Malpractice insurance coverage.
401K Plan:
After one year with the group, you will have the option to contribute to a 401K plan, although Imperial Health does not offer matching funds.
Tail Coverage:
Should you decide to leave the group for any reason, you will be responsible for your own malpractice tail coverage.
Staff Autonomy:
You will have the autonomy to hire staff as needed to support your practice efficiently, similar to how Dr. Tumaranda has a dedicated PA to assist with her clinic volume. However, the cost of this staff will be included in your expenses.
Ownership into ASC
Shares available to be a partner. They are a separate LLC from Imperial Health.
There are 17 owners out of 30 surgeons that operate there. There isn’t a cap on owners.
Specialties involved: Ophthalmology, Ortho, ENT, Neuro, Pain Mgmt, Podiatry.
Dr. Loehn became a partner in 1 ½ years.
Need to show case volumes and have someone recommend you. Goes to a board, majority vote to become owner. They will walk you through requirements/buy-in.
Physicians – Surgicare of Lake Charles (surgicarelc.com)
Partnership Tracks
Associate Partner
No buy-in
You will have voting rights, but they will be somewhat limited
Junior Partner
Once your salary-guarantee period ends, you automatically become Junior Partner
You will need to open and maintain a capital account of $30K. This will act as a safety net in case you have any bad collection months.
Additional voting rights
You have access to the ancillary revenue from the Imaging lab – split amongst all Junior and Senior partners. After speaking with Tonya Richard, their COO, she confirmed this equates to approximately $40K-$50K/year per partner.
Senior Partner
Same benefits of a junior partner, plus:
Full voting rights (including hiring and firing)