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Contract negotiations prep and info going into it them

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  • Contract negotiations prep and info going into it them

    Just a bit of background: I am currently a family medicine doc (outpatient only) in an outpatient office for a big northeast medical group (think Kaiser), in the last year of my first contract out of residency. I signed at that time after not doing adequate prep work, and the lawyer at that time I now feel was not very well informed. I have come to learn that residents after me were given base contracts that were more lucrative in very similar positions in the same company. Thus, I want to come into the new contract negotiations as well prepared as possible. That being said, I have a few questions:

    1. How long before the end of my current contract should I request a meeting to discuss the new contract? I was thinking 6 months before?

    2. I made about 5300 wRVUs in my 2nd year, and will probably do around 5500 for my 3rd year. Approximately what percentile of production would that put me at? That being said I am hoping to use this as a bargaining chip showing I am relatively productive as on average FM docs produce 4900 wRVUs if google searches are correct.

    3. A recent physician friend 3 yrs out of residency signed on at the same company 198k/yr 5000 RVU minimum then bonus of $25/rvu afterwards. I feel she got slightly lowballed. Does anyone have 2016 or 2017 MGMA data for me to look at? If so PM me please. I'm not sure what base salary I should ask for based on my production vs experience (3 yrs out of residency, renewal of contract). Also, is average RVU compensation for a FM doc around $38/rvu or has that gone up?

    4. I plan to apply to one or two other jobs to just have some other offers on the table when I negotiate, along with getting a better lawyer. I actually am happy at my current job but would want to be appropriately compensated for the work I'm doing. I feel I'm a bit underpaid under my current contract and I'm just riding it out until it finishes. Is there typically a signing bonus for renewing a contract within the same group?

  • #2
    Great questions, and I'm sure someone can chime in about family med specific RVUs.

    Sometimes the best advantage in negotiation is the genuine willingness to walk away.  I'm sure they are willing to give you a nominal increase, but will buck at the thought of a substantial increase.

    Seriously explore other offers.

     

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    • #3
      Yep, if you have a single strong offer that you legitimately are willing to take in lieu of your current position, then you’re in the best possible position to get more out of your current job or negotiate a better offer from the potential new job.

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      • #4
        Are you making less than 200K?  You are fairly productive.  Do you know what data your employer uses?  MGMA is good (better than google!) but there are SC and AMGA etc out there.  I have some FP data I can dig up, but it may be a few years old.

        6 months ahead is a good time.

        Yes, have some serious other options available.  That strengthens your BATNA.

        Personally, I would leave the lawyers out of it.  I don't think they add value with compensation negotiations.

         

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        • #5
          Thanks for the input so far.

          I will be looking into applying to other places so that I can have one or two other serious offers on the table to compare to when I renegotiate. Yes I am paid less than 200k at this time. Even if I hit my bonus criteria I still make less than 200k. Thus I cannot wait to reneg my contract now that I am more informed about my worth. I don't know what data my employer uses, but I think they look at both MGMA and AMGA.

          WealthyDoc, if you have any FP data I'd appreciate it.

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