Introducing Physician Compensation – Analyzing Compensation by Each Factor to Help Residents Understand, Analyze and Evaluate Compensation Plans

Introducing Physician Compensation - Analyzing Compensation by Each Factor to Help Residents Understand, Analyze and Evaluate Compensation Plans

Algonquin, IL – Adventures in Medicine – the trusted resource for career and life planning for medical Residents & Physicians, residency programs and physician employers recently published the 10th edition of Career and Life Planning Guidebook for Medical Residents, available via complimentary eBook.

Todd Skertich, Creator and Co-Author of Career and Life Planning Guidebook states, “Residents often isolate themselves from the world for more than a decade, often placing their life, friends, and family on hold.  After all the years of training and every spare moment studying to become a physician, residents are expected to flip a switch and transition from training into their career and life simultaneously.  Our goal is to provide the essential information needed to help residents learn how to transition from their training into their life and career successfully.”

The 10th edition offers 19 invigorating chapters, including 9 new chapters.   Meagan Vermeulen, MD, FAAFP, Director of Content Strategies for physiciancareerplanning.com (a subsidiary company of Adventures in Medicine) was instrumental in grouping the Guidebook’s 19 chapters into three manageable sections and for each section to be digested over the last three years of training. 

Dr. Vermeulen states, “As an Associate Program Director at the Family Medicine Residency Program of Rowan University School of Medicine, learning 19 chapters of content, completing dozens of interactive resources and making several significant life decisions all while residents train 1,100+ clinical hours, study for exams and manage their personal life is a tall task, so I hope by breaking up the content over three years will give residents enough time to work through the content and make good work/life decisions.”

Brad Reay, a physician compensation expert at Katz, Sapper & Miller and Philip Schaefer, Senior Vice President at Southern Illinois Healthcare teamed up to co-author Physician Compensation – Analyzing Compensation by Each Factor.  The authors address each of the major factors impacting a Physician’s salary and compensation place, including by geographic location, demographic classification, practice type, practice ownership and medical specialty. 

Brad Reay states, “Starting compensation for Physicians varies significantly based on factors such as Geography, Demographic Classifications, Practice Type, Practice Ownership, and Medical Specialty among other factors.  Understanding the types of compensation packages available for Physicians in the healthcare industry, and the fundamental differences between them, is essential knowledge to determine which offer is best suited for the Resident beginning their career in medicine.”

To help Residents and Physicians to comprehend, and ultimately apply, compensation factors to their own practice, reading factors associated with Physician Compensation are outlined in an easy to follow format with sections dedicated to deeper “Read”, “Field Notes” as summaries, “Recommended Tools” for exercises and “Chapter Toolbox” for links to additional resources. Additional compensation opportunities associated with relocation provision, Residency/Fellow expense stipend, retention bonus and student loan support are also examined. 

As the Physician Compensation chapter is navigated, Residents will be introduced to Recommended Tools to help prepare for negotiating a winning compensation package, as well as a Compensation Package Worksheet to download and utilize.  In addition to the breadth of information about first year cash compensation, the publication also addresses the importance of asking the right questions about productivity.  

Phil Schaefer shares, “One of the biggest mistake residents make is focusing on the cash-guarantee with blinders on.  Without addressing how the productivity works, Physicians are vulnerable to earning significantly less when the compensation plan transitions from a guaranteed model to a productivity model.  We hope by equipping Residents with the questions needed to understand what is expected to maintain and/or increase their compensation before transitioning into a productivity model will help Physicians position themselves for longevity and success.”

Physician Compensation is the ultimate resource for Residents and Physicians to address the following key compensation issues and topics:

  • Learn how employers determine compensation packages
  • Generate questions to ask the employer before making a decision
  • Understand how compensation is impacted by various market segments
  • Learn how compensation methods impact a physician’s financial bottom line
  • Differentiate between various production-based models
  • Learn how student loans and repayments are addressed through compensation
  • Learn how to maintain salary while transitioning to productivity plans
  • And so much more!

To access the complimentary chapter on Physician Compensation – Analyzing Compensation by Each Factor, click eBook.

Recommended Resources:

Click Physician Career Planning to access 100+ Career and Life Planning Resource Library.

To access Career and Life Planning Tracker for Medical Residents click eBook.

About the Company

Adventures in Medicine is the trusted resource for career and life planning for medical residents and physicians, residency programs, employers and service providers.  The company helps residents and physicians achieve success in their careers and personal lives, and to positively impact the communities they serve.

Without the support and contributions of Adventures in Medicine’s physician employer partners, this chapter, book and 100+ resources developed over the past ten years would have never been created and distributed without their unconditional support. 

A special thank you to Southern Illinois HealthCare’s physician recruitment department for sponsoring the chapter on Physician Compensation – Analyzing Compensation by Each Factor. 

Media Contact
Company Name: Adventures in Medicine
Contact Person: Nicole Skertich
Email: Send Email
Phone: 847-649-2621
Country: United States
Website: https://adventuresinmedicine.com/