Career and Life Planning Guidebook for Medical Residents

There are a variety of compensation packages available in the healthcare industry today. Just as you re- viewed in our job transitions chapter, this is not a “one size fits all” process. Understanding the types of compensation packages and their fundamental differences is key to ensuring your ability to determine which offer is in your best interest. 1. Major Factors Impacting a Physician’s Salary and Compensation Plan 2. How Employers Determine Starting Salary 3. Additional Compensation Opportunities 4. Taxable Income Considerations 5. Post-Starting Salary Transition 6. Fair Market Value and Commercial Reasonableness Standards 7. Production Models • Learn how employers determine compensation packages. • Generate questions to ask the employer before making a decision. • Understand how compensation is impacted by geographic location, demographic classification, practice type, practice ownership, and medical specialty. • Learn how compensation methods impact a physician’s financial bottom line. • Differentiate between various production-based models. L E T ’ S G E T S T A R T E D In This Chapter O U T L I N E G O A L S Physician Compensation 217 WWW.PHYSICIANCAREERPLANNING.COM