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Important Options to Consider When Negotiating Your Benefits Package

Comprehensive benefits are an important part of any compensation package. In today’s healthcare landscape, employers are attracting top talent by offering a range of benefits beyond salary. Make sure you are prepared to negotiate your position and receive the benefits you want to increase your professional satisfaction and financial well-being. To help you navigate this process, we’ve pulled together this list of benefits.

1. Sign-On Bonus and Relocation Assistance:

   A sign-on bonus ranging from $10,000 to $20,000 can provide a significant financial boost, especially when coupled with relocation assistance of $5,000 to $15,000. These bonuses can help offset moving expenses and provide initial financial stability as you transition into your new role.

2. Comprehensive Medical Insurance:

   Comprehensive medical insurance, including dental and vision add-on plans, is essential, particularly if you have a family. Ensure that the coverage meets your family’s healthcare needs and that the premiums are competitive.

3. Paid Time Off (PTO):

   Aim for 3 to 4 weeks of PTO in your first year to allow for a healthy work-life balance. Additionally, having separate sick time ensures that you can take time off when needed without dipping into your PTO bank.

4. Flexible Work Schedule:

   The flexibility of a 4-day work week is valuable for both personal and professional reasons. Negotiate for a schedule that accommodates your lifestyle while meeting the demands of your practice.

5. Malpractice Insurance with Tail Coverage:

   Ask if the practice provides malpractice insurance with tail coverage, as this is often non-negotiable for many candidates due to the protection it offers against potential lawsuits.

6. Life and Disability Insurance:

   These benefits provide financial protection for you and your family in the event of unforeseen circumstances.

7. Student Loan Reimbursement:

   If applicable, inquire about student loan reimbursement programs to help alleviate the crunch of medical school debt.

8. Continuing Medical Education (CME):

   Look for separate CME time with an allowance ranging from $1,000 to $3,500. Continuing education is vital and having dedicated time and resources for this purpose is invaluable.

9. Partnership Opportunities:

   If applicable, explore opportunities for partnership within the practice, which can offer long-term career growth and financial benefits.

10. Retirement Plan with Matching Contributions:

    A retirement plan with a percentage match (typically 3% to 5%) helps you build long-term financial security. Ensure that the plan aligns with your retirement goals and preferences.

11. Yearly Bonuses and Salary Increases:

    Incentivize performance with yearly bonuses and negotiated salary increases to reflect your contributions and market value.

12. Compensation for Inpatient Duties:

    If your role involves inpatient duties such as hospital admissions or attendance at deliveries, ensure that your compensation reflects the additional responsibilities.

13. Access to Advanced Labs and Imaging:

    Practices with on-site or nearby access to complex labs and imaging facilities enhance the quality of patient care and streamline diagnostic processes.

14. Additional Stipends for Professional Memberships and Expenses:

    Look for additional stipends to cover expenses such as professional memberships, cell phone allowance, gas, parking, and other incidental costs associated with your role.

Take the time to identify your personal and professional priorities. Don’t be afraid to ask questions about childcare options and other benefits that are important to you. For insight into market conditions and other strategies for improving your career, talk to an ETS Pediatric recruiter. With information gathered from hundreds of practices and physicians, we have a deep understanding of the current job climate.