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R ESIDENTS’ F ORUM K. MICHAEL W EBB, M D, AND L AWRENCE S. CHIN, M D<br />

Evaluating a New Job<br />

Rank Your Priorities and Do Your Homework<br />

After many years <strong>of</strong> residency, the<br />

prospect <strong>of</strong> getting a job is very<br />

exciting. Unfortunately, that excitement<br />

can make it difficult to evaluate<br />

a potential practice rationally. During<br />

residency one learns little about the business<br />

side <strong>of</strong> neurosurgery, and there is no<br />

chapter in Greenberg to help you out.<br />

Guidance for evaluating job opportunities<br />

in both academic and private settings is the<br />

subject <strong>of</strong> this Residents’ Forum.<br />

The first step in looking for a job is to<br />

determine what is most important to you<br />

and your family. The main factors to consider<br />

are the practice’s location, income<br />

potential and financial strength, as well as<br />

your interest in a subspecialty and<br />

research opportunities. Rank these factors<br />

in order <strong>of</strong> importance, but remember<br />

that every job requires some compromise.<br />

To decide what is negotiable, you must<br />

know your priorities.<br />

Location<br />

Location may be <strong>of</strong> primary importance,<br />

particularly if you have a family. Most<br />

hospitals, <strong>of</strong>fices and operating rooms<br />

look the same, and you will spend most <strong>of</strong><br />

your time there. Your family, however,<br />

will need to deal with jobs elsewhere as<br />

well as with schools, new neighbors and<br />

friends, and the like. Talk to people who<br />

know the area well, and make sure that<br />

you spend at least a few days exploring<br />

the area on your own to examine commute<br />

times, access to shopping and recreation,<br />

and other things that are important<br />

to your life outside <strong>of</strong> work.<br />

Income Potential<br />

Of the 800 neurosurgical job openings<br />

each year, approximately 5 percent to 10<br />

percent are academic jobs. Of approximately<br />

150 residents graduating each<br />

year, about 50 go on to fellowships,<br />

research or military positions, leaving 100<br />

residents entering the job market. At an 8­<br />

1 ratio <strong>of</strong> jobs to graduates, the odds favor<br />

you heavily. Regardless <strong>of</strong> your academic<br />

interests and research prowess, remember<br />

that your income will largely be determined<br />

by your clinical activity. Additional<br />

training such as an endovascular or<br />

spine fellowship will allow you to command<br />

a premium salary.<br />

Because it is a job-seeker’s market, academic<br />

practices have increased their starting<br />

salaries to be more competitive with<br />

private practices. However, this relative<br />

equality ends after a few years, as private<br />

practitioners become partners in their<br />

practices. Compensation <strong>of</strong> private practitioners<br />

is on average 20 percent to 50<br />

percent higher than that <strong>of</strong> their academic<br />

counterparts. So if you are considering<br />

joining a private practice, ask about the<br />

path toward partner status (for example,<br />

time frame and board certification), but<br />

remember, everything is negotiable. Practices<br />

with large assets such as <strong>of</strong>fice buildings<br />

or surgery centers may require a<br />

buy-in—but be wary if the assets are not<br />

easily valued.<br />

Academic compensation is frequently<br />

tied to rank. Be aware that the salary differential<br />

between a full pr<strong>of</strong>essor and a partner<br />

in private practice may be less than anticipated,<br />

particularly when you factor in benefits<br />

such as travel compensation, insurance<br />

benefits and malpractice coverage.<br />

Financial Strength<br />

Most academic practices associated with a<br />

medical school are either a department,<br />

which indicates more financial responsibility<br />

and direct reporting to the dean, or a<br />

division <strong>of</strong> general surgery where financial<br />

decisions are made in conjunction with the<br />

chair <strong>of</strong> surgery—though financial independence<br />

for divisions <strong>of</strong> neurosurgery is<br />

not uncommon. Obviously, a private practice<br />

is completely responsible for its<br />

finances. In addition to paying salaries, a<br />

practice must pay employee benefits, <strong>of</strong>fice<br />

rental, supplies, resident expenses and pr<strong>of</strong>essional<br />

liability insurance. Any remaining<br />

money may be paid as a bonus or used for<br />

practice development.<br />

You should meet with the business manager<br />

to evaluate the practice’s financial condition.<br />

Let the manager know in advance<br />

what you want to learn, so this person can<br />

be prepared with the right information. On<br />

the income side, look for the amounts billed<br />

and collected, as well as income from alternate<br />

sources such as pain clinics, ambulatory<br />

surgical centers, <strong>of</strong>fice building rents and<br />

other sources. On the expense side, look at<br />

the “dean’s tax,” salaries and overhead. Also,<br />

ask if bonuses have been based on case<br />

numbers or relative value units and whether<br />

Continued on page 38<br />

36 AANS Bulletin • www.AANS.org

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