How to leverage demand

[slowthai]

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Practically speaking, how do you leverage demand in today's market to maximize compensation and other aspects of any given job?

What would you recommend for people that aren't business savvy other than negotiating aggressively and utilizing contract lawyers?

 

[littlefred]

Like with any deal, always be ready to walk.

 

[Bartelby]

Also if you want to maximize salary:
-gather multiple offers,
-use those to negotiate a better compensation package initially,
-be open to switching out to higher-paid positions over time as pay can stagnate.

 

[Merovinge]

I'd say seeing patient's for 30ish hours/week with no call and making $300k ish with benefits/vacation/etc is leveraging the demand and market.

But that said the two posts above are the case for employed jobs. The psychiatrists I know that make the most either treat the job as a chop shop and see 50+ patient's per day or run their own business. You can decide which you would feel better doing if you want to shoot for the >500k/year mark.

 

[Sushirolls]

Agree with above.

Beware that some Big Box shop jobs, just DGAF, and really don't care if you leave or they hemorrhage money on locums or continue to sow dysfunction.

But the best way is open your own private practice and scrutinize how to be more efficient.

 

[Merovinge]

Agree with above.

Beware that some Big Box shop jobs, just DGAF, and really don't care if you leave or they hemorrhage money on locums or continue to sow dysfunction.

But the best way is open your own private practice and scrutinize how to be more efficient.

Yup if it doesn't impact their bottom line, or the amount of effort > how much it impacts their bottom line, you can see some wild chronic dysfunction in the ole Big Box.

 

[FlowRate]

Like with any deal, always be ready to walk.

Expanding on that, have a BATNA. Best alternative to a negotiated agreement. Which, with employment, usually means having an alternative offer that you're happy to take if the one you're negotiating falls through. (Which, after I drafted but didn't post this initially, other people have said similarly.)

 

[Stagg737]

I'd say seeing patient's for 30ish hours/week with no call and making $300k ish with benefits/vacation/etc is leveraging the demand and market.

But that said the two posts above are the case for employed jobs. The psychiatrists I know that make the most either treat the job as a chop shop and see 50+ patient's per day or run their own business. You can decide which you would feel better doing if you want to shoot for the >500k/year mark.

I don't think it's too difficult to hit close to $400k (gross) by job cobbling either, especially if you're willing to cover weekends here and there. Finding a relatively easy inpatient position (<10 patients or longer-term units like geri/state) that you can do in the morning and then build an outpatient clinic in the afternoons should put someone right near that $400k gross number.

 

[MusicDOc124]

Have multiple offers. Be ready to walk away. Negotiate other aspects (hours, RVUs, # of days, CME time and money, vacation time, etc).

 

[Merovinge]

I don't think it's too difficult to hit close to $400k (gross) by job cobbling either, especially if you're willing to cover weekends here and there. Finding a relatively easy inpatient position (<10 patients or longer-term units like geri/state) that you can do in the morning and then build an outpatient clinic in the afternoons should put someone right near that $400k gross number.

I agree 100%. There is something really to be said about a single employer/single place of work without nights/weekends, particularly for people with children. I can function as the defacto parent despite working fulltime making good money for the 25% of the time my SO is on call (for example).

If I was younger/single and had some dog in me, I would definitely job cobble. Psychiatry makes this so much more doable than 90% of the fields of medicine. If you have loans that are not going away through PSLF, I would say the default pathway would be to expect to hussle a bit and clear 400k until you pay them off.

 

[MusicDOc124]

I recently signed a for a job in the northeast, greater NY metro area (not NYC, but close). I negotiated from 345k base offer to 375k base, reduction in non-compete to 5 miles from 10 miles with a carve-out for one of two hospitals within the 5 miles (no desire to go to the other) as well as being able to have a practice myself without restriction. Increased CME from 4k to 6k annually. If they terminate without cause, non-compete doesn't exist. If I terminate for-cause, non-compete doesn't exist. 30-32 clinical hours, 8-10 admin hours. Call is paid (one weekend every 4-6 weeks give/take). Annual bonus on top of that as well as sign-on and relocation.

I interviewed well, have a pretty strong background, and had multiple offers to leverage, and I discussed that there were things I was not willing to sign/agree to, and was prepped to walk. I did decline two offers in the process before signing one with another available (so was truly able to and willing to walk).

I expect about $415k/year factoring in 1/2-2/3 potential bonus and about 10 weekends of call for the year. This is also semi-academic where I will have fellows seeing about 1/3-1/2 of patients. Will be working to get residents and students there as well from the medical school, and making it an elective for visiting residents/students.

Hope this info helps.

 

[comp1]

In this market, offer to work 100% in person on site. If you come in offering that, places are a lot more likely to be flexible on other things like salary.

 

[littlefred]

In this market, offer to work 100% in person on site. If you come in offering that, places are a lot more likely to be flexible on other things like salary.

A unicorn, someone wanting to be on-site.

 

[FlowRate]

In this market, offer to work 100% in person on site. If you come in offering that, places are a lot more likely to be flexible on other things like salary.

We don't really have patient demand for that service. They'd be sitting in the office seeing 80%+ of patients by telehealth anyway.