Physician Clinical Exchange > Compensation for Physician being hired into an existing practice as an employee
That is not a long contract, I came from a group of critical care physicinas and we were at least 5 years and longer to partnership. Remember they are putting out a lot of out of pocket expenses malpractice for instance is likely to range around 30k depending on the policy if yu leave they may need to purchase a tail coverage which is not cheap. They will also assume responsibility for any lawsuits that may arise. As your employer you get sued they get sued.
THe payment is tricky because you can not set a fee split say 20% of what you bring in. Its best to really go over the true income of the aesthetic end ( a good accountant can help you find the real profits) and ask for a salary based on that with bonuses for productivity.
I hate to tell you the real profit is not that great in many cases, yes its self pay but advertising cost, product cost ( that bottle of botox costs $550 ) costs of documentation lasers and their maintenance can hit 30k a year , each! So you see the profits dwindle quickly.
Remember this isn't traditional medicine where patients are ill seeking you out to get well, this is purely cosmetic and very sensitive to the economic climate. I would speak to other doctors in NJ. That state has beter laws as only an MD can fire the laser thus you don't have the person with a weekend class opening the delicious spa spa across fro your office offering the " same" treatments at a fraction of you costs.
Hope this helped.
gm
I had a question regarding this and I am not sure where to find this information. I am in talks with a fellow physician to join a practice. He is going to spend time training me (in addition to the training I already did with American Academy of Aesthetic Medicine level 1 course) for a period that they say can be from anywhere between 3-6 months. I have previously shadowed another aesthetic physician for 6 months, but otherwise have no clinical experience in aesthetics. (previously worked as a hospitalist) After they become comfortable with me doing different procedures I would then be seeing patients on my own and building my own client list. For starters it would be Botox, fillers, chem peels, laser hair removal, Endovenous laser ablation of varicose veins, Laser therapy for spider veins, and Sclerotherapy. I am being hired to join another physician as an employee to start and then possibly becoming a partner in the business in the future. They have asked me how much I want to be payed during both the training period and then after. I'm not even sure what would even be considered appropriate.Hourly? Salary? Percentage of revenue generated? They also are asking me to sign a 3-5 year contract which seems a little bit long. This job is in Northern NJ to give you any needed geographic references. I would appreciate any help or advice that can be offered . Thank you for your time.