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.

Issue link: https://magazine.practicelink.com/i/866760

Contents of this Issue

Navigation

Page 57 of 95

features 58 FALL 2017   PracticeLink.com In addition, when a prospective job is presented to you, the employer or recruiter will communicate all the reasons they think the job would be a great fit for you. Their reasons might include a great health care package, shorter shifts, free lunch in the hospital cafeteria or any number of things. On the surface, these benefits sound wonderful… unless your spouse has access to a benefits package, you prefer longer shifts for more days off, and the cafeteria isn't open during your night shifts. In this case, a higher straight hourly rate or more contributions to your 401(k) might be more ideal. In short, there are several ancillary and sometimes unique offerings that an opportunity will provide, and knowing which ones will benefit you the most will help you determine which items are of value and which are not. Oranges: The location Most compensation packages are centered around a principle you learned back in middle school economics: supply and demand. More desirable areas and a higher concentration of available physicians will equate to lower pay rates. The easiest examples are Hawaii and the Florida Keys. Both have a line out the metaphorical door for providers waiting to get in, but both by and large also have the lowest pay rates in the country. On the flip side, many locations that are less desirable for a multitude of reasons will carry higher compensation packages. Keep in mind that a "less desirable location" is not necessarily a bad location; its supply is just less than the general demand. Location also comes into play when considering the area's cost of living and local taxes — two factors that can potentially have the largest impact on your take- home pay after all is said and done. Be aware of the tax laws where you intend on living and practicing, as there can be additional state, county and township taxes. As a fan of a particular football team which will remain nameless (but resides in Jacksonville, Florida), I can say that a major draw for free agents is no state tax. As a free agent in your own right, you should take into account the difference in your taxable income, which can be as high as 10 percent of your annual pay (e.g. a $30,000 5 more tips for evaluating your contract and compensation plan Jason Eppler, M.D., recommends the following when evaluating a contract and compensation plan: 1. DO YOUR RESE ARCH In addition to checking online and industry sources, be sure you check the proverbial grapevine. Other physicians, nurses and staff can give great indications about the culture and viability of the group. 2. REMEMBER, A HANDSHAKE IS NOT A GUAR ANTEE Any agreed-upon conditions or incentives must be written into your contract, or they do not exist. Clarify performance incentives and par tnership track oppor tunities, and get the details included in your contract. 3. KNOW THE DIFFERENCE BE T WEEN A NONCOMPE TE AND A NONINTERFERENCE CL AUSE Noncompete clauses generally prohibit physicians from practicing within a cer tain geographic area for a defined period of time. Noninterference clauses prohibit physicians from going behind the backs of their contract holders to undermine the contract. In exchange, these physicians are free to work at other emergency depar tments in the area, or to be hired by a new group that might win the contract at the contract holder's hospital. 4. BE WARY OF CONTR ACTS THAT OFFER A POT OF GOLD Extremely high rates might signal that the oppor tunity is taxed by several challenges, such as high patients per provider hour, poor staffing, high provider turnover, overwhelming metric goals, etc. 5. DON'T SE T TLE FOR STANDARD IF SOME THING DOESN'T ALIGN Most employers will offer the convenience of a standard compensation package or contract. There is nothing standard, however, when it comes to the livelihood of you and your family. But most new employees don't ask for a change, due to fear of being arrogant or ungrateful. Contract negotiations can be stressful by nature, but they cer tainly don't have to be malignant. If so, you may need to ask yourself if this is the right group for you.

Articles in this issue

Archives of this issue

view archives of PracticeLink Magazine - FALL 2017