How can you secure your financial future coming out of residency? In other words, how
much money can you make coming out of residency? Well, it’s a loaded question, of course, and it depends. Don’t forget, when you finish training, you’re still pretty
green and you still need a lot of experience. However, one thing not to forget is that you’re still a physician, you still get to bill for your services, and you need to make sure
you get the fair deal. Well, what can you do? One thing to do is to interview
at more than one place. You need to see really what’s out there. The second thing to do, if you’re flexible in where you wanna practice,
meaning that if you not tied to any particular
area, you need to look at more than one area. I mean, certain parts of
the country do offer more as far as compensation,
based on local economies. A next thing to do is to
carefully study your contract, and don’t be afraid to ask
for certain things that might seem negligible to you. For instance, if you’re
willing to work a lot, and if you wanna learn a lot,
why not ask for extra shifts? You can ask for extra
weekend shifts, night shifts, or even coveted holidays. You may volunteer to work on Christmas. And if you do that, don’t be afraid to ask for extra reimbursement for those shifts. Another thing to do
would be to ensure that if you are going to be working
for a large organization, just to make sure that there
is equal pay for equal work. Meaning that across
specialties you getting paid the same rate, be that
per RVU, or per patient, or per hour, or whatever
the compensation scheme is. Because if it’s equal
work for equal pay, even if you coming out as a
newer physician you will be guaranteed a little bit
higher level of compensation. So, in summary, to ensure
greater compensation, be sure to check out
these important things: geographical location, interviewing
at more than one place, and ensuring that you get
equal pay for equal work at your new institution. And like with everything
else you do in life, this is not something that’s
gonna come out overnight. You have to work hard for everything. You have to work hard
for your first contract, and sometimes yes, you
have to prove yourself. Of course, none of this
is going to be easy. You have to work a lot,
you have to work hard. But if you do so, and
if you do your research, and due diligence, you’re
guaranteed to improve your chances over your peer
who doesn’t do any of that.