Those that go into the medical field do so because they have a passion for helping others. A great perk of the job and all of the work you have to do to get it is the paycheck. As a doctor, there are many ways that you can grow your career, and in turn, grow your earnings. If you are looking for ways to negotiate and up your salary, here are five strategies for making more money as a doctor.
1. Negotiate Your Contract
The first way you can make more money as a doctor is when you start negotiating your contract. You can negotiate your contract at any point in your career that makes sense. Even when you secure your first job in the field. It’s important to understand exactly what your contract is offering and if that offer equals fair compensation for your work and time. There are a couple of ways to negotiate your contract. You must understand your value as a doctor and the value units you will be paid in your position. The more time, energy, or value units you put into a job, the more you should be compensated. Check out this helpful article that outlines the details of work-related compensation as a physician.
It’s in your best interest to have your contract looked over by a healthcare attorney before signing off. This way you can avoid being underpaid and find places in the contract that you can negotiate before starting your work in a role at a practice.
As you continue to work and grow as a doctor, you’ll be able to find other times to further negotiate your contract. Whether it’s a year into your role or even six months, asking your employer to sit down and discuss your contract can help you maximize your earnings as a doctor.
2. Focus on a Specialty
A great way to not only maximize your income but also your continued learning as a doctor is to take on a specialty. If you haven’t already done a residency in a specialty and are looking to increase your knowledge on a specific aspect of medicine, taking on a specialty is a great way to do that. Finding a specialty takes some time. There is preliminary research to do to see if you already qualify for any specialties, and if not you may have to focus on furthering your education or completing another residency.
Once you have a specialty, you can look for positions in that field that will have higher salaries. Specialists are in demand and there aren’t a lot of them, making the positions more lucrative for qualified individuals. This is a great idea for anyone that works as a general doctor and is looking to learn more and get into a different part of medicine.
3. Switch Practices
This advice holds for almost every profession, but when you switch practices you can also expect to see a salary bump. When you move to a new employer, you can hope to see a sign-on bonus. You’ll also be able to negotiate based on your previous experience and everything you’ll bring to the table at this new practice. Switching practices also allows you more opportunities to work in a specialty or see more patients. Both of which can help maximize your value and lead to higher earning opportunities.
4. Examine Your Workload
While it may seem self-explanatory, another way you can maximize your earnings as a doctor is to take on more clients or expand your workload. If you find that you have an extra hour or so throughout the day, you can potentially see another client in that time and make some extra money. If you are not at capacity to take on more clients, another way you can utilize extra time is to pick up more work in your practice. Many administrative tasks may require an extra hand here and there. You can work with your practice and see if you can help out with scheduling or management duties. Either of these can add some extra time onto your work day and are more low lift than expanding your client base.
5. Expand Your Skill Set
If you don’t have the time to take on a new specialty, you can instead expand your skill set as a doctor. This could entail learning new procedures. Look around at your practice and see if there are any procedures you are lacking. If you are interested in learning more about your field of medicine, taking the time to learn new procedures can help. Not only will you be offering more services for your clients, but you’ll be able to earn more money and maybe more clients. It’s never a bad idea to expand your knowledge in the medical field as it continues to change every day.
There are many ways that you can maximize your income as a doctor. Starting from the beginning and negotiating a solid contract and expanding from there is a great way to earn more money. You can always add to your skill set as a doctor and in turn, find new ways to supplement your income.