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Many times when I speak with physicians in residency about their upcoming physician job search, the notion of a fair salary and other benefits is still somewhat abstract. Residents obviously know that they want to make more than they are currently in residency, but many are not sure what exactly is a fair market value salary for the specialty they're going into. And the specifics of other benefits like vacation days, health coverage, signing bonuses, and CME reimbursement are even more unclear.
In my early career as a health care attorney I embraced the enormous amount of useful information that is found in physician benchmark surveys, such as the Medical Group Management Association's ("MGMA") Physician Compensation Survey. This survey is jam-packed with national standards on compensation and benefits for each and every different specialty and sub-specialty. If you can access the MGMA survey, you will be faced with a wealth of information that will demonstrate the fair market compensation for your physician employment arrangement, and you will have the facts you need to know whether you should be asking for an increase in compensation as part of your physician contract negotiations. Having this simple, yet sometimes hard-to-come-by data, can make your negotiations process much smoother, and can help you achieve a higher salary and better benefits.
For more information on the MGMA survey and how Lauth O'Neill Physician Agency can assist you in negotiating a higher salary and better benefits, contact Leigh Ann O'Neill at 317-989-4833 or loneill@lauthoneill.com.
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