What a Physician Should Expect During Salary Negotiation

What a Physician Should Expect During Salary Negotiation

So you got the job you wanted, and now it’s time to start negotiating your salary. Even though you have a good idea of what you’ll get paid, there’s still a lot of uncertainty involved.

You’re not sure whether you should present a starting salary or wait to hear from them. And you also don’t know if you should ask about other compensation.

If you have a lot of questions, it’s time to do some research. You should know what to expect during and before a pay negotiation.

Arrive knowing your stuff and anticipate what might happen during the negotiation. That way, you’ll end up leaving with the salary you deserve!

Check out a few pointers about what you should bank on before heading to your salary negotiation.

1. Know Your Worth Ahead of Time

Before negotiating your salary, it’s in your best interest to do some research. Find out what other doctors who have similar roles are getting paid.

You can look online to find out what a typical starting salary is and how much you may be able to make in the future.

Here are a few resources online that will point you in the right direction:

  • Doximity has a map on their site that gathers anonymous salary data. The data comes from tens of thousands of people in the medical field nationwide.
  • Radworking lists available jobs and the potential salary for a variety of positions.
  • Similarly to Doximity, Payscale has career and salary data. Their data comes from thousands of medical professionals. But to access the data, you have to set up an account.

2. Don’t Forget About a Signing Bonus

Most doctors get a signing bonus, which is why it’s essential to do your homework ahead of time.

Find out what other doctors are getting paid and whether they got a signing bonus. Knowing this invaluable information will point you in the right direction.

In some cases, you may need to ask if they will include a signing bonus.

The health organization should bring it up during the salary negotiation. But if they don’t, it’s okay to weave it into the conversation.

Also, find out what the usual signing bonus is for doctors in your area. That way, if they do offer one, you can decide what the least amount would be that you’d accept.

3. Don’t Offer a Starting Salary Unless They Ask

You might be wondering if you should tell your employer what you’d like to make right away or wait to hear from them. The best practice is to wait until your employer asks what you would like to make.

If they ask what your ideal salary is, be prepared to answer. Once they bring it up, here’s where your research comes in handy.

You should know what doctors in your field get paid. Beyond that, be ready to boast about your skills and argue why you deserve the salary you want.

They may have different compensation in mind. So, answering their question is an excellent way to start the negotiation.

To arrive at a salary, both parties should be upfront on what their expectations are.

4. Stay Calm and Be Patient

Negotiating a salary takes time, and it may take a while to hear back. Stay calm and patient while waiting to hear from the hospital system. It won’t do you any good to get frustrated.

Stick it out, and you should get rewarded for your patience and understanding.

In the future, you may run into the same situation again, so this is good practice. With an existing position, your negotiation may get postponed at times. It depends on what a hospital is going through and if they can manage a raise.

It doesn’t matter if you’re applying for a new job or are hoping to get a promotion. Stay in close communication with everyone.

That way, you can at least remind them that you’re waiting to hear back from them.

5. Review the Contract Before Signing

When you reach an agreement on a salary, there will be a contract to sign. Before signing it, go over it with a fine-tooth comb.

It’s vital to make sure that everything you discussed is on the contract. Miscommunications happen, which is why checking things over is necessary.

Have an attorney look over it as well. They can point out something you might have missed.

Are you learning about buy-ins, malpractice lawsuits, and non-compete clauses? A lawyer can do an excellent job of helping to explain everything.

Being comfortable before you sign a contract will make you feel confident that you didn’t miss anything.

In Conclusion

These pointers should help clear up a few questions you have. Continue to prepare for your salary negotiation so that you’ll do well.

The more you know what to expect, the better off you will be!

At the same time, work hard to form a good relationship with your employer. You’re valuable, but you should be tactful when arguing for the salary you want.

It’s normal to be nervous, but you know your worth. Fight for what is yours, and you’ll be satisfied with the outcome.

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