Negotiations

Having signed contracts for eight jobs (and counting) since finishing residency I've continued to learn more with each new contract I sign. It can feel like a daunting task, but with the right preparation and approach, it can be a successful process for both parties. These are aimed a physicians negotiating contracts but the principles hold true across many professions. Here are some tips to help you navigate the negotiation process:

1. Understand your worth going in: Before entering into negotiations, it's important to have a clear understanding of your qualifications, experience, and value as a physician for whichever role you're applying for. This will help you to negotiate from a position of strength and make a strong case for your compensation and benefits. 

2. Do your research: Research the market rates for physicians in your specialty and location. This will give you a good idea of what to expect in terms of compensation and benefits, and help you to make a case for why you should be paid fairly. Finding that there are multiple positions open in a department shows that they're likely desperate to hire someone. Obtaining the MGMA data for your specialty in that area of the country can be helpful in using it as a guideline. Ask a mentor or colleague in your specialty to review your contract to see what suggestions they may have and learn from their experience negotiating contracts for your specialty.

3. Be prepared to compromise: Negotiations are a give-and-take process, and it's important to be prepared to make concessions in order to reach a mutually beneficial agreement. Be open to discussing different options and be willing to consider alternative solutions. Often employers may have more flexibility in negotiating time off for vacation or administrative work and job titles that don't cost them anything but may be helpful for you in the future when you move onto a new role. Reading the book Never Split the Difference is a great resource. 

4. Communicate your needs clearly: Be clear about what you are looking for in a contract, and be sure to communicate your needs and expectations to the other party. This will help to ensure that both parties are on the same page and working towards a common goal. As much as possible work to have all non-competes taken out of contracts you're about to sign. While certain states are making it harder for them to be enforced you don't want to have to avoid working in the area you live for 12-18 months while a non-compete expires should you want to switch jobs. 

5. Seek legal advice: Before signing a contract, it may be good idea to seek the advice of a lawyer who specializes in physician contracts. They can help to review the contract and ensure that it is fair and legally binding. The advice and suggestions they offer have the potential of returning to you much more than the cost you pay them to review the contract. This was the case for me when I paid $400 to a lawyer for reviewing a contract and ended receiving thousands more in a signing bonus due to the lawyer's recommendations.

By following these tips, you can successfully navigate the physician contract negotiation process and secure a fair and favorable agreement for both parties.