Fair Market Valuations & How They Impact Your Earnings

<p><span style="font-weight: 400;">Understanding the factors that determine how much we get paid is one of the most important steps in negotiating effectively and getting paid what we’re worth. </span></p> <p> </p> <p><span style="font-weight: 400;">In 2021, the new Medicare guidelines are set to impact how much some physicians are going to earn, and for many of us, fair market valuations are going to be used to adjust our packages.</span></p> <p> </p> <p><span style="font-weight: 400;">Yet, fair market value is a term that’s so ambiguous and vague, it’s hard to know what it effectively means, and what the outcome will be for our contract negotiations. </span></p> <p> </p> <p><span style="font-weight: 400;">What drives hospital systems to put in place fair market valuations? How can we navigate a fair market value if it comes up?</span></p> <p> </p> <p><span style="font-weight: 400;">In this episode, I give some detail on the meaning of fair market value and how it can impact you in getting paid what you’re worth.</span><br /> <br /> <br /></p> <p><strong>Three Things You’ll Learn In This Episode </strong></p> <p> </p> <p><strong>How we can navigate a fair market valuation</strong><span style="font-weight: 400;"> </span></p> <p><span style="font-weight: 400;">Hospital systems have fair market valuations to protect themselves from hefty fines and possible legal ramifications. They want to make sure they are safe, and as physicians, we end up as cogs in that system. Being involved in the valuation process helps us balance the equation.</span></p> <p> </p> <p><strong>The factors that go into calculating fair market value</strong><span style="font-weight: 400;"> </span></p> <p><span style="font-weight: 400;">There are many things involved in determining your fair market valuation. This includes where you are, your skills, the value you offer to the hospital, the demand for what you do, and other roles you serve or abilities you have outside of your clinical skills. </span></p> <p> </p> <p><strong>What fair market val