Medical director stipend re-negotiation

[Iamnew2]

Hey fellow PM&R'ers,
It's time for me to renegotiate my medical director stipend. I'm wondering how others have done this? Do you just say I want more money? Do you set a certain amount? a certain percentage? Any assistance would be appreciated. Thanks!

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[DMBandFan86]

Depends what you want, the market, hospital census, profitability, etc. How long has it been since you had an adjustment? How many years of experience do you have in MD role? Are you paid hourly or salary? How many actual hours per week do you put in? Are you under or overpaid currently? Rural area or thriving metropolis? Are other people getting raises right now in the company? What have your performance reviews looked like? Has management talked about bonuses or raises in the past? Do you have a business background or degree / MBA?

Inflation is >8%. National average raises are 3-5%. Hourly MD stipend can be 100-150 per hour from what I have been seeing. 50K per year for 10 bed unit up to 150+ for larger units.

Generally you just ask for a raise and negotiate. If they say no then have a plan in place. Are you going to threaten to leave if you don’t get a raise or look somewhere else? I’d say the inpatient PM&R job market is good right now. But doesn’t mean you would make more somewhere else.

How much do you want? Asking for inflation adjusted wage or for productivity bonus if getting certain metrics may be a good way to start. If you like the admin route then also look into regional director jobs or also discuss how to get on track to get the next promotion.

 

[Iamnew2]

Depends what you want, the market, hospital census, profitability, etc. How long has it been since you had an adjustment? How many years of experience do you have in MD role? Are you paid hourly or salary? How many actual hours per week do you put in? Are you under or overpaid currently? Rural area or thriving metropolis? Are other people getting raises right now in the company? What have your performance reviews looked like? Has management talked about bonuses or raises in the past? Do you have a business background or degree / MBA?

Inflation is >8%. National average raises are 3-5%. Hourly MD stipend can be 100-150 per hour from what I have been seeing. 50K per year for 10 bed unit up to 150+ for larger units.

Generally you just ask for a raise and negotiate. If they say no then have a plan in place. Are you going to threaten to leave if you don’t get a raise or look somewhere else? I’d say the inpatient PM&R job market is good right now. But doesn’t mean you would make more somewhere else.

How much do you want? Asking for inflation adjusted wage or for productivity bonus if getting certain metrics may be a good way to start. If you like the admin route then also look into regional director jobs or also discuss how to get on track to get the next promotion.

What is the promotion route ? Med director —-> regional med director —-> CMO?

 

[lejeunesage]

My stipend is base rate X set number of hours.
I renegotiated it last year.
You have to cite a reason:
- Better offer from elsewhere.
- Increase in your responsibilities.
- Consistently exceeding predetermined metrics, etc. Say you have a target for an ADC or 32 and you're consistently at 38 or something.

Then ask for something specific: like an increase in the base rate or an increase in the hours.
Hey, I'm seeing way more patients than when we agreed on my contract and I'm spending more time reviewing patients.
Or I've invested time developing a brain injury program, which has resulted in a permanent increased in the ADC, which has help us better weather the pandemic.
So I think instead of X hours per week/month, I should have Y hours.

The better you make your case, the more likely they are to say yes.

 

[Iamnew2]

My stipend is base rate X set number of hours.
I renegotiated it last year.
You have to cite a reason:
- Better offer from elsewhere.
- Increase in your responsibilities.
- Consistently exceeding predetermined metrics, etc. Say you have a target for an ADC or 32 and you're consistently at 38 or something.

Then ask for something specific: like an increase in the base rate or an increase in the hours.
Hey, I'm seeing way more patients than when we agreed on my contract and I'm spending more time reviewing patients.
Or I've invested time developing a brain injury program, which has resulted in a permanent increased in the ADC, which has help us better weather the pandemic.
So I think instead of X hours per week/month, I should have Y hours.

The better you make your case, the more likely they are to say yes.

I do 20 hours per week, so I wouldn't be able to do more hours, but I would imagine that a yearly increase would be reasonable. My contract does say that it's renegotiable yearly. But I agree I think putting metrics would be beneficial to help my case. Thanks!