SCPA Posted September 27, 2014 Share Posted September 27, 2014 New grad here, really want to make a sound decision on my first job. Any thoughts on this one are greatly appreciated.. FP clinic 40 hour work week with no call, no nursing home, no hospital. Possible option for 4, 10's. I really don't like seeing my salary starting with a "7" but the benefits may make up for this low salary.. Base salary: $75,000 Sign on bonus: $5,000 Bonus: $5,000 bonus Q 6 months if 2,142 patients seen in that period 401K with 3% pre tax salary match 10K life insurance individual health insurance (dental/vision extra) malpractice w/ tail covered VERY high NHSC score (really could use the loan help!) PTO: Vacation: 3 weeks Sick: 2.4 weeks CME: 1 week and $2800 12 holidays It seems like a well run organization. I am, however, concerned that they want me to sign a 3 year contract with no mention of discussing salary. I confidently made a case and asked for 80k but it was a no go. I think I need to push for renegotiation of salary after 1 yr. Again, I value any and all input from my fellow PAs with more experience than I. Thanks. Link to comment Share on other sites More sharing options...
tunafish Posted September 27, 2014 Share Posted September 27, 2014 Being locked at 75K for 3 years...they get a good deal for sure! Link to comment Share on other sites More sharing options...
FfIghter23 Posted September 27, 2014 Share Posted September 27, 2014 If you were guaranteed loan repayment for $20k a year x2 years I would take it. Salary is just too low for 2014-2015 standards. Link to comment Share on other sites More sharing options...
Administrator rev ronin Posted September 27, 2014 Administrator Share Posted September 27, 2014 As a new grad, that "bonus" number is likely not reachable safely, especially if you take your vacation and holidays. With that AND loan repayment, I'd consider starting at $75k, but only with automatic $5k/year raise. Also, watch out for contract termination gotchas--there are enough with loan repayment, so you don't want any more in the contract itself... Link to comment Share on other sites More sharing options...
GatorRRT Posted September 27, 2014 Share Posted September 27, 2014 A 3 year contract and no mention of salary increases? Loan repayment or not I'd walk. Link to comment Share on other sites More sharing options...
Guest Paula Posted September 27, 2014 Share Posted September 27, 2014 What is the likelihood you will qualify for NHSC loan repayment? Are they requiring a 3 year contract? Is this the area of the country you want to practice? Do you have other offers/ Loan repayment is huge if it's a guarantee. You could look at it as a learning time, get what you can from the contract, and after a year or two you may be making that bonus. Have you asked if other practitioners make their bonus? I think salary is low but occasionally the sign-on bonus and the experience can help you in another job search once the contract is fulfilled. Be careful of sign-on bonuses. If you can't meet the terms of the contract and get out early some places make you re-pay the bonus and pro-rate it. I has a $10,000 sign-on bonus and asked them to pay me in 3 installments at the end of each year of my 3 year contract so if it didn't work out I did not have to pay back the bonus. It worked great for me, getting the payout at the end of each year and I was able to fulfill my contract, in spite of it not being the best experience of my life from the administrative standpoint. Link to comment Share on other sites More sharing options...
MattK Posted September 27, 2014 Share Posted September 27, 2014 edit Link to comment Share on other sites More sharing options...
SCPA Posted September 27, 2014 Author Share Posted September 27, 2014 As a new grad, that "bonus" number is likely not reachable safely, especially if you take your vacation and holidays. With that AND loan repayment, I'd consider starting at $75k, but only with automatic $5k/year raise. Also, watch out for contract termination gotchas--there are enough with loan repayment, so you don't want any more in the contract itself... I totally agree -- The vacation PTO is decent, but using that much time would make it really hard to get the bonus -- I think they know what they are doing with that. I also agree that many patients as a new grad is unrealistic. I really appreciate your thoughts. What is the likelihood you will qualify for NHSC loan repayment? Are they requiring a 3 year contract? Is this the area of the country you want to practice? Do you have other offers/ Be careful of sign-on bonuses. If you can't meet the terms of the contract and get out early some places make you re-pay the bonus and pro-rate it. NHSC loan repayment is all but guaranteed. This site has a very competitive score and I have a high debt burden; It's almost a guaranteed thing. Yes I do want to work in this area; I'm looking at rural clinics out of the gate for NHSC loan repayment to help with my crazy student loans. Thank you, Paula! Link to comment Share on other sites More sharing options...
cinntsp Posted September 28, 2014 Share Posted September 28, 2014 It could be worth it if, and only if, you did get the loan repayment. It's tax free, which makes it a better route than just taking 100k base somewhere else. Can you get them to bump you up to 80k? Link to comment Share on other sites More sharing options...
Guest Paula Posted September 28, 2014 Share Posted September 28, 2014 Read the fine print of NHSC too. If you can't fulfill the NHSC criteria for the contract the penalties are horrendous. Rural health care is very interesting and challenging. Link to comment Share on other sites More sharing options...
JohnnyM2 Posted September 28, 2014 Share Posted September 28, 2014 Get your own life insurance while you are young. $10K isn't worth much and you never know when you might become high risk due to illness. You can get $500,000 very cheaply while you are young and lock it in for 30 or 40 years. Sent from my Kindle Fire HDX using Tapatalk 2 Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted September 28, 2014 Share Posted September 28, 2014 Life insurance is only relevant if you need to provide income replacement for another loved one or to cover anticipated funeral expenses for yourself. If you're single and have no dependents $10K is a typical add-on coverage through insurers. For others out there who may be in such a situation as just described, your cheapest option, if paying for it yourself, is a "rent-a-life" policy, aka term life. If young and otherwise healthy, go for an extended term policy that extends out several years (typically 10, 15, or 20 years) with a fixed rate over the term of the policy. Link to comment Share on other sites More sharing options...
SCPA Posted September 29, 2014 Author Share Posted September 29, 2014 Really appreciating this feedback so far.. Get your own life insurance while you are young. $10K isn't worth much and you never know when you might become high risk due to illness. You can get $500,000 very cheaply while you are young and lock it in for 30 or 40 years.Sent from my Kindle Fire HDX using Tapatalk 2 I do plan on buying a better term life insurance policy since I have a family. It could be worth it if, and only if, you did get the loan repayment. It's tax free, which makes it a better route than just taking 100k base somewhere else. Can you get them to bump you up to 80k? Yea for sure, I think the NHSC makes this a reasonable gig at the end of the day. I asked for 80, they politely declined. I really feel like I should push for an increase in the 2nd and 3rd years of the contract though. Being a 3rd year PA at 75k seems a little light for sure... Keep in mind this is a rural medicine clinic, so i'm not sure they have endless funds, but is a big outfit with quite a few offices. They take a lot of indigent patients on a sliding scale rate (which is why they are such a high HIPSA score). I think they may have gov programs to accommodate for this? Not really sure how the business side of that works. Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted September 29, 2014 Moderator Share Posted September 29, 2014 rural often pays more. my 2 rural jobs pay 8 dollars/hr and 20 dollars/hr more than my urban gig Link to comment Share on other sites More sharing options...
primadonna22274 Posted September 29, 2014 Share Posted September 29, 2014 It's not a bad offer overall but no way should you accept a locked-in salary (low to begin with) for 3 years. You will be frustrated and they will know it. Better to work out a step increase now or reword the contract so that compensation is revisited annually. Link to comment Share on other sites More sharing options...
Jengirl81 Posted October 23, 2014 Share Posted October 23, 2014 I worked at an NHSC site for 5 years and my ending take home pay was around 85,000 (started at 70,000 as a new grad.) I payed off my school loans within 3 years because they gave me a check for 50,000 (now it's 60,000), and then paid the remaining 15,000 off the third year. There was definitely frustrations with it being a rural health center, but I would have done it over again in a heart beat. I learned a lot, and kept thinking to my self that my salary actually was 50,000 on top of what I was getting the year I got that big check in the mail. And by the way, you get the check as soon as you are accepted into the program, not at the end of your service. I think Dave Ramsey would say to take it. Several of my other friends who went into specialty positions making the big bucks were still paying off loans at 6,7 years out. Just putting it into perspective. Link to comment Share on other sites More sharing options...
Moderator ventana Posted October 23, 2014 Moderator Share Posted October 23, 2014 12 years out and still paying off loans....... just saying..... Link to comment Share on other sites More sharing options...
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