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 56 of 95   FALL 2017 57 features THE CONTRACTS & COMPENSATION ISSUE ▴ ▴ ▴ C O M P E N S A T I O N C O M P A R I S O N S DEREK SAWYER W he N IN ve STI g ATIN g P o T e NTIA l jo BS o R opportunities, it's easy to get excited about large sign-on bonuses, inflated hourly rates or what appear to be substantial benefits packages— because these are all compensation tools used to catch the eye of prospective candidates. Not so fast, my friend! To consider total compensation, you need to see the complete picture, one that includes all these factors as well as a way to gauge the value of them as it relates to your situation. In this article, we will take a shallow dive into some of the more common forms of compensation and address how to find common denominators so that you can fairly compare one factor to the rest of the package (as well as compare to others that may be markedly different). Apples: Your needs It may seem like advice you would get in a fortune cookie, but "know your needs" is a critical step. Erik Petersen, D. o ., regional medical director for American Physician Partners, noticed the recurring theme of preparation. Medicine continues to demonstrate a lack of standardization regarding overall compensation across specialty and geography. Every situation is different. Family, geography, loans and other debt, investments, businesses, charity work and more can all play big roles in whether you should accept a high pay rate and fewer benefits or vice versa. "At the end of the day, having a firm grasp on your own limitations and flexibility will increase your chances of avoiding otherwise unseen pitfalls along the way," Petersen says. If you have a 7 percent interest rate on your student loans, for example, then it could be less helpful to have a 401(k) match instead of loan repayment benefits. This isn't to say that starting a retirement plan is a bad thing, just that your financial focal points will change as your personal situation does. Compensation comes in many forms. This guide helps you evaluate what each piece is worth to you. Evaluating apples and oranges

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