Thursday, September 24, 2015

How to Design the Perfect Compensation Package

You have to have a steady stream of new and returning patients in order for your facility to succeed, and in order to that, you have to have skilled, dedicated physicians. How do you find these outstanding doctors for your healthcare facility? You have to set your hospital apart as an outstanding place to work. Not surprisingly, one of the easiest ways to do this is to offer an unbeatable compensation package that physicians won't be able to find anywhere else. This week, the team at our professional medical recruiting company is here to help you design the perfect compensation package.

Base Pay

When establishing a compensation package, base pay is often the best place to start. Before anything else, you need to decide how much your physician's annual salary should be. This number will vary depending on his or her specialty. Here is a quick look at some current average salaries from Medscape:
  • Family Medicine - $195,000
  • Internal Medicine - $196,000
  • Neurology - $229,000
  • Pulmonary Medicine - $296,000
  • Oncology - $302,000
  • Emergency Medicine - $306,000
  • Radiology - $351,000

Financial Benefits

Once you have determined what the base pay should be, you can begin to consider the additional financial benefits you want to offer your new physician. Examples of some of these types of benefits can include:
  • Signing Bonus
  • Quarterly Bonuses
  • Holiday Bonuses
  • Company Match 401(k) Plan
  • Health Insurance
  • Dental Insurance
  • Student Loan Relief
  • Help With Moving Costs

Lifestyles Benefits

 While money is certainly a major factor for anyone looking for openings in a healthcare facility, it's important to remember that quality of life will also be a big concern. You can set your opportunity apart by offering various incentives that won't cost you any extra money, such as:
  • Limited or Light Call Schedule
  • No Overtime
  • No Weekend / Evening / Night Shifts
  • Flexible Hours

Contact The Hire Connection For Assistance

Designing the perfect compensation can be a challenge, but considering these factors should help you get started on the right track. If you would like more help designing a physician compensation package, contact The Hire Connection, LLC. Our professional healthcare recruiting firm can help you put together an attractive compensation package that will help attract top-quality candidates from around the States.


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1 comment:

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