Good contract??

Passin' Gas · Sep 16, 2004

For those of you that are out in the CRNA working field or those students who have taken a stipend...I start school in Jan. and a group around here has this offer....$20,000 for school for a 2 yr. commitment. Once done they are currently (which I imagine it will be higher when I am done) starting CRNA's off at $92,000/yr.; 15 vacation days/yr, 12 sick days/yr.; $1,500 and 5 days/yr. for CE, 9 paid holiday/yr.; paid insurance; and up to 6% match on 401K after working 1 yr.
How does this compare to other contracts? Anything else I should be looking for before inking a deal????

Research this forum for other threads regarding contracts. Basically most will recommend sucking up loans and other financial aid vs signing your soul away to a group at this early stage of the game. Personal opinion, depending on where you are located, it's not a bad overall package, I've seen better. If you're locked in to living in X city, period, end of discussion and it's the only game in town, that might sway my decision. If you are mobile and can move after school, I'd definitely leave my options open. The LAST thing you should consider is "I'll take the money, get through school, and if something better comes along towards graduation, I'll pay this back and take the 'better' job." DO NOT DO THIS! Ethically wrong, sponsors will have this happen once or twice and decide supporting other students not worth the trouble so you ruin opportunities for others who will follow.

IMHO, take out loans today, see where life takes you in the next 2-3 years, negotiate for loan repayment with future employers. Realistically, with incomes exceeding $120,000 and more, you can afford to pay for your own education. You will reap the benefits for many years to come.

Just looking at the break down:

15 days vacation

12 sick days

5 days and $1500 for education

9 paid holidays...

How many days have you missed per year for the past few years due to illness? That's one day a month. Are you compensated for days NOT TAKEN? Or is it beneficial to call in 0600 for a 'mental health' day? I"M NOT advocating the practice, just trying to point out finer details of pros and cons of contracts. Some practices give 35 paid 'off' days per year. Equivalent outcome. If you don't need the sick days, tack them on to the vacation time! i.e. scheduled mental health days!

The 6% matching is ok. Say you contribute $12,000, which I believe is max for 2004. The employer matches 6% which is $720 for the year. The real benefit will come from reducing your tax liability by investing in your own retirement account.

And most important for me, is who does what in the practice. How is the workload divided in an anesthesia care setting? Your best bet is to talk with several CRNAs with the group and get their input.

Best of luck,

PG

zentuit · Sep 16, 2004

The 6% matching is ok. Say you contribute $12000, which I believe is max for 2004. The employer matches 6% which is $720 for the year. [/quote'] I would check this with the employer. With most employers (note I am not in health field yet), the phrase "6% match" means they will match what you put in with a cap at 6% of your gross income. Also I believe you are only allowed 15% of your gross tax deferred so they are not quite covering half.
i will defer to others as to whether this is a good contract or not.
tom

heartICU · Sep 16, 2004

I agree about the 6%. At my hospital, we get employer matching up to 6%, and for us that means: if you make 100K, and you contribute 10% of your salary every year (10K) the hospital will match it up to 6%, so they would give 6K. If you only contribute 5% or 5K, they will give 5K also. Make sense?

Passin' Gas · Sep 16, 2004

I would check this with the employer. With most employers (note I am not in health field yet), the phrase "6% match" means they will match what you put in with a cap at 6% of your gross income. Also I believe you are only allowed 15% of your gross tax deferred so they are not quite covering half.
i will defer to others as to whether this is a good contract or not.
tom

I knew that didn't sound right. Self-employed so don't get employer contributions. Thanks for the correction.

PG

srnaKate · Sep 18, 2004

According to my tax accountant, if take the $ to get you through school, it's not taxable income. If you were to take loans and hope for a sign on bonus, it would be less $ AND it would be taxable income. Besides, you'll have some time to get the experience necessary to command a nice sign-on bonus if you do want to go somewhere else once your feet are a little wet. Besides, it's guaranteed work. Thank GOD we're not being outsourced!

t4allen · Sep 24, 2004

For those of you that are out in the CRNA working field or those students who have taken a stipend...I start school in Jan. and a group around here has this offer....$20,000 for school for a 2 yr. commitment. Once done they are currently (which I imagine it will be higher when I am done) starting CRNA's off at $92,000/yr.; 15 vacation days/yr, 12 sick days/yr.; $1,500 and 5 days/yr. for CE, 9 paid holiday/yr.; paid insurance; and up to 6% match on 401K after working 1 yr.
How does this compare to other contracts? Anything else I should be looking for before inking a deal????

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wondering where you are starting school? I've called around to several hospitals around the country and most hospitals require you to be staff to breach the benefits of tuition reimburstment.

thanks,

tracy

srnaKate · Sep 24, 2004

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wondering where you are starting school? I've called around to several hospitals around the country and most hospitals require you to be staff to breach the benefits of tuition reimburstment.
thanks,
tracy

Hi Tracy,

In my case it is the hospital that is offering me the contract. However, local anesthesia groups are also recruiting and offering tuition assistance as well. I had also called around to other hospital systems when I was negotiating but they weren't biting. I don't know anything about Honolulu, but in central PA there are big groups of anesthesia providers that service the community and offer these contracts. I guess they can afford it. Good luck!

athomas91 · Sep 24, 2004

I don't know what are of the country you are in - I am in the Northeast and I will be honest - that doesn't sound like one of the better contracts that I have seen.

Go to gaswork and find some jobs - contact the ANESTHESIA groups and go for a visit - tell them what it will take to get you...there is no reason in this economy and the need for anesthesia providers to not negotiate and be willing to walk away.

TraumaNurse · Sep 24, 2004

Speaking of anesthesia groups, does anyone know if there is a place (website)to locate a list of what anesthesia groups are in a certain area and their contact numbers? Gaswork is very limited as to jobs in a particular area in relation to what is available, so I am wondering how to go about getting info on groups not advertising (but that may still be hiring). Any info is appreciated.

JimmyMallo · Sep 24, 2004

TraumaNurse,

Here's what I have done:

Go to the webpage for the hospitals in your area. Most have a physician guide or listing. Try to sort by specialty and look for anethesiologist. Most list their group affiliation with their name and contact number. Then go to google and search with the group name and see if the group have a website. That is what I did and I was amazed that every one in my area was listed on a website even if they didn't advertise in the area. Most group webpages will say plain as day on their site they are proud to employee CRNA's or they are proud to be physician only. Then contact the groups that use CRNA services. I don't know if it works in a ll cases but it got me in touch with groups in my area fast.

Hope that helps