When physicians are in the thick of residency and fellowship training, they’re developing high-level expertise in the practice of medicine, learning everything they need to know to excel in their chosen specialties. They may feel less prepared for the business side of medicine, however, and those decisions matter. Picking a job in early career can have long-term implications on physicians’ income, lifestyle and well-being.
When it comes to evaluating employment offers and planning your transition to practice, though, relatively simple actions can make a huge difference. And a report on physician salary data recently released by Resolve, a contract review and negotiation firm specializing in physician employment, draws from the thousands of physician contracts the firm handles to offer six moves that early-career physicians should make before signing their contracts.
“The transition from training to practice is less about finding a job and more about selecting the right structure, both in real time and based on your future plans. Many offers are competitive on compensation but differ significantly in productivity expectations, non-clinical obligations, call burden, and exit constraints,” Resolve advises in the report. “Graduating residents often assume the first contract is temporary or easily unwound; in practice, early agreements frequently set the baseline for future roles, schedules, and compensation negotiations.”
The data in the report comes from more than 4,000 physician contracts reviewed by Resolve in all 50 states in the nation and in 116 specialties and subspecialties, and it outlines must-know trends nationally, as well as across regions, practice settings and more.
The tips for residents, fellows and early-career physicians include advice on how to navigate the process of seeking your first job out of residency or fellowship to maximize your job satisfaction, compensation and career progression.
The AMA has teamed up with Resolve to provide AMA members an exclusive discount on services that include custom contract review. Resolve offers personalized legal expertise to help physicians secure the best employment contract terms, no matter where they are in their careers. Ready to access your AMA-member Resolve discount? Learn more now.
Start in residency
An important step in transitioning to practice is to get going before residency or fellowship training ends. Look through as much data on physician employment contracts as you can, well before job offers start to roll in, so you can be familiar with what’s standard.
Make sure that you’re comparing apples to apples, though. Obviously, compensation and duties will vary by specialty, but there can be differences by region and practice setting as well. Get the most up-to-date information, both to manage your expectations and to avoid leaving money on the table.
Once you get a look at actual contracts accepted by physicians in your chosen specialty, region and practice setting, you can start to make important decisions. What kind of teaching, call and administrative responsibilities are you interested in or willing to take on? Would you accept a role in a different location for an increase in compensation or a better lifestyle?
In this AMA news article, read about:
- What kind of timeline employers expect when it comes to accepting your first position out of training.
- Whether you should line up more than one job offer before selecting a role.
- How important base salary is to physician compensation.
- Where the trouble spots lie in the typical physician employment contract.
