Negotiating Benefit Packages and Compensation
What should you look for in compensation and benefit packages? Does everyone offer new physician bonuses? Wes Cleveland explores compensation and benefits in this this episode of the podcast series Making the Rounds.
Compensation methodology varies greatly by employer. Cleveland recommends talking to a lawyer who knows the local market and specializes in physician contracts. Your lawyer may also have access to some of the more comprehensive physician salary surveys available.
Just because an employer doesn’t offer a signing bonus doesn’t mean it’s not a good place to work.
Relocation expenses will often be part of your initial compensation offer. Employer payment of your student loans can also factor into your package.
It’s less common for physicians to be paid a flat salary. Productivity components are often included in salary packages. Cleveland recommends you make sure the productivity expectations are such that you can meet them realistically. What other administrative duties might you have? Be sure you understand how your compensation and bonus are impacted by productivity measures. To clarify, you could ask your employer for a specific example of what your compensation would look like under specific scenarios, so you know what you can expect to earn.
For more tips and advice listen to the series Making the Rounds.