Before you begin salary negotiations, it’s important to research your market value. Market value is a data-driven estimate of how much you should be earning based on your area of expertise, years of experience, skillset, and physical location. Armed with this information, you’ll be more likely to get the outcome you want—and deserve—when negotiating your salary.
The following resources can provide the key information needed to determine a fair compensation package:
- American Medical Group Association Compensation (AMGA) Survey 2021: AMGA’s 34th annual Medical Group Compensation and Productivity Survey Report focuses on the individual compensation and productivity of physicians and other clinical staff, starting salaries of new residents and experienced new hires, as well as salaries for physician leadership, nurse practitioners, and physician assistants. Compensation for a comprehensive list of medical group executive/ leadership roles are also included in this survey that encompasses 398 medical groups and more than 190,000 providers and executives nationwide.
- Association of American Medical Colleges (AAMC) Faculty Salary Report: This report displays total compensation of full-time medical school faculty broken out by rank, degree, department/specialty, school ownership, region, and gender.
- Medical Group Management Association (MGMA) DataDive Provider Compensation Data: This resource is for any physician or advanced practice provider (APP) compensation decisions where you can access multiple filter breakdowns that represent over 185,000 providers in a variety of specialties. It’s designed to help healthcare providers better understand the unique differences among physician-owned, hospital-owned, and academic practice benchmarks for a variety of regions, practice sizes, and provider experience levels.
- Medscape Physician Compensation Report 2021: The latest version of this annual report surveyed almost 18,000 physicians in more than 29 specialties. The physicians discussed their income, bonuses, hours worked, greatest challenges, and the impact of COVID-19 on their compensation.
- Merritt Hawkins Physician Revenue Calculator: This Physician Staffing Slide Rule tool allows you to see the number of physicians who are actively providing patient care, the percent who are board certified, and the average inpatient/outpatient revenue across 24 medical specialties. Although the data is not complete for every specialty, this tool still provides a quick and easy way to reference the demographic, staffing, and supply trend information used by physicians seeking employment, employers of physicians, and others who follow physician staffing and supply trends to help supplement some of the other resources on this list.
- Salary.com: This general resource for wage data surveys more than 25,000 organizations and features over 16,000 job titles in their surveys and data sets.
- US Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS): The OEWS program produces employment and wage estimates annually for nearly 800 occupations. These estimates are available for the nation, for individual states, and for metropolitan and nonmetropolitan areas, with national occupational estimates for specific industries also available. OEWS data is collected for physicians under the following categories: 29-1061 (Anesthesiologists), 29-1062 (Family and General Practitioners), 29-1063 (Internists, General), 29-1064 (Obstetricians and Gynecologists), 29-1065 (Pediatricians, General), 29-1066 (Psychiatrists), 29-1067 (Surgeons), and 29-1069 (Physicians and Surgeons, All Other).
By utilizing one or more of these resources, you can easily determine if your current salary remains in line with current market conditions. Armed with this data, your next salary negotiation should prove to be a more rewarding experience.
