Practice tip of the week: Making more money

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With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In this August 2023 story onmaking more money, Amanda Hill, JD gives this tip:

Know your worth and negotiate to get it

Doctors are notorious for either undervaluing themselves or shooting too high. Don’t guess. When negotiating for any job, a provider should review the Medical Group Management Association (MGMA) numbers of salaries of a particular specialty in a particular region and know the ranges so that when discussing salary with a potential employer, they can push for market value. And always try to get a sign-on bonus. Often just by asking, a physician can increase his or her salary by a decent percentage because what was offered, for example, 45% of MGMA, when the provider really should be paid anywhere from 60% to 70% in this tight market. Knowledge is power, and physicians should never be afraid to ask for what they are worth.

Click here to read the rest of the article and be sure to check back next week for another Tip of the Week!