My husband is a specialist in a multi-specialty clinic. He has built his practice over the past 14 years and was compensated well for his efforts. Ever year providing more revenue for the clinic (and himself) and better patient satisfaction than the last. With 4 docs in his specialty department, he is producing the most revenue and has the most patients waiting to get in with him. He has rarely gotten involved in the politics of the practice and attended few shareholder meetings. This past year administration brought in a consultant to revamp compensation. My husband's understanding of why this happened was that there were primary care departments that were not happy with their compensation and there was difficulty recruiting. The new comp plan means that my husband will receive an approx 25% pay cut, working the same amount. The way that he was told of his specific compensation proposal was in a letter, not in person. It was voted on by all shareholders and passed.
He is hot. Mostly because he worked really hard to build this practice, in growth and reputation, and now it is being fleeced by departments that do not want to take call and who are leading committees instead of seeing patients. He immediately reached out to a group in another town that has wanted him for years. He now has an offer at a single specialty group with 14 docs. The compensation would be the same as in his current practice (new comp) the first two years and then increase to the level that he was previously. Moving kids (teens) and schools is involved if we leave, but they are all on board with a new adventure and are not upset either way. We are completely numb on what to do. It's not all about the money, we follow all the advice of WCI with a paid off house, significant retirement (6x previous comp) and full college funds. It's a bit of a pride thing and he has lost confidence in the leadership. Two of the other docs in his specialty will be gone in a year due to retirement and the other doc has said that he would give it a year. Because of our kids' ages, the best time to move would be now and not in 1 or 2 years. If he sticks it out, he sticks it out for the rest of his career and that could mean a practice where it is hard to recruit new docs under this comp plan. We never expected to leave this community and have developed roots here.
He loves his patients and his job is the center of who he is. He is an oncologist and we have been to patient's weddings, held their babies and attended funerals. There is no better job for him. Leaving everyone would be really hard, but he plans to work another 15 years and he could build relationships where we would be moving. We have family in the other town and none here.
What to do?? We feel greedy making it about the money when he has been compensated well in the past and this new plan does not change our lifestyle.
He is hot. Mostly because he worked really hard to build this practice, in growth and reputation, and now it is being fleeced by departments that do not want to take call and who are leading committees instead of seeing patients. He immediately reached out to a group in another town that has wanted him for years. He now has an offer at a single specialty group with 14 docs. The compensation would be the same as in his current practice (new comp) the first two years and then increase to the level that he was previously. Moving kids (teens) and schools is involved if we leave, but they are all on board with a new adventure and are not upset either way. We are completely numb on what to do. It's not all about the money, we follow all the advice of WCI with a paid off house, significant retirement (6x previous comp) and full college funds. It's a bit of a pride thing and he has lost confidence in the leadership. Two of the other docs in his specialty will be gone in a year due to retirement and the other doc has said that he would give it a year. Because of our kids' ages, the best time to move would be now and not in 1 or 2 years. If he sticks it out, he sticks it out for the rest of his career and that could mean a practice where it is hard to recruit new docs under this comp plan. We never expected to leave this community and have developed roots here.
He loves his patients and his job is the center of who he is. He is an oncologist and we have been to patient's weddings, held their babies and attended funerals. There is no better job for him. Leaving everyone would be really hard, but he plans to work another 15 years and he could build relationships where we would be moving. We have family in the other town and none here.
What to do?? We feel greedy making it about the money when he has been compensated well in the past and this new plan does not change our lifestyle.
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