A Guide to Handling a Physician’s Salary Negotiation

As a physician, you're very confident about your expertise and your ability to take care of your patients' health. However, when it comes to negotiations, it can be a bit tricky and awkward to discuss your salary, especially if it's your first day at the entity.

As with any situation, it's important to know what to expect during a and how to go about it. If you're having trouble figuring out what to write or say, DoNotPay has a Negotiate My Salary product that can come in handy.

Tips on Negotiating a Physician's Salary

Before you walk into a , you need to:

Know Your Worth

You need to know what you have to bargain with. What leverage are you bringing into the conversation? When a recruiter asks how much you would like to make, it is understandable to feel like any amount you think you are worth might be too high.

Still, you also don't want to ask for a lower amount than what you're worth. Some research on your part can go a long way. Compare the salaries of other physicians in your area to get a place to start in your physician salary negotiations.

View the Contract From a Holistic Perspective

Although salary is an important factor, there are other several things that are also crucial in a physician's salary negotiation. Approaching negotiations with a holistic perspective involves viewing it using the 3Bs logic.

Base: This is the salary you get for doing your job.
Bonus: The compensation you earn for achieving something or completing an action, for instance, a signing bonus.
Benefits: Benefits are items that, although they have value, you can't deposit in a bank. For example, vacation, health insurance, and paid time off.

Don’t Give a Range

Physicians aren't likely to lose out on physician salary negotiations. However, when faced with negotiations and questions of how much you want to earn, never give a range. Avoid the word 'between' at all costs. Giving the recruiter an option shows you are comfortable making less than you're actually worth. More often than not, the recruiter will pick the lowest number in your range.

How Often Should You Get a Raise?

Experts advise waiting for a minimum of six months before kickstarting a physician salary negotiation. Some employers are likely to raise your salary if you've worked with them for more than a year. This period helps establish your track record and demonstrates the qualities and skills that bring value to your entity.

How Much of a Raise Should Doctors Get?

The average raise in a physician's salary negotiations is around 5% per year. Of course, this raise depends on several factors like:

Inflation
Location
Job performance

The amount you ask for will depend on how long you've held your role in the facility. However, it's always a good idea to ask for anywhere between 10% and 20% more than you're making now. You can ask for more based on your:

Performance
Qualifications
Experience
Skills

How to Ask For a Raise

Here are some tips that may help you land that salary increase:

Choose the right time	Consider the facility's financial health and workload when asking for an increase. Also, any time after you've gained recognition for a significant achievement is an optimum time to start your physician salary negotiations.
Do your research	Gather all the necessary documents detailing your recent achievements and collect the physician salary trends in your industry. This will help you lay a foundation for proving the monetary value of your work.
Set a meeting	Before taking any steps for asking for a raise, ensure you've set a meeting. It's unprofessional to ambush your employer with a request for a raise without prior notice. If you have a performance review on the way, it might be a good time to set the negotiation meeting as well.
Make your case	After the meeting is set, make your case to establish your value to the organization and why you feel you deserve to be compensated accordingly. Be prepared for any questions they may throw your way regarding your achievements.

Finalize by thanking them for their time.

How to Ask For a Raise Using DoNotPay

The subject of money can be a tricky and awkward one. If you have the nerves and are unsure of what to say or write in your physician salary negotiation letter, DoNotPay has a solution that will put an end to your worries. Here's how it works:

Look for the Negotiate My Salary product on our official website.
Enter the name of your company and industry to allow us to compile the wage statistic for your role.
Answer a few questions about your qualifications and achievements.
Enter the base salary that you would like.

And you're done. Once you've finalized the information, we will generate an official salary negotiation letter that you can use during your salary negotiation.