The MGMA’s In Practice blog recently offered some helpful insights on developing winning physician compensation packages, based on the organization’s 2012 starting salary survey. Concorde expands on the list with these 10 considerations to give your candidates offers they can’t refuse.
With 29 years of experience in the industry, we have seen all kinds of variations in employment offers. Our current market observations suggest the following things to keep in mind:
- Beyond the contract – Physicians are looking for incentive provisions and some idea of what their compensation will be like after the initial contract is over.
- Job security – Primary care physicians and some Internal Medicine sub-specialists often prefer hospital employment vs. private practice.
- Help with educational costs – Financial assistance – such as loan repayment or a stipend for the last year of training – is in high demand.
- Outpatient positions – These positions are growing popular among primary care physicians.
- Signing bonuses – $20,000-$50,000 is very common – best to offer with a time constraint (e.g., if you sign in 3 weeks).
- Vacation – 4 weeks is standard for primary care physicians.
- Family Medicine rising – Compensation for these specialists is approaching $200,000+.
- Hospitalist schedules – Looking for a 7 days on, 7 days off schedule.
- Reasonable non-competes – Don’t overreach; you’ll turn off good candidates.
- Deadlines – The best way to sign your physician – give them a solid deadline, and stick to it!
Before you sign the right candidates, of course, you have to find them. So give us a call at 800-334-6407, or contact a Concorde consultant online, and let us help you find the most promising physicians for your organization and help you get them signed.
Read the MGMA’s compensation package tips.