The Art of Physician Negotiation
Discovery Resource # ST-08
Contracts and Negotiation
Evaluate & Decide
Your guide to negotiating compensation with ease and confidence
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 salaries, 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 the world of negotiation with your eyes wide open to successfully navigate a field filled with 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 unreasonable and you may lose the job. Take the first offer and you may leave tens of thousands of dollars on the table.
- Learn how to position yourself to be the successful 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 productive discussion with the employer.
Author: Todd Skertich
Todd Skertich, founder & director of content at Adventures in Medicine; creator and author of Career and Life Planning Guidebook for Medical Residents; Career and Life Planning Workbook for Medical Residents; and creator of PhysicianCareerPlanning.com
Todd is the managing partner of Arlington HealthCare (AHC), a physician placement firm, and has helped facilitate more than 10,000 physician interviews, completed over 2,000 permanent physician placements and negotiated over $500,000,000 in physician compensation.
In addition to receiving a bachelor's degree in Business Administration from Indiana University, Todd completed an intensive study at Purdue University on Napoleon Hill's Keys to Success: The 17 Principles of Personal achievement, including “Definiteness of Purpose.” He utilizes these principals extensively in coaching new residents and helping physicians with their job searches.