Physician Compensation and Benefits
Physician Compensation and Benefits
Lexington Clinic recruits physicians with exemplary credentials and offers competitive salary guarantees with potential production-driven quarterly bonuses. Once recruited, we work just as hard to retain those physicians. Our outstanding reputation, a patient-focused environment, physician ownership and governance, positive work/life balance and quality of life in Lexington, enables Lexington Clinic to boast a high physician retention rate.
Terms of Employment
- Indefinitely until terminated by either party.
- May be eligible to become a shareholder after one year
- One to Two year guaranteed salary determined in a manner that is consistent with fair market value.
- Bonus as approved by the Board of Directors in an amount equal to 50% of the amount calculated under Employer’s Compensation Plan when compared to Physician’s base salary in year one and 75% in year two.
- After two years, Physician will be compensated according to the Employer’s Compensation Plan.
Twenty (20) working days per year to include vacation and time taken for continuing medical education plus three days for illness or emergency situations.
Representatives by Physicians
- Maintain license in good standing to practice in the State of Kentucky
- Maintain professional associations and certifications
- Obtain Board Certification within three years of joining Lexington Clinic
- Participate in Medicare, Medicaid, workers’ compensation, other federal and state programs, and any other insurance plan or organization as directed by Employer
- Keep and maintain appropriate records according to policy
- Successful passage of credentialing/privileging, background check, pre-employment physical and certified drug screen
For a period of 360 days from date of termination, Physician shall not practice medicine within a radius of thirty miles of the their primary practice location.
Lexington Clinic offers a very rich benefits package for physicians to include health and dental, employee and dependent life coverage, 401k, short and long-term disability, long-term care, vacation and CME time, CME stipend, and flexible spending account.
Health, Dental, Employee & Dependent Life coverage is effective 1st day of employment. No switching from plan to plan during the year. Notify Benefits Office within 30 days of Family Status Change (birth, death, divorce, loss of coverage, dependents no longer eligible, etc.).
- Physician Office Visits/Diagnostic Testing
- In-Patient Care/Hospitalization/Emergency Room Services
- Prescription Medication
Please refer to Lexington Clinic’s Summary Plan Description for detailed information regarding each plan.
Each plan has its own network of dentists. One plan offers an orthodontic rider.
Please refer to Delta Dental Summary for detailed information regarding each plan.
Employee Life and Accidental Death and Dismemberment Insurance
- 2 to 5 times annual salary option, $1,000,000 maximum
- $700,000 Guaranteed issue without proof of insurability
- Lexington Clinic covers 2X annual salary
Dependent Life Insurance
Spouse and Child coverage available
Compensation and Paid Leave
Paid 2X per month by Direct Deposit and physician may take up to 20 days vacation/CME days per year during the guarantee period.
Short Term Disability
Benefit begins after 7 calendar days of disability. Lexington Clinic provides a base plan with 30% income replacement with the option to purchase an extra 36.67% income replacement (to a total of 66.67% of your covered earnings) to a max benefit of $5,000 per week.
Long Term Disability Insurance
Benefit begins after first 90 days of Short Term Disability. Coverage equal to 60% of base earnings, $20,000 maximum monthly benefit for total disability. Option to buy up to $25,000 per month, subject to medical underwriting. Policy is specialty specific and is partially portable.
Long Term Care Insurance
- Automatically enrolled in the Physician Base Plan
- 3 Years Duration, $2,000 monthly benefit, Long Term Care
- Facility or 100% Professional Licensed Home Care
($10.35 per month, deduction is charged back to the MD when they fall under the Income Distribution Plan.)
Buy up options are available for more coverage and duration. Accelerated payment plan available only at initial enrollment. Coverage is available to spouse who must go through underwriting for approval. Once approved, the spouse’s deduction can go through the IDP process.
Flexible Spending Accounts
(Co-payments, glasses, non-prescription drugs, etc.)
Ability to save up to $2,500 pre-tax for medical, dental and vision expenses
Limited Health Care Account
(Available for those choosing the H.S.A. health plan.)
Ability to save up to $2,500 pre-tax for dental, vision and post-deductible medical expenses
Dependent Care Account
(Reimbursement for childcare so you and your spouse can work full-time).
Ability to save up to $5,000 in pre-tax earnings for reimbursement of eligible expenses.
Post-Graduate Study Expenses. Physicians on guarantee, $2,000 reimbursement per year. Unused amounts do not carry over to the next year. A new physician can spend over $2,000 and have the additional amount deducted pre-tax. Banking and Credit Union information available in the Human Resources Department.
New Lexington Clinic Savings and Profit Sharing Plan
- Eligible after 1 year of employment with 1,000 hours worked.
- Lexington Clinic contributes 5% of the physician’s annual salary. 3% is 100% vested and 2% is on a 6 year vesting schedule..
- You may select from investment menu or self-direct investments.
NOTE: To be eligible for full-time benefits a physician must work on average 20 hours per week. This is a brief description of all benefits offered. Only the plan documents contain all of the benefits, limitations and exclusions of any plan/benefit. Should there be any discrepancies between this summary and any plan documents, the plan documents will supersede.