Career and Life Planning Guidebook for Medical Residents

F I E L D N O T E S “Worry less about money, and more about the day-to-day details that make life happy. In the end, the poorest physician is richer than 99% of the population. I’m a happy, employed physician and it works well for my career and family because I really took the time to find an employment opportunity that worked for everyone.” – Kelli Webb, MD, Plastic & Reconstructive Surgeon SIH Medical Group R E A D : How Employers Determine Starting Salary Physician Compensation and Production Surveys So exactly how do healthcare employers de- termine starting salary and total compensation levels? Hospitals and healthcare systems might use availablenationalor regionalphysiciancompensation and production survey data such as that reported by Medical Group Management Association (MGMA), American Medical Group Association (AMGA), and Sullivan Cotter & Associates. Private groups might set a guaranteed level of compensation with the understanding that the practice is likely to subsidize the new physician for a period of time until their practice builds. Factors that influence your ramp-up time include whether you are new to the practice and whether you are experienced or new to the geographic market or relocating a practice within that market. Patient demand and how willing your practice colleagues are to share in overall practice volume will also impact how quickly your practice grows. It is common to see guaranteed salary provisions for at least one year and up to three years depending on the market and practice dynamics. Employers are making an investment in you with the intent of full value being realized in the future. Don’t forget that startingsalary is onlypart of theoverall compensation package for physicians. In the following section, we will talk about some of the other compensation opportunities in which you might participate. Physician Compensation 225 WWW.PHYSICIANCAREERPLANNING.COM