ACC CardioCareer & CME Guide - March 2008v8 - (Page 20) Negotiating Your Way to a Successful Contract ou’ve survived the arduous interview process and have been invited to join a practice or academic institution. Congratulations are in order, but beware, the next step, negotiating your contract, could make or break the deal. While experts liken the interviewing stage of the job hunt to courtship, they compare contract negotiation to ringing wedding bells. Those who have been through contract negotiations warn that making too many demands too early can send employers running from the altar. To help ACC’s Fellows-in-Training prepare for this challenging phase of job hunting, we sought the advice of an expert consultant as well as a number of cardiologists who recently emerged satisfied with the provisions of their first contracts. A Good Contract Starts With You Academia or private practice, big job market or small, general cardiology or subspecialty… there are some guidelines for contract negotiation that always apply, no matter what career path you are traveling. Mr. Hertz Y Benjamin M. Schaefer, MD, who recently joined a private practice in Maine, and Hector I. Michelena, MD, who has signed on at the Mayo Clinic in Rochester, MN, both recall heart-toheart discussions with their families about what Dr. Schaefer they wanted, what success would feel like for them, and what they were willing to compromise on. For example, Dr. Schaefer says, “After a lot of long hours in the hospital, my wife and I were clear about wanting a better, more comfortable lifestyle in terms of free time.” In addition to knowing what you want, you also have to be clear on what you’re able to give and what you’re willing to compromise on, stresses Mr. Hertz. “The goal is to achieve a win–win situation for both employee and employer. New doctors must understand that contract negotiation is not about getting as much as they can from an employer,” he explains. “It’s about being equitable on both sides of the table. Everyone should walk away feeling good about the end result.” Do Your Homework Whether your career destination is academia or private practice, the key to successful negotiations is entering the marketplace fully prepared. Before you launch into any contract negotiations, make a list of questions and issues you want to pursue. “When you go from practice to practice, ask basically the same questions so that you can compare the answers later,” suggests Mr. Hertz. “You do yourself and the practice a disservice if you don’t ask the questions that are important to you.” For years, Jeffrey L. Williams, MD, MS, who recently signed a contract with a group practice in Pennsylvania, has kept a log of important issues he wanted to address when he eventually entered into contract discussions with prospective employers. Dr. Williams Armed with four pages of questions to ask each practice, Dr. Williams had done his homework, but he was also ready to heed his instincts. “The practices you want to join are the practices that like answering these questions,” he says. “If you get a worrisome response from a prospective employer, do a gut check. If your gut is telling you something is wrong, then don’t go there.” Start Early It’s never too early into a fellowship to begin scouting out future employment opportunities. After narrowing his search based on geographic preference and market size, Dr. Williams officially launched his job search nearly two years before completing his fellowship. Why so early? He planned to interview with a large number of practices and didn’t want to feel pressured to accept any offer because the clock was ticking away on his training. Most practices are willing to sign on young physicians before (Continued on the following page) Know What Makes You Tick Whether your goal is a career in private practice or in academia, the golden rule of contract negotiation, says MGMA Health Care Consulting Group senior management consultant Kenneth T. Hertz, CMPE, is “understand who you are, what makes you tick, and what motivates you.” All of the early-career cardiologists we interviewed agreed—this self-knowledge will be the foundation of your contract negotiations no matter what position you seek. Private Practice Pointers When ironing out the details of a contract, don’t overlook these potential deal-breakers: • What are the dictates of the restrictive covenant? • Are there any exclusivity contracts? • What are the buy-out or retirement obligations? • What does a typical call schedule look like? • Do any separate entities own the practice? • What are the details of the malpractice policy, including tail coverage and limits? • Can I obtain my own legal counsel, if necessary, rather than have it assigned to me by the practice or hospital? • Are there patients waiting for me, or do I have to go out there and find them? • Are there any assets of the group not eligible to partners? For more helpful questions like these, go to http://www. acc.org/practicemgt/workforce/pdfs/Fellows-in-Training/ Cardiology%20Practice%20Interview%20Forms.pdf 20 American College of Cardiology CardioCareer & CME Guide acc.org/practicemgt/workforce/pdfs/Fellows-in-Training/
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