December 15, 2018

Are You Looking for a Job?

Searching for a post-residency job after a grueling ten plus years of studying can be a daunting task.  Many experienced physicians are facing mounting pressure to join large group practices or create additional revenue streams.  More and more physicians are graduating with enormous debt and Red dart on a gold targetrequire jobs that will help them pay down medical school expenses as quickly as possible.  There are several things that physicians can do to find the best jobs post-residency.  To start, physicians must first write a concise and professional resume, clean up all social media posts that may not reflective of you, and read up on articles regarding the business of medicine.  Below are seven additional keys principles to consider.

1.Understand your current financial situation

One of the most important things that you can do post-residency is to create a budget and a list of all debt including car payment, credit cards, student loans, and personal loans.  Once this is done a plan can be developed to quickly pay down debt and decrease your stress level regarding job searching.  Most highly successful individuals in the US never make over $200,000.  Many physicians leaving residency will see an exponential growth in income.  If you live as a medical resident for just a couple of year post-residency, this will help you throw as much money at your loans as possible.  If you are fortunate enough to be debt free, then those funds can go to assuring your early retirement.  Understanding your current financial situation will help you plan your next steps.

2. Decide how much risk you want to take

Whether you are fiscally conservative or not, knowing how much risk you want to take will guide your decision on what your next job should be.  You may wish to be a risk taker and start a solo practice with family help or you may wish to join a hospital practice where your income is guaranteed.  Either way, it is helpful to know how much Zantac you want to take at night or not.

3. List your most desired geographic location

Are you a family oriented person?  Are you married?  Do you like cold or hot weather?  Do you like the city where you are living now?  These are important questions that should guide you in deciding where you would like to practice medicine or relocate.  Once you have decided on the location then inquire on the opportunities that exist in the area.

4. Involve people that are close to you

It is written, “…a wise man is he who listens to counsel” (Proverbs 12:15 NASB).  If you are married, I would start with your spouse.  Life is better when you and your spouse agree on important career decisions (as with most other decisions too).  If you are not married then bounce your ideas and thoughts off of people who care about your well-being.  Doing this will give you a different perspective on your job prospects.

5. Ask another experienced physician for advice

Asking an experienced physician about your job prospects is probably the best advice that can be given.  You can learn from their successes and/or failures.  A physician with several years of experience will provide invaluable advice on the business of medicine.

6. Consider a good recruiting firm

A good recruiting firm will like cost the employer a pretty penny.  If the employer is able to afford a high power recruiter, it is likely that they have a successful business model.  This may mean that your potential salary will be reduced proportionately to the recruiting fee which can be over $25,000.  Alternatively, identifying the busiest practices in a geographical area can be a great way of finding your next employer.

7. Learn what the payer mix is for the areas that you have narrowed down

Once you have completed the six steps above then it is time to do the research on how your practice will likely pay your salary.  Knowing the payer mix or insurance plans in the local area will help you understand how much effort it will take to grow your practice.  It will also give you insight on how you will need to market yourself in order for patients to make an appointment to see you.

Once you have done this, you will be better equipped to ask educated questions to your potential employer and understand which practices to avoid.  As a physician, if you work hard and are willing to learn then finding a job will not be difficult. Finding a job that will fulfill your intellectual, financial, and spiritual needs will be the challenge.

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