Salaries and Benefits
2013 Resident Salaries
|R1: $ 57,062
||R4: $ 68,319
|R2: $ 61,087
||R5: $ 71,457
|R3: $ 65,617
Medical and Dental Insurance
The Hospital also provides comprehensive health and dental insurance, disability insurance, free parking, malpractice insurance and various other amenities to each Resident. In addition, there is a conference allowance of $1,250 per year for all R2s and above.
Long-term disability insurance is provided by the hospital, without cost to the resident.
Santa Barbara Cottage Hospital’s Insurance Program provides Professional Liability Coverage for all trainees in the hospital’s Graduate Medical Education Program. The hospital’s insurance program includes modified occurrence coverage for acts or omissions which fall within the scope of the education program. The hospital is self-insured for the first tier of coverage, and has an outside insurer for more substantial claims.
The physician’s coverage carries a built-in tail coverage for up to seven years following the hospital’s departure from its current insurer, should the hospital change insurers. Thus, all physician claims reported or filed after the resident’s completion of the Graduate Medical Education Program would be covered. The coverage afforded to the physicians is consistent with the coverage provided to the hospital itself.
Meals tickets are furnished for use when the resident is on call. Meals are otherwise not included as part of the resident’s remuneration. However, lunch is provided at our daily weekday noon conference.
Parking is provided at no charge to all residents. The hospital has a parking structure located just across from the hospital.
White coats and scrubs are provided to each resident without charge. Laundering is provided.
It is our philosophy that attendance by residents at national or regional conferences fosters the educational development of the resident and his or her cohorts. Second- and third-year residents are therefore allotted time (in addition to their usual vacation time) and are provided a stipend up to $1,250.00 to attend one major conference per year.
First year residents are eligible for a one-time relocation subsidy. The subsidy, in the form of a loan, is forgiven at the end of one year, nets the residents $2,000.
Mortgage Assistance Program
All residents are eligible to participate in the Cottage Health System Mortgage Assistance Program. This program provides loans equivalent to second mortgages to employees purchasing a home and otherwise eligible for a first mortgage from a financial institution. This second loan essentially provides for a down payment of up to $250,000, allowing many employees the opportunity to enter the realm of home ownership.