Leveling the Information Playing Field for Physician Compensation
How one physician consulted Phairify’s free and specialty-specific information resource to gain a clear understanding of the market for his services and negotiate fair compensation for the value he brings to work every day.
Physicians are increasingly becoming an employed workforce and are finding themselves responsible for negotiating and re-negotiating their employment contracts. The impact of COVID on physician compensation and employment benefits is adding to the complexity and uncertainty of the contract negotiation process. You are a physician deep into the recruitment process with an academic medical center. The Department Chair wants to hire you to execute clinical, leadership/administrative, and research duties. When you meet with the Chair to discuss your compensation and benefits package, she opens a large book and points to a percentile in a table she believes represents fair compensation for a physician in your sub-specialty, practicing in academic medicine. You start to ask questions about the source of the compensation data being used to benchmark your value. Although the actual financial figure the Chair quoted you was disappointing, the data and rationale supporting the figure were far more disappointing.
When the Chair proposed a compensation and benefits package which did not align with your understanding of your value, you quickly realized you were not prepared for this negotiation. You searched and found a few sources of physician compensation and productivity information, but were surprised how inaccessible accurate information was to you as an individual physician. What you found was remarkably limited with numerous weaknesses in the surveys, the lack of specialty-specific data, and a general absence of comparability to your situation. It became clear that you needed a source of time-relevant and specialty-specific information you could analyze to assess the value of and compensation paid to practitioners just like you.
Fortunately, your colleague, who recently re-negotiated her contract, referred you to Phairify.com. You registered, completed the Physician Value Study, and immediately received access to sub-specialty specific compensation data. You used the filtering option to identify the compensation ranges for physicians in your sub-specialty, with your experience, working in academia, and doing similar job duties. You returned to the Chair, discussed your perspective on your value, and compared data. She quickly realized the increased relevance and quality of your compensation information compared to what she was using. You took the job and both parties were pleased to have reached an informed compensation figure and to have access to best-in-class data moving forward.
With Phairify, this is the future of physician contract negotiations: meaningful and informed compensation discussions driven by data that is accessible, accurate and relevant to the shape of your current practice. It’s time to move on from compensation data not relevant to you or to the services you are being hired to provide. Phairify gives physicians free access to high quality, timely, and sub-specialty specific compensation and productivity data which you can use to define your value across different markets.
Benefits & Results
- Improved Accuracy: Phairfy’s platform was able to provide fairness, clarity, and confidence to the negotiating physician. Equipped with specialty-specific productivity and compensation information that was up-to-date and, more importantly, highly accurate, he was able to access an empowering resource that moved him forward in his career.
- Personalized Results, Immediately: Current market research is published on an annual basis and comes with a substantial price tag—one that only hospitals and recruiters are able to afford. With Phairify, participating physicians enjoy real-time access to their results and can create a personalized value report for free at any time.