The key to salary negotiation: know your market value

Family physicians are among the most recruited medical specialists, but average starting salaries are growing faster in other specialties, according to data recently released by AMN Healthcare (formerly Merritt Hawkins). Starting salaries for family physicians averaged $255,000 in the company’s survey, an increase of just 2%, year-over-year. That’s compared to a 22% increase for dermatologists, and 12% for orthopedic surgeons, for example.

One of the keys to getting paid what you’re worth is to enter salary negotiations armed with the following information:

• The salary range (starting point, midpoint, and maximum) for similar positions in your area, as well as a general idea of the salaries in the broader region and nationally.
• Your bottom line. This is the lowest possible number you’re willing to accept.
• Your opening bid. It is best to have a high starting position — not unrealistically high, but high enough to allow you to make concessions while still achieving an outcome that meets your goals. 
• A basic understanding of the compensation formula your employer or prospective employer uses. The formula may include a base salary plus payments for productivity (based on relative value units, collections, etc.) and value-based bonuses tied to meeting specific quality targets.
  
• Your expected total compensation. The compensation package may include signing bonuses, retention bonuses, relocation or recruitment bonuses, and benefits such as time off and CME reimbursement.

Posted on Aug. 29, 2023 by FPM Editors