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?
- What is the base salary?
- How much are the current physicians making and how long did it take them to ramp up to that number?
- What is the bonus structure, ie. collections, work relative value unit (wRVU), etc.?
- Earning potential based on worst and best case scenario and previous provider performance (years 1, 3, 5, 10)?
- What is the wRVU threshold and dollars paid per wRVU?
- How is compensation based after the initial salary guarantee?
- Can any portion of my base salary be decreased during the first year, or in subsequent years, due to productivity or qualitative guidelines?
- What are the exact formulas and specific metrics used to calculate my incentive bonuses?
- Will there be transparency during the interview process with the ability to review practice financials and existing physicians’ income levels?
- What is my guaranteed base salary?
- How long is the guarantee?
- What type of production model is in addition to my base salary?
- What are other physicians earning? Regardless of specialty, how are other medical staff members doing compared with benchmarks for the rest of the country?
- What is the payor mix? This is especially important if the incentive/productivity structure is based on charges, collections, or any revenue.
- What other incentives are available, i.e. sign-on, commencement, anniversary bonuses, student loan repayment, tail coverage if applicable, etc.