Knowing the right way to negotiate is important in many people’s lives. It’s helpful in employment arrangements/contracts and has many implications, especially financial ramifications. Negotiating is a skill that can make or break your job. Happy physicians deliver better care and better outcomes.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Linda Street, a practicing physician and certified life coach who specializes in helping physicians negotiate better employment terms.
Financial Ramifications: Learn how to negotiate well or deal with consequences
- Mistakes: Not knowing what you should negotiate for to avoid burnout
- Fear of Being Greedy: Yet, more money does not always make everything work
- You’re Not Alone: Easy to overcome negotiation issues with some guidance
- Simply Street MD: Everyone knows a doctor with an enviable contract…be them
- What is an enviable employment arrangement/contract? Be your own advocate
- Conflict vs. Choices: Anything that’s been negotiated once can be renegotiated
- Negotiation Techniques:
- Mindset: Advocate for yourself by knowing exactly what you want and do
- Market: Know what you should be paid compared with others
- Make It Happen: Get a contract that serves your desires and goals
- Skills: Physicians negotiate with patients/others every day to reach agreements
- Leverage: Maximize perception of loss if you’re not there to get something better
- Pre-anticipation: Create responses for all the reasons someone says, ‘no’