Career and Life Planning Guidebook for Medical Residents

After many years of training to become a physician, you can finally see the light at the end of the tunnel as you finish residency or fellowship. You are probably receiving endless emails advertising positions with amazing starting sala- ries, signing bonuses, and loan repayment that seem almost too good to be true. You may have received numerous calls on a weekly basis from recruiters who want to help you find your dream job, and the prospect of potentially quadrupling your income has certainly caught your attention. You are likely excited about maximizing your income, but don’t get caught up in all the excitement with blinders on. You must enter theworld of negotiationwith your eyes wide open to successfully navigate a field filledwith potential landmines as you begin to negotiate your first opportunity out of residency. Negotiation is a thoughtful discussion between two parties with reasonable expectations, with the goal of achieving a successful outcome for both parties. Negotiation is an art form – press too hard by demanding something that’s un- reasonable and you may lose the job. Take the first offer and you may leave tens of thousands of dollars on the table. In this chapter, you will learn the negotiation mindset needed to position yourself in the most favorable light to maximize your potential, while setting the foundation of a solid relationship between you and your future employer. 1. Adopting A Negotiation Mindset 2. The Employer’s Perspective – Seek to Understand Before Being Understood 3. Market-Driven Factors 4. Rules of Engagement 5. Preparation 6. Negotiation 7. Commonly Asked Questions • Learn how to position yourself to be the success- ful candidate for the job you want. • Create a win-win mindset. • Learn when to initiate the negotiation process. • Leverage the most powerful secret to successful negotiation. • Improve your market position by making apparent your understanding of the market. • Learn how to demonstrate emotional control. • Strengthen your relationship with your employer before, during, and after negotiation. • Learn the basics of contract negotiation including terms and conditions that are typically open for negotiation and those that are not. • Understand the importance of Fair Market Value for both yourself and the employer. • Learn the importance of active listening and pro- ductive discussion with the employer. L E T ’ S G E T S T A R T E D In This Chapter O U T L I N E G O A L S The Art of Physician Negotiation 287 WWW.PHYSICIANCAREERPLANNING.COM