Job interview most awkward question: "How much do you want to make?"

[StressRisers]

I was recently interviewed at a private practice orthopedic group, and to my surprise was asked point-blank, "So how much do want to make?" I was caught quite off guard (though I probably shouldn't have been), and in my moment of fluster, spat out what the previous residents' offers were. So, to avoid this awkwardness again, what have you seen as a reasonable asking salary/pay structure for PP ortho groups? I don't want to scare away potential employers by asking for too much, but also don't want to under value myself... Any input would be great, thanks!

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[MyAnklesAreBroken]

Good question though!

 

[air bud]

Great example of stress of being new grad. You are afraid to ask a question of make a comment out of fear of losing out on the job. I was there too. I didn't ask some questions because I was afraid too. The first phone point of contact i had with my job, the CEO of the local hospital said how much do you want to make. I said "most well trained new pods are coming out making 200 to 250 base plus RVU bonus, and i already have a year of experience with billing and running a clinic." the guy didn't bat an eye and said ok, that may be more than we can handle, but let's look into this more. Guess what: my base is between those 2 numbers because that's what the market is. You say what you think is fair. Know the MGMA data. Know what other grads make. If you are already at this point of the interview process, I promise you are not losing out on anything because you said something 25k too large. They don't have another candidate right there that is ready to say ok I will do it for 10k less than what you offered. In fact take the opportunity of this being a Ortho group unfamiliar with podiatry to ask for the moon. My previous job I was with a group that already had a pod. So I got the same offer that the other person did and there wasn't much that could be done about that as precedent was established. So you are a pod: so what. You are going to make them money regardless. You deserve what everyone else might get. My new job I got the same signing bonus as every other doc they hired. I got the same student loan payback the other docs got . I got the same everything except for the salary/bonus structure.

Moral of the story. Don't be afraid to talk money . You are all adults. And start reading the white coat investor.

 

[air bud]

Remind them how much money you are going to make them:. The x-ray, MRI. The PT referrals. The vascular studies. They already know this because they know how much Ortho generates. You have value.

 

[ExperiencedDPM]

I would ask them “how much money do you believe I’m worth, considering the patient volume I’ll be seeing, the complexity of the procedures I’ll be performing and the amount I’ll be utilizing your MRI, your PT and your surgical center?”

 

[dtrack22]

A base in the mid $200k’s with the same bonus/ancillary revenue cut as ortho associates, minus call pay.

A new ortho is gonna be $300-400k base (though we had a recent grad sign a contract for less than that and he was spine, but the expectation was he’d still make $700-800k year one pretty easily with his production being so heavily incentivized). Remember though, they can get paid for call and they work on larger joints and longer bones that reimburse better. You are slightly less valuable initially, but none of the DPMs I know in ortho groups are the lowest producer in the group.

 

[WaveOR]

I went through the same process not too long ago. I was asked the same question about about expected salary. This question is asked with majority of medical group, multi specialty, or ortho interviews from my experience.

Like others mentioned know the MGMA and AGME data on salaries for surgical foot and ankle pods at the 25th to 50th percentile. That is your base salary (200 to 275k). They are hiring a DPM because it's cheaper than a F&A ortho so do not get crazy. Focus on the "bonus" aspect of your salary. Ortho groups like production so you can take a base lower in the range and make up the difference on your collections. Each group has a different calculation of bonuses. My additional income is a percentage of the profit after I cover my expenses/overhead (Salaries of myself and anyone working for me, DME, supplies, building costs, etc). It doesn't have to be flat percentage. At the end of the day the group wants you to be busy and happy.

Do not forget to clarify other aspects of of the job like partnership, patient type, clinic times, CME, vacation, ancillaries, moving expenses, signing bonus, other benefits, etc. You have more negotiating power in the private realm. Don't assume or leave anything a mystery. Just ask for what you want if it is reasonable. I haven't been told no yet.

Talk to colleagues in similar practices or use this website for advice/feedback on different pay structures/contracts. Younger DPMs are very helpful. It only makes the profession stronger. Also forget the standard podiatry model of base and 30% after 3x base or whatever.