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 60 of 95

the CONTRACTS & COMPENSATION issue PracticeLink.com   FALL 2017 61 p The most successful negotiators calmly approach the table with facts. This approach helped Tony Briningstool, M.D., consider—and meet—a group's benefit requests. · Photo by Mandy Chadwick See this issue's physicians in exclusive video interviews at Facebook.com/PracticeLink difference each and every year on $300,000 in annual salary). Apples: The benefits The next step in comparing your compensation offers is to establish a common denominator. In this case, the almighty dollar is the easiest. This doesn't mean that you are only out for the money, but, instead, can offer a way to find the relative value of each portion of your compensation package. Though this may sound complex, it can be determined simply by establishing the annual dollar value of a benefit, then dividing that by your projected hours over the course of the year. A simple example would be two weeks of PT o , for which you would simply multiply your hourly wage by the hours provided. A more complicated scenario, however, could revolve around hitting a performance bonus, which in itself contains some uncertainty. To determine the value of a bonus, you must consider not only the dollar amount, but also the statistical likelihood of hitting that target each time. (I must a lso note that job satisfaction is obviously a key component here, but for the sake of brevity, we will assume that whatever jobs you are comparing are ones that will fulfill your clinical and professional needs.) If your employer is willing to contribute all or even a portion of your health/vision/dental benefit premiums, that's hard to beat. I n r e a l i t y, t h e c o m p a n y contribution to your plan is the true benefit here. To determine the value of this portion of your compensation, divide that monthly amount by your number of hours. As a side note, make sure that the network also covers your local hospital and desired clinical network. Oranges: Employee type T here is no r ig ht or w rong answer here, and your specific circumstances play the biggest factor. According to Jay Widler, a consultant at Financial Designs

Articles in this issue

Links on this page

Archives of this issue

view archives of PracticeLink Magazine - FALL 2017