The compensation package for this opportunity consists of several components, including a guaranteed base salary and various incentives and bonuses, especially during the initial years of employment.
For the first two years, physicians are offered a guaranteed base salary of $250,000 per year. This base salary provides a stable income foundation while the physician establishes their practice.
Additionally, physicians will receive a $20,000 annual retention bonus during the first five years of employment. This bonus serves as an incentive to encourage long-term commitment to the practice.
To further sweeten the deal, Sentara offers a one-time $20,000 sign-on bonus, which is paid upon accepting the offer of employment. This bonus can assist with relocation expenses or serve as an additional financial incentive for joining the practice.
Moreover, a one-time $20,000 commencement bonus is provided on the first paycheck after starting employment. This bonus helps alleviate any financial burden during the initial transition period.
Starting in the third year of employment, the compensation model transitions to a linear production plus quality model, as outlined in the attached document. Under this model, productivity-based compensation is calculated by multiplying the production compensation rate of $35.91 by the personally performed modifier-adjusted work RVUs based on the bill date.
Full-time physicians (paid full-time equivalent of 1.0) are eligible for a Quality Performance Incentive opportunity of up to $25,000 annually. This incentive is prorated for part-time physicians working between 0.4 and 1.0 paid full-time equivalent status. The amount earned from this incentive is based on achieving specific quality and performance metrics, encouraging excellent patient care and practice efficiency.
In the first year, with the guaranteed base salary of $250,000, sign-on bonus of $20,000, and commencement bonus of $20,000, a physician's total potential earnings could reach $290,000 or higher, depending on their productivity and quality metrics.
In the second year, the total potential earnings would be $270,000 or more, including the base salary and retention bonus.
From the third year onward, a physician's earning potential is largely driven by their productivity, quality performance, and any additional compensation components outlined in the attached document, such as collaboration with Advanced Practice Providers (APPs), providing clinical coverage at other sites, or supervising clinical pharmacists or cardiopulmonary rehab services.
Overall, Sentara’s compensation package offers a competitive and lucrative opportunity, with substantial financial incentives and bonuses during the initial years, followed by a production-based model that rewards high-quality patient care and efficient practice management.