“Thank You for Supplying the Data”
At SCC, I’m honored to help surgeons understand their value and negotiate for the compensation they deserve at every stage of their career, whether they’re entering their first-ever contract, renegotiating, or comparing offers for their next chapter. Today, I want to share a late-career client success story:
I recently worked with a breast surgeon (whom I loved getting to know) who is late-stage in her career. She was in the process of relocating home after several decades of practicing in the South. She initially contacted SCC to explore compensation data for her specialty as she was interviewing for hospital-based and academic positions but had yet to receive formal offers.
When I mentioned her proactive approach by reaching out before receiving offers, she confided that she felt she had been underpaid for decades and refused to do that any longer. She had not negotiated compensation in her past positions and wanted to be armed with compensation data before having any substantive discussions regarding future compensation.
Our team pulled clinical and academic compensation data for her specialty and used benchmarks for faculty rank, wRVUs, geographic location, signing bonus, relocation expense, CME allowance, cost of living comparison, etc. We compiled a detailed report and relevant resources for her and reviewed the information in-depth. We kept in touch as she narrowed down her search.
She landed an excellent position at a prestigious academic institution that met her professional goals and a Chair she greatly admired. This was precisely where she wanted to spend the last years of her career. The issue was that the compensation in the initial offer was low. My client was understandably upset and felt that the institution she was so excited to join did not value her or respect the tremendous skill and experience she would bring.
We analyzed the offer in-depth and discussed that the compensation components appeared outdated, uncompetitive, and likely predicated on obsolete compensation data and benchmarks. I stressed to her that this wasn’t personal, nor a reflection of her value, but rather indicative of provider compensation professionals who had not done their due diligence in crafting a competitive offer. We discussed the negotiation process and how it’s not the hiring party’s responsibility to negotiate on her behalf.
We got to work drafting recommendations and crafting a competitive counteroffer. It worked beautifully! She wrote me with the news…
“Just wanted to update you. I received another offer letter today that was significantly higher. The overall offer is slightly over the median. Thank you for supplying the data! I greatly appreciate your assistance, Jessica.”
She negotiated an additional $53k annually in guaranteed compensation, an attractive relocation package, and an additional CME allowance. (Think about this…over five years, that is an additional $265,000 in guaranteed compensation for this surgeon!)
Successful Surgeon Contract Negotiation Benefits Everyone
This is a collective success story that reflects our mission at SCC. Our client entered an employment relationship feeling empowered, valued, and excited to join the team; the academic center is exceedingly lucky to have recruited such an accomplished surgeon-leader to their program; and the next generation of surgeons she will mentor will benefit significantly from her skill and experience.
But, most importantly, the patients she encounters will be treated by an exemplary surgeon and a talented and dedicated caregiver. It’s a win-win for everyone.
Are you a surgeon ready to navigate compensation opportunities? Contact us at SCC to review compensation for your specialty and the benchmarks to negotiate your value.