Career and Life Planning Workbook for Medical Residents

Congratulations! You have dreamed of this moment. After years of dedication to medical school and your residency, you are ready to establish your place as a physician. It’s time to look for opportunities and start interviewing. Your first practice is about more than where you would like to live and how much money you want to make. It’s about finding a compensation package that helps you achieve your dreams, both personally and professionally. 1. LOAN FORGIVENESS: Let’s face it. We all know medical school is expensive. Loan forgiveness can make your finances easier to manage, especially in the first few years of your practice. Make sure you understand how much is covered, how it will be paid out and what are the penalties if you decide to leave. 2. SALARY GUARANTEE + PRODUCTIVITY INCENTIVES: Each specialty is different. Depending on the specialty, the salary could be a fixed rate or guaranteed for a few years. Productivity incentives are confusing. Make sure they are clearly laid out in the compensation package. If compensation is important to you and you don’t mind small towns, most rural areas offer higher compensation than most of the urban areas. 3. COMMENCEMENT BONUS: Starting out, it’s nice to get some income upfront, especially to help you get established in a new practice and community. Find out if your commencement bonus is paid the day you sign or the day you start. How is it paid out? 4. OVERHEAD EXPENSES: Some opportunities may include overhead expenses such as staff and practice expenses, malpractice insurance, etc. Make sure you understand all expenses you would be responsible for covering. 5. ALLOWANCE: The average CME allowance offered to physicians in 2016-2017 was $3,613 (according to Board Vitals). Make sure it states how many days you get and what the allowance covers. Does it include travel and expenses, or just the education? Another important allowance to include is housing and relocation. Not only is it exciting to find a new home in your practice area, but it’s also important to make sure your family gets settled in a community that will meet your needs. 6. RESIDENCY STIPEND: Some organizations will help support you financially during your residency with a residency stipend. This allows you to focus on your program and spend less time stressing about finances. 7. APC OVERSIGHT: Would you be interested in APC oversight? If so, find out how you would be compensated for the oversight and what the expectations are. Will this APC oversight help your personal productivity increase? For instance, if you are in a surgical position, the APC is able to handle the pre- and post-op, allowing the surgeon to spend more time in the operation room. 8. PATIENT POPULATION: All of our physicians enjoy caring for patients, regardless of their insurance. For example, HSHS Medical Group compensates our providers the same for every patient, no matter their insurance plan. Find out if you are able to treat all patients and if you are compensated differently based on their insurance. 9. WORK/LIFE BALANCE: You may love being a doctor, but you also have friends, family and personal interests outside of work. How does the organization help you balance this with paid time off and other incentives? CULTURE: Make sure you examine the culture of the organization, the community where you will live, school districts and local amenities. Will your family be happy here? What is important to you now? Will that be the same in 5 or 10 years? Don’t look at a compensation package as just the salary, but look at everything it offers you and your family. Check out these TOP 10 items to look for in a great compensation package: Written by Debbie Brewer, Provider Recruitment & Development Manager at HSHS Medical Group 10. Your Happiness is Priceless .