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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Page 48 of 95

the CONTRACTS & COMPENSATION issue   FALL 2017 49 Bon Secours Health System is now recruiting physicians (all specialties) in Maryland, Kentucky, South Carolina, and Virginia. Our mission is to bring compassion to health care. Commit yourself to bring people and communities to health and wholeness with us. Innovative· Integrated· Interested? Call— KY: Lisa, 606-833-4141 MD: Danielle, 757-374-7134 SC: Courtney, 864-561-9804 VA- Hampton Roads: Jessica, 757-215-2724 VA- Richmond: Amber, 804-433-4712 Bon Secours is a not-for-profit Catholic healthcare ministry with 24,000 employees, award winning hospitals and physician practices, all part of one integrated system. Know your numbers You can expect potential employers to be helpful and collaborative because they want to hire you. But that doesn't mean you'll get everything you ask for. Before you start setting arbitrary minimums as far as your desired salary is concerned, it will be helpful to know what the industry standards for compensation are for your specialty, says Vogel. Research what the salary is for the 25 t h , 50 t h and 75 th percentiles in your specialty to get a realistic framework for what you may be paid. Vogel's experience negotiating his employ ment contract was very positive. He was also well prepared for the discussion, having researched appropriate salary expectations for his specialty and the hospital system in advance. Also find out the hospital baseline average, to know how it compares to other locations. If you discover that the average salary hospital-wide is $300,000, you shouldn't expect to be offered close to that one year out of residency, Vogel says. That baseline number can be useful for negotiating if you learn that the organization you're talking to is currently paying under the 25 th percentile. Your goal should then be to try to convince the hospital to pull its entire baseline up in order to increase your potential starting offer. That is an easier sell if your research uncovers that doctors are leaving due to dissatisfaction with the salary. The conversation might sound something like: "I see that your retention rate is below the national average. Now might be a great o p p o r t u n i t y t o re - e v a lu a te you r baseline in order to retain more of your experienced staff." That approach turns your recommendation regarding an across-the-board salary increase into a benefit for everyone, including the hospital. Studying potential employers is smart, but it's only half the equation. It's also important to consider your priorities.

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