Getting What You Are Worth

You want to get paid what you are worth. You want to ensure that you are getting a fair market value for the services your offer your employer or pay yourself. But you do not want to ask a colleague or compare paystubs. That's awkward. As medical practitioners, it is even harder to compare paystubs since there are many specialities. Medical Economics wrote a helpful guide on how to approach this topic. View the guide here. Here is a glimpse at what you can do to better understand if you are getting the appropriate pay for your services:

1. Take your Federal W-2 (box 1) from last year and compare it national surveys of physician's compensation.

2. Match to a metropolitan area near you. Check how your productivity compares to others in your market or nationally. Does your work Relative Value Unit (wRVU) compare favorable or unfavorable to the national percentiles?

3. What value to you put on health premiums, malpractice coverage, 401(k) matches and other perks? They have value. Don't forget to include the value of paid time off.

4. How burdensome is the job? Are you tied down in administrative paperwork and reporting? How does this affect your productivity?

5. Did you get a raise last year? Many physicians saw no increase in compensation last year. How does this map to your productivity?

6. Finally, compare your compensation package as outlined in your employment contract. Honestly assess the non-financial benefits and burdens. If you feel the scales are not weighing in your favor, consider testing the market. Reach out to a recruiter or staffing agency. Explore your options.

For more information, read Medical Economics article here.