If you're a physician coming out of residency and about to head into your fellowship, you probably have your job search and that first GIANT first paycheck on your mind. After all, you've been training for years and years by now, and the light at the end of the training tunnel is in sight! If you're like most of our physician clients, you are wondering what you can expect to be paid once you start your job. You're also wondering how do you position yourself best for successful physician employment contract negotiations? One of the most important things you can do is inform yourself. First, keep in mind that you have gone through elite schooling and training to get where you are today. You are surrounded by top-notch colleagues, and you're each worth a lot! In fact, you may be worth more than you're comfortable saying out loud. You need to get the facts on the physician compensation data so that you have at least a ball park figure in mind on what your overall compensation should be. Which brings us to the next crucial point- once you see those all important numbers, you must become comfortable with them. They're not abstract, or subjective. They are representative and demonstrate what a physician in your subspecialty is earning.
So if you are an orthopaedic foot and ankle surgeon who is taking a job in Alabama, for example, and you look at the Medical Group Management Association's 2018 Physician Compensation Survey, and it tells you that the median total compensation for an ortho foot and ankle surgeon in the South is $525,000, then that is what you should aim for when it comes time to negotiate your contract.
If you are armed with the relevant information, you can rid yourself of the guilt sensation that so many physicians experience when they go to negotiate their physician employment agreements. Instead, you can feel confident that you are worth a certain amount in your given market, and you can approach the negotiation phase knowing that you aren't leaving money on the table, and you aren't selling yourself short.
For more information on what you can expect in the way of your physician compensation under your first employment contract, contact Leigh Ann O'Neill at 317-989-4833 or loneill@lauthoneill.com. Leigh Ann is a lawyer who focuses her practice on assisting her physician clients through the review and negotiation of their employment contracts. As part of this process, she is also able to assist clients by providing them the relevant MGMA compensation data. Call today to find out more!
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