ProviderSource Inc. - Getting the right compensation package        

 The issue of compensation may play a key role in your decision-making process. There are as many different types of compensation arrangements as there are job offers. They range from flat salaries to a percentage of the revenue you generate.

As with the legal contract you’ll be entering into, make sure you fully understand your primary compensation arrangement. For example, Safe Harbor Laws affect the way nonprofit facilities are allowed to compensate employees. In an income guarantee arrangement, be aware that you’ll be responsible for paying back the full guaranteed amount at the end of the contract period.

Although we strongly recommend that you allow the potential employer to bring up the subject of compensation, you should have an idea of what is acceptable to you and what is competitive for the area. However, try not to quote an actual figure. Think about your needs now and the ultimate needs of your family in years to come.

There are many things to consider besides salary. Look at the whole picture, especially the future potential, both financial and professional. The number of patients you see per year and any additional responsibilities should be reflected in your compensation package.

Is the compensation package offered competitive?

This useful checklist will help you determine if the package you have been offered is competitive and worthwhile.

- Base salary
- Overtime
- Call or beeper pay
- Incentive/production bonus
- Liability insurance
- Health insurance
- Dental insurance
- Life insurance
- Disability insurance
- Pension plan
- Profit Sharing
- Continuing education stipend
- Time off for continuing education
- Number of vacation days
- Student Loan Repayment
- Sign-on Bonus
- Relocation expenses

Standard benefits generally have a value of 15 to 25 percent of the salary component of the package. Moreover, salary and standard benefits are not the only elements that contribute value to a compensation package. Packages may include temporary housing, tuition reimbursement and assistance with repaying student loans.

Of course, at any time during your search, you are welcome to call a ProviderSource representative.