Getting out of residency and into private practice can be an exciting time full of expectations and opportunities. Nonetheless, some doctors feel some apprehension and even show some diffidence when it comes to discussing terms of employment.
Some of the best negotiation training is in NYC. Physicians can graduate equipped to face the challenge of setting up new contracts with confidence. Recognizing that the terms you start with set the pace for your relationship with your employer or partners, here are six key points to keep in mind during your contract negotiation process.
In most instances, you already know the role you’re interviewing and negotiating for. Conduct some research, including financial due diligence, on the position applied for. Keep abreast of best practices, work titles, organizational hierarchies, salaries, and perks.
When it comes to compensation, doctors often enjoy perks and incentives over and above their salaries. Some of the financial terms and conditions a physician contract negotiation course can familiarize you with include:
- Partner buy-in and buy-out
- Malpractice coverage
- Income distribution
- Disability plan
- Overhead: Revenue ratios
- Payer mix (government insurance, private insurance, co-pay, and self-pay)
Too many physicians make the mistake of dwelling on the base salary during negotiations. An intense focus on base salary may be misconstrued by the employer as a sign that you’re too self-focused and not thinking about the mutual long-term relationship.
Negotiation workshops help you discuss terms showing a clear intention to meet and exceed productivity goals and to earn bonus incentives. While asking about your base salary, expand your focus to other financial considerations such as bonuses, incentives, paid vacations, retirement packages, and training opportunities.
A negotiation class or simulation may prepare you to talk to your recruiter and prospective employer/partners about any special circumstances that may influence your decision. Special circumstances may include:
- Schooling for your kids
- Employment opportunities for your spouse
- Moving costs if you’re from out of state or a different region
- Licenses or certifications to meet specialist requirements
Being strategic works to secure your long-term career goals and personal comfort rather than just fulfill your current salary goals.
Don’t consider too many offers
You may receive multiple offers from different recruiters or get a positive response by sending out multiple job applications. Negotiation training experience shows that having multiple offers can turn an exciting prospect into an overwhelming and challenging scenario.
You could express enthusiasm about each prospect and attend all interviews. However, too many offers may cause further confusion and can be a time suck. Alternatively, a negotiation class can help you develop a decision matrix to narrow down on your options, enabling you to invest your precious time and energy in your most attractive positions.
A simple decision matrix could go like this: