The Benefits of Private Practice vs Academic/Hospital-Based Jobs
In this episode of Financial Clarity for Doctors, Corey and Rachelle weigh the pros and cons of different types of employers. It’s job search time, and while money isn’t everything, it is important to understand the financial benefits of each job to make an informed decision.
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Financial Considerations When Deciding on a Job:
- First – Pay! Not just the dollar amount.
- Is it salary or production-based?
- If production-based, get some estimates of what new physicians have earned.
- Are there bonuses and how likely are you to get these bonuses?
- What are the hours? Call? You may not be getting paid more if you’re working twice as much!
- Is it salary or production-based?
- Benefits. You can assign these a dollar value as well!
- Retirement benefits can be huge!
- Matching, flat employer contributions, pension benefits.
- Insurances.
- How much will you pay for medical insurance?
- How much life and long-term disability insurance do they offer?
- Will you need to purchase tail insurance if/when you leave?
- Retirement benefits can be huge!
- Public Service Loan Forgiveness (PSLF) and other loan repayment programs.
- Does your prospective employer qualify for PSLF or other programs?
- How much could you potentially have forgiven?
- The larger your loan balance, the more attractive loan forgiveness is.
Look beyond the obvious when making employment decisions, and don’t sell yourself short!
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.