Career and Life Planning Workbook for Medical Residents

76 WWW . A D V E N T U R E S I N M E D I C I N E . C O M | 7O`ZPJPHU 9LJY\P[LYZ 7YVZ! 4H` IL ]LY` RUV^SLKNLHISL HIV\[ WO`ZPJPHU JVTWLUZH[PVU I` ZWLJPÄJ THYRL[ TH` OH]L L_WLYPLUJL PU ULNV[PH[PUN JVU[YHJ[Z TH` IL H MYLL ZLY]PJL PM [OL YLJY\P[LY PZ YLWYLZLU[PUN `V\ *VUZ! 4H` IL PULќLJ[P]L HZ H ULNV[PH[VY VY KVLZU»[ OH]L KPYLJ[ HJJLZZ [V [OL YPNO[ JVU[HJ[Z ILULÄ[Z MYVT `V\Y HJJLW[PUN VY YLQLJ[PUN HU VќLY | Attorneys. Pros: May be very knowledgeable about interpretation of contracts, may be able to assist you with the right mind set to negotiate. Cons: Unlikely to have a pulse in the physician compensation and productivity market. | Other Possible Advisors. Career coaches or physician compensation negotiators. >OLUL]LY `V\»YL MHJPUN H JOHSSLUNL MVY [OL ÄYZ[ [PTL HU VIQLJ[P]L HK]PZVY JHU IL HU PU]HS\HISL YLZV\YJL -PUKPUN [OL YPNO[ WLYZVU OV^L]LY JHU IL H JOHSSLUNL PU P[ZLSM 0[»Z LZZLU[PHS [OH[ `V\ JOVVZL ZVTLVUL ^OV PZ VIQLJ[P]L JVTWL[LU[ HUK OHZ your best interests at heart. Consider these possibilities: When you’re able to cite facts, you gain credibility, which helps produce a positive outcome. On the other hand, if you start X\V[PUN ^OH[ `V\Y JVSSLHN\LZ HYL ILPUN VќLYLK ^P[OV\[ ]HSPKH[PVU `V\»SS OH]L [OL VWWVZP[L PTWHJ[ VM ^OH[ `V\ PU[LUKLK Here are some resources and methods to be armed with sound information. | Analyze physician compensation and production surveys. They’ll help you understand the market for your specialty and may include detailed information based on geography, experience, and bonuses. Resources: To view Medscape’s compensation survey, visit: www.medscape.com/features/slideshow/compensation/2016/public/overview | Survey Data. When compensation discussion begins, ask to see the survey data the employer is using to determine compensation. | RVU Percentiles. Focus on median compensation and compensation linked to RVU percentiles. Greater than 75th percentile is risky and greater than 90th percentile is forbidden by federal regulations except in very limited situations. | Interview in similar communities. (U LќLJ[P]L ^H` [V NL[ H W\SZL VU [OL THYRL[ PZ [V PU[LY]PL^ H[ ZL]LYHS JVTWHYHISL opportunities in similar markets. | Consult an agency physician recruiter. Similar to real estate agents, agency physician recruiters know the starting physician compensation packages for similar listings, and, more importantly, the negotiated physician compensation packages of physicians who have signed. | Look at Online Job Boards. 1VI )VHYKZ HUK QV\YUHS HKZ TH` IL HU L_JLSSLU[ ^H` [V NL[ PU[YVK\JLK [V `V\Y M\[\YL LTWSV`LY HS[OV\NO ML^ VM [OL WVZ[PUNZ WYV]PKL KL[HPSZ HIV\[ JVTWLUZH[PVU HUK L]LU PM [OL` KV [OL ÄUHS ULNV[PH[LK WHJRHNL TPNO[ IL KPќLYLU[ Exercise: Establish your value and create the “Win-Win” In negotiation Step 3: Do Your Research Step 4: Find an Advisor or Coach CHAPTER 8 Contract Negotiation