Compensation Concerns? Top Three Questions to Ask

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Jackson Physician Search– Compensation models in medicine can be complicated and confusing. So whether you are a new physician emerging from training, or making a change after years in practice, you share a common concern: What should I expect to earn in my new practice?

While a myriad of factors and choices influence your total package, we can help you ask the right questions to negotiate a package that is fair and aligned with your professional and lifestyle priorities.

Let’s start by asking experienced recruiters: What three questions with regard to physician compensation do you think all physician candidates should ask their prospective employer?

https://www.linkedin.com/in/neal-waters-1b564768

Neal Waters, Regional Vice President – Recruiting

  1. What is the base salary?
  2. How much are the current physicians making and how long did it take them to ramp up to that number?
  3. What is the bonus structure, ie. collections, work relative value unit (wRVU), etc.?
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Christen Wrensen, Senior Director of Recruiting

  1. Earning potential based on worst and best case scenario and previous provider performance (years 1, 3, 5, 10)?
  2. What is the wRVU threshold and dollars paid per wRVU?
  3. How is compensation based after the initial salary guarantee?
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Peter Cebulka, Director of Recruiting

  1. Can any portion of my base salary be decreased during the first year, or in subsequent years, due to productivity or qualitative guidelines?
  2. What are the exact formulas and specific metrics used to calculate my incentive bonuses?
  3. Will there be transparency during the interview process with the ability to review practice financials and existing physicians’ income levels?
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Carly Clem, Director of Recruiting

  1. What is my guaranteed base salary?
  2. How long is the guarantee?
  3. What type of production model is in addition to my base salary?
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Brian Goldman, Director of Recruiting

  1. What are other physicians earning?  Regardless of specialty, how are other medical staff members doing compared with benchmarks for the rest of the country?
  2. What is the payor mix?  This is especially important if the incentive/productivity structure is based on charges, collections, or any revenue.
  3. What other incentives are available, i.e. sign-on, commencement, anniversary bonuses, student loan repayment, tail coverage if applicable, etc.

Check out the Jackson Physician Search salary calculator  for average compensation by specialty and see current practice opportunitiesContact us to talk with a recruiter about compensation trends.