Perhaps no one understands the burden of student loan debt more than a medical student. Medical school is expensive and the years of study required to become a practicing physician are many. The truth is that physicians are highly compensated, but the highest physician compensation comes with additional training in a specialty. And that means, more debt.
The average student loan debt for a physician is over $175,000 and for specialists, even higher. So naturally, repayment of these loans is a high priority for many physicians when they are looking for the right position after completing their training. Even with a high starting salary, a new doctor will potentially be repaying loans for many years.
The good news is many of the healthcare organizations are prepared to help with loan repayment as part of the physician’s compensation package. With the right negotiation, it is possible to receive offers that include high level compensation, incentives, moving expenses, student loan repayment and even training stipends. They key is understanding the priorities of the doctor and the hiring organization before starting the negotiation process and working to find the right balance to meet the needs of both parties. Win-win, as they say. The financial pool is not unlimited, the skilled negotiator must know how far to push to get the most for the new physician and their family.
If you are a physician looking for the right place to start your practice, it is important to have the right people on your team. At Physicians Placement Concierge, we will work hard to help you articulate their priorities, there are likely things you haven’t considered yet. Then we get to work finding the right organizations, corporate culture, location, compensation, and terms to meet those needs. We have the right tools, and many years of experience to get the job done and unlike traditional recruiting firms, we only work for YOU! Call us today for a consultation and see the difference we bring to the table.