PracticeLink Magazine

FALL 2014

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 63 of 103

64 | FALL 2014 contract," Morris says. "If it hadn't been for the contract review, I think things would have gone poorly for me at that particular job." Rarely in any negotiation will the physician get every- thing desired from an employer, but that's why it's called a negotiation. Slowing down long enough to explore the possibilities that could lead to a more balanced and desirable contract is just good business. Author/attorney Hursh says negotiation is preferable to what he has seen many physicians do when faced with growing student loan debt—quickly grasp for the frst life preserver offered without giving the contract full review and consideration. Items on the negotiating table All leverage disappears the moment an employ- ment agreement is executed, so give each major contract item on the table careful consideration. Those pieces likely include the following: 8 Compensation and benefts To properly evaluate or negotiate an employment contract, you must frst know what you are worth in any given market and for your specifc specialty. You have several avenues by which you can obtain a good sense of that value. Some of those sources include: • Talking to other physicians in the same specialty • Consulting with a recruiter who works with other physicians in that specialty • Talking to new hires • Consulting websites of medical associations like the Medical Group Management Association (MGMA), which reports on physician compensation Once you have a feel for the market, which can vary by city (and even by neighborhoods within the same city), you must then weigh other factors involving compensation that may matter even more than salary. Says Huie: "$350,000 in one place may be better than $400,000 in another." Once you have ascertained an approximate value for your training, specialty, location and other factors, you can then move toward even more important questions Confident Negotiations Continued from page 62

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