PracticeLink Magazine

FALL 2017

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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features 48 FALL 2017   PracticeLink.com The compensation package Through salary should not be the only — or leading— factor you consider, says Mason, the overall value of the total compensation package is one way to quantify the value a potential employer is offering. It is a way to compare the different employment options you may be presented. The elements of a standard compensation package may include some or all of the following: • Salary: Including base pay and bonuses (signing and/or based on productivity) • Benefits: Health insurance, life insurance and disability coverage, among others • Continuing medical education (CME): Money to pay for required CMEs • Leave: Paid or unpaid vacation, sick time, maternity leave • Student loan forgiveness/repayment options • Moving expenses • Cell phone expenses Start by assigning a dollar value to each item on this list. "Once you understand the basic compensation package, you can try to move the values around," says Mason. For example, if you don't need moving expenses paid, you can ask to trade that for something else, like a signing bonus or more vacation time. Or maybe you can ask for more CME money instead of a cell phone plan. What is not possible to negotiate, says Vogel, are the benefits that are rolled out organization-wide, such as health insurance plan options and 401(k) plans. It is neither feasible nor legal, in some cases, for an organization to create a customized health plan or 401(k) offering just for you. So don't waste time or energy trying to convince a practice to switch its insurance carrier or up its retirement plan matching percentage. It's not going to happen. Considering negotiating? Start with evaluating your priorities, recommends Bonnie Mason, M.D. What do you want a position to provide? What's important to you? · Photo by Chris Bowman See this issue's physicians in exclusive video interviews at Facebook.com/PracticeLink

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