After getting your license, you are eager to put up your own practice or work in a hospital. Surely, you will get a job. But then, there are some things you need to consider, such as the physician salary negotiation. Today, we will show you the four things you should do before signing a contract as a physician employee. Use this as a guide to get the most out of your career.
1. Ask About the Money
There is nothing wrong with asking how much money you will earn, when you will get paid, etc. You are performing a valuable service, and you must get compensated for it. Your salary can also help with how you improve your credit score. The higher you earn, the more likely you can easily pay your bills and debts. We are not saying that you ask for too much. Just ask what the company is willing to pay you and if they have other means to compensate you, like getting paid a professional fee.
2. Get Everything in Writing
Do not sign a contract unless what you have agreed upon is not there. It is not unusual for hiring managers to promise you all sorts of things, only for you to find out that they are not real. For example, the CEO of the hospital may say that the company will cover the expenses for your liability insurance. If this is not in writing, do not sign it. Now, if you think the liability insurance does not matter to you, then you can go ahead and sign the contract. What matters here is that your expectations are on paper.
3. Understand the Difference Between Salary and Compensation
A salary is a fixed amount of pay. It is the money you get for the service you provide. Most of the time, a salary is based on your performance. On the other hand, a wage is a payment for hours of work. People who earn wages are those who are mostly in blue-collar contractual jobs. Compensation is different, as it can also come in the form of stocks. Some companies give bonuses, and some give a percentage of the patient’s payment to the physician. Some hospitals allow their physicians to charge a professional fee, which is different from what the patient pays the hospital for their stay in the facility.
4. Know the Provisions of Your Contract
Read your contract. Understand the meaning of each word, and do not sign it if there is something that you do not like. For example, if the company says you cannot work in other hospitals if you resign, then you should not sign this contract. If you do sign and you break this rule, the company can sue you for breach of contract.
As a physician, you deserve the best. Before signing any employment contract, know the details. Do not hesitate to ask, and do not hesitate to negotiate. Your employment is your future, and you can only guarantee it by being vocal about your demands. Of course, you should also be ready to make adjustments in your compensation.