New physicians who join the practice may be offered partnership with no buy in after two years. Benefits of partnership include a $500 per month car allowance, gasoline and maintenance covered by the practice, malpractice, life, disability, and health insurance for the employee and a $500 reimbursement dental benefit for the employee's family. There is a safe harbor 401(k) retirement plan, which is available after one year. The safe harbor contribution is a guaranteed minimum of 3% of the employee's salary contributed to their account annually with no contribution required by the employee. Fortunately, for the last five years the practice has been able to contribute close to 15%. . This past year the contribution was 15%. Each partner owns 10% of the practice shares. Shares can only be sold back to BMA. Partners can also receive a benefit of $10,000 per year toward their student debt. New employee physicians start with 2 weeks vacation and one week CME leave. New partners receive 3 weeks vacation and 2 weeks CME leave. Employees earn 1 additional week of vacation after every 5 years.
Starting salary is competitive. There is a bonus structure which has ranged from 10-30% additional of yearly income over the past 5 years for partners. The amount is influenced by how the practice has done throughout the year. The practice is totally electronic and we use Allscripts Professional.