California Contract

[K4500]

Hi everyone, 

 

I am a new graduate, and I just received an Ortho PA job offer in coastal California. I will start training (same salary) as soon as I finish my boards, while I am waiting for my licenses to process. The job is M-F from 8-5. OR 1-2 days/week, but not when I initially start. Call time was not mentioned in the contract, but it's about once/month (no additional pay)

 

What's offered: 

- Base Salary: 100k 

 

- At-will contract; If I stay less than a year, then I have to repay the licenses, relocation bonus, CME. etc. back to the employer. 

 

- Health insurance, vision, and dental 

 

- Incentive bonus: available after 3 months (PA's at the company said that I probably wouldn't reach the bonus requirement until 9-12 months) 

 

- PTO: 10 days/year (accrue on a pro-rated semi-monthly basis from the date employment commences) 

 

- 9 paid holidays 

 

- sick days: 5 days/year (accrue after 3 months) 

 

- CME: $2,500 and 5 days off (in addition to the 10 days PTO) 

 

- All licenses covered: reimbursement for Board expenses, initial licenses and license renewals, including D.E.A. and California license

 

-  $4,000 relocation bonus 

 

- Three memberships reimbursed: example AMA or CMA 

 

- Gas reimbursement: I have to drive to the satellite locations a few days/week.  

 

- Malpractice: company covers professional liability insurance with tail coverage

 

 

What's not offered: 

- retirement (401k) 

 

 

What do you think of this offer? Any feedback is greatly appreciated! 

[AbeTheBabe]

What is the bonus structure like?

 

My new grad ortho offer in LA is very similar.

 

M-F, no weekends, no call, 1.5 days OR.

95K, +10% of collections as bonus.

Health/dental/vision offered but gets very pricey to cover family (covered through my wife).

PTO 16 days, 7 paid holidays. CME 2K + 5 days. Must use CME for licenses/orgs.

Malpractice with no tail.

401K with low cost investment options and 2% matching (sadly the vesting schedule is 5 years, however.)

[K4500]

Yes, your job does sound similar. 

 

This is the main part of the bonus structure from my contract. The actual length of this description in my contract is about 4 paragraphs long. 

 

Employee will become eligible for the payment of bonus compensation after Employee’s Monthly Qualifying Receipts for three (3) consecutive calendar months exceed Twenty Four Thousand Dollars ($24,000). The amount of Monthly Qualifying Receipts which exceed Twenty Four Thousand Dollars ($24,000) in any given month is referred to as “Monthly Bonus Eligible Receipts.” If the Monthly Bonus Eligible Receipts are Twenty Four Thousand Dollars ($24,000) or more, Employee is entitled to ten percent (10%) of the Monthly Bonus Eligible Receipts. 

[rpackelly]

If you take this be sure to fund your ira yearly as well as a Roth IRA

[K4500]

Thank you for your reply! What do you think of the salary for an Ortho new grad in Cali? I know I can make more and save more of my money if I move to other states, but I want to be in Cali. 

[AbeTheBabe]

It seems what it works out to is that every quarter you will 10% of everything you bring in after $24,000. Kinda sucks that you lose out on that first $2,400 but you should easily bring in more than that every quarter. I'm bringing in $30-$40K every quarter (so I make $3-4K bonus each quarter) but my schedule is very light and I see a bunch of postops. Not great but not bad.

 

Not having 401K is kinda crappy because of our income. Fund the max $5,500 every year for the Roth IRA, but our income will not allow us participate in a traditional IRA. If you get take the job and get paid quickly, open a roth IRA with vanguard/Schwab/Fidelity and invest in low cost index funds for the 2016 tax year (you can do this until April tax day I believe) and then worry about 2017 later.