New Grad Contract - Dermatology, NYC

[paapp123]

Hi everyone,

 

I have posted this elsewhere, but also wanted some other advice. Can someone help me analyze this offer. Dermatology position as a new grad. Practice thats in the NYC area (several offices in different locations in the NYC and the surrounding area). There is a 6-8 month training program/residency that seems very structured - one day a week is didactic, the rest is clinical work in the private practice and also one day a week at a free clinic. Tests and quizzes weekly along with a comprehensive exam. Guaranteed a position once the training program is completed, but can be ANY of the offices (wherever there is an opening they send you).

 

50k a year for the training period of 6-8 months (they don't know the exact duration yet bc it used to be shorter but they are thinking of lengthening it for additional training/seemed too short). This is followed by a three year contract starting at 100k for first year base salary, 110k second year, 125k third year. There are bonus incentives. First year it is 20% of collections once you exceed 125k for the fiscal year, second year also 20% after exceeding 137,500 and third year is 20% after exceeding 156,250. $2000 CME credit per year, 15 days vacation time a year with 2 days for CME (so really 17). Full malpractice and benefit coverage.

 

Cons:

- Three year contract and if you break the contract before three years after the training period, you have to pay a $50k fee (aka the fee for your training period)

- Do not know what office you're going to be working in (wouldn't want to be traveling to Queens or Long Island), but maybe I can get them to change this and let me know beforehand in my contract

 

I am trying to negotiate contract duration and the penalty fee of $50k because that seems crazy to me. But I am/was excited about this opportunity because it's very important for me to have a good foundation once I start and this seems like a good opportunity (I know the medical educator running the training program so I know I will have a good supervising attending/training for the 6-8 months of training). The con, I guess, is that I do not know where I'll be working after training is complete (although I am going to try to negotiate my contract to stay in the area I would like).

 

Any advice is much appreciated.

 

Thank you in advance.

 

[beattie228]

I was involved with a similar "residency" for spine surgery although mine paid much more than $50k. I left that position after 6 weeks once I caught on to the Ponzi-esque scheme of under-paying me to be a "resident" in order to use/abuse me as cheap, effective labor. Your opportunity may very well be something worthwhile, but it could also be a way to trap a provider for 3 years time out of fear of having to pay back $50,000.

 

If you're seeing patients and bringing in income to the practice, which it sounds like you are 4 days a week, it doesn't sit right for them to threaten to take back what you've earned if you left the position before the three years was up. Those are just my 0.02 on the matter, though.