Family Med Private Practice offer, 8 years experience

[NorthIdahoPAC]

Looking for feedback on a Private practice Family Med offer in Coeur D'Alene, ID.  I have 8 years experience; 4 ED, 1 UC, 2.5 Family Med (was skewed toward internal med) and 1 year Geriatrics.  None of the prior experience has been with private practice.

- $25/hour

- + 10% of collections from $1-$17k

- + 25% of collections from $17,001k - $29k

- + 27% of collections on $29k+

PTO is based on hours worked, haven't been given exact numbers, but seems like 100-120 hours per year paid at $25/hour with essentially unlimited unpaid time off.

CME $1k per year

Group pays for State license, DEA license.

Health benefits offered, have not received the options or cost.  Group pays $80/pay period if taking high deductible plan. 

Option to work 3 8 hour days, which would be great, however, they will pick the days that have the highest need.  Wife works and we have kids so the days they work may not match up with what works best for family.

I am comfortable seeing 2.5 -3.0 patients per hour and not taking much work home.  Payer source roughy 80% commercial, 20% medicare and medicaid; physician partners see almost all of the medicaid and more than half of the medicare.  From asking around sounds like average reimbursement per patient is $150.  Not sure how accurate that is. 

Overall, the compensation plans seems a little low to me.  I've heard of some groups in N. Idaho doing 30-35% of receivables which is 5-10% more than this offer.  Certainly doesn't feel like a stellar offer at this point in my career.  

Thanks in advance for your feedback. 

 

[druglife]

This seems like a pretty lucrative opportunity.

Will you be working part-time 3 x 8 hour days or full time? Just some basic math using your hourly rate + 20pts/day x $150 per patient sounds pretty lucrative:

24 hrs/week = just under $9k/month

40 hrs/week = $17k/month

See if you can find out what the true average patient encounter brings in. $150 seems like a lot for family medicine but I'm not in the field so I can't really speak to that. Do you have any colleagues in other practices that can give you an estimate of what they bill? 

 

[NorthIdahoPAC]

Yes,  assuming 20 patients per day at $150/patient.  

Assuming taking some time off: 

24 hours patient hours = $8640/month gross;

32 patient hours = $ 12,700/month gross.

It could definitely be lucrative, however, the compensation % seems low.  It would be 24.7% - 27%.  I have no pressure to accept a new position at this point, if I make a move I'm looking for a position I plan to be in for years.  I also don't want to be too motivated by the $ and end up burning myself out.