Career and Life Planning Workbook for Medical Residents

WWW . A D V E N T U R E S I N M E D I C I N E . C O M 37 Overview 0[»Z JVTTVU MVY WO`ZPJPHUZ [V IL VќLYLK H Z[HY[PUN ZHSHY` MVY VUL `LHY WYHJ[PJPUN WO`ZPJPHUZ VY [^V `LHYZ YLZPKLU[Z JVTPUN out of training) with the opportunity to earn additional income based on productivity and/or quality performance bonuses. After a one- or two-year guaranteed salary, it’s typical to graduate to 100% productivity. Physicians who do not have a game plan to build a practice to sustain their income may earn less on productivity than their guaranteed salary. When this happens, physicians often feel unappreciated and look elsewhere — only to start the cycle over. The following exercises will help you gain a clear understanding of the techniques needed to take control of your compensation by breaking down the number of RVUs and patient visits per year, per day, and per hour for you to achieve your desired income. Situation Question As a newly hired physician, you receive a two-year guaranteed salary of $200K/year. For the purposes of this exercise, assume that: • Compensation per work RVU-$45 • 248 working days in a year (includes 7 holidays) • 4 weeks of vacation (20 days) • 1 week of CME (5 days) • Work week = 4.5 days • 36 patient contact hours / week • 1.2 average work RVUs generated per visit How many patients do you need to see to maintain an income of $200,000 starting the third year? RVUs per year ______________ RVUs per day ______________ RVUs per hour ______________ Patients per day ______________ Patients per 8-hour day ______________ Situation Question You want to earn $275,000 with work RVU incentives. Assumptions remain the same as in Exercise #1. How many patients do you need to see to achieve your PUJVTL VIQLJ[P]L& RVUs per year ______________ RVUs per day ______________ RVUs per hour ______________ Patients per day ______________ Patients per 8-hour day ______________ Answers: Go to www.physiciancareerplanning.com & type “E-28” into the keyword field and click search. Exercise: Calculating Physician Productivity Compensation Packages CHAPTER 3 #1 #2 33 E S I N E D I C I N E . C O M