PracticeLink Magazine

WINTER 2015

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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24 PracticeLink.com winter 2015 T he money section of the Wa l l St re et Jou r n a l t h i s September referenced a study by Nor t hwester n Mutua l L ife Insurance in which it concluded that Americans would rather talk about sex than money. Many of us have come to learn that it is impolite to discuss money, which may account for the reason that so many of us are uncomfort- able with the topic—much less tack- ling salary negotiations. Over the last two decades, I have served as a liaison between CEOs and physician candidates during the vari- ous stages of the recruitment process, includ ing contract negot iat ions. Empowerment in salary negotiations comes from knowledge, strategic planning, timing and an understand- ing of the rules of engagement. Money terms Knowing the differences between salar y, productivity and financial packages is impor tant. They are not synonyms. Salar y, along with the productivity piece, is income reported on your W2; a financial package includes your salary, produc- tivity, signing bonus, CME allocation, benefits (i.e. insurances, retirement plans, etc.), relocation stipend and any other items assigned a dollar value. In layman's terms, a financial pack- age is akin to an employee's hidden paycheck. Be advised that when it comes to financial packages, there are governing bodies that impose boundaries and mandates on sala- ries, benefits and incentives legally acceptable in a job offer to a physician candidate. Knowledge is power One the best pieces of advice is to become knowledgeable about sala - ries using data collated by reliable sources such as MGMA and other organizations offering compensa- tion benchmarks by region, state, practice structure and setting. Also seek real-time salary benchmarks from colleagues who have recently accepted new positions. They can speak about their experiences in By PATRICE STREICHER When to talk money? Know ing how a nd when to bring up compensation discussions ca n a ffect t he qua lit y of life you enjoy as a new employee. The decision-maker must have confdence that you match the personality and culture of the practice before they will even utter a syllable about money. FinancialFitness Money tips from those who know

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