Friends,
I wanted to share something that I wrote regarding a very important part in your career journey. Employment Agreements 101. I am constantly being asked questions regarding Employment Agreements and with the end of the school year coming to a rapid close, this is perfect timing. Without further ado...
5 things to keep in mind when negotiating your first employment agreement:1) Always Negotiate: An institution's or practice's goal is always to attract the best talent with the leanest economic and professional package possible. Failure to negotiate for those personal, professional, and economic items important to you and your family will likely have negative long term implications on your time in the role. It is better to "ask in a highly professional manner" and be told no than to not have asked at all out of fear of losing the chemistry. If you ask sound business questions in a professional manner and you lose the opportunity, then you have overestimated the chemistry that existed in the first place.2) No Experts Needed: You do not have to be a sophisticated negotiator to address the questions you have about your agreement with a chief, a chair, and/or a practice's partners. The key is in your willingness to set the appropriate expectations upfront. The large majority of graduating residents and fellows have received inadequate business of medicine and career education prior to completing their medical training. It is unlikely that a graduating surgeon or specialist will also graduate a master knowledgeable negotiator. This does not have to be a disadvantage! A successful expectation-setting conversation might go something like this:Physician: "I am not sure about your training program, but we received very little in the way of business and career education. Was it that way when you were in training?"Practice: "Absolutely. Most of us have learned the business side of medicine via on the job training and have made a lot of mistakes in the process"Physician: "I am glad to know it is not just me because understanding the ins and outs of these employment agreements has been a bit overwhelming. I have some questions about my contract and I wanted to make sure you were OK with me discussing them with you? (Pause for affirmative response) With my current lack of business savvy, I am concerned about not offending you or your colleagues but do know that the conversation will be educational for me and will help me feel more confident about the opportunity. (In a jovial manner, say:) You promise not to get offended by my questions?Alter the above to fit your style but do not fail to set expectations. Admitting your current knowledge level and experience at this point is not seen as a sign of weakness and puts you and the practice or institutional representative on the same team. Conversely, trying to pass oneself off as a sophisticated negotiator will surely create a competitive environment and a greater likelihood that conversations will damage the established chemistry. 3) Go Live Or Risk Going Viral: Emails or faxes containing your lengthy requests and concerns about your agreement are not advised. As suggested above, it is better to visit live via phone or face-to-face. Live conversations allow you to read your counterpart and maintain a sense of positive direction by reading tone and/or body language. The conversation is also an excellent educational opportunity. You should prioritize you wish list as there is no guarantee of making it through the entire list. The danger of avoiding conversation and sending your requests via email is you loose your ability to manage the conversation. If item #4 on your list creates a sense of irritation with the chair or partner, then you have no ability to withdraw or manage the remaining twenty requests. Images of you being difficult and demanding can be easily created and can become viral and may negatively impact the teams perception of you as a future member. 4) The Amazing Invisible Ink: The conversations suggested in #3 above will yield many thoughts and dreams and promises on the part of the practice or university. Work hours and locations, compensation and bonuses, partnership or tenure, research support and marketing support will all be discussed. You must make every effort to convert the promises and discussions into the written word of an employment agreement. Once you sign, you can count on healthcare reform, endowment depletion, further resident hour reductions, and the tightening of outside funding sources to step into the mix and challenge the institution's or practices abilities to keep their commitments. Historical experience would say it has been hard for many to keep the commitments put in writing let alone those made on a verbal promise or a handshake. I believe there is always a real interest in keeping promises made but the environmental pressures present at the time may not allow it to be so. Having all terms in writing may not ensure you all that was promised but it will provide you some protection in proving a breach should the need arise. I would hate for you to trust in the promises of people only to find out that the invisible ink of well-intended promises has simply disappeared. 5) Legal Expertise: Remember that there are two parts to a contract negotiation: 1) Negotiating the deal, and 2) Determining if the deal negotiated is legal and is effectively embodied in the language of your employment agreement. Negotiating your deal can be done by yourself or a business consultant, accountant, or attorney with appropriate knowledge and skill sets. It is imperative that you select wisely for this step as the process and interactions will have long lasting impressions about you as physician and potential partner or professor. Selection of an offensive and/or caustic personality for negotiation purposes could be detrimental. Once the deal terms are negotiated, a contract attorney is the only person who can tell you if what you negotiated is legal and if what you negotiated is embodied in the agreement. The costs for legal review of a typical employment agreement with both written and verbal feedback by and attorney should not exceed $500.
Congratulations on taking the first steps towards becoming proactive in your career journey! Let me know how CareerPhysician can help you. www.careerphysician.com
Regards,
W.
wesleymillican@careerphysician.com
In 20 years of supporting the career needs of America's young physicians, I have learned that the stigmas of residency and fellowship live on for many years post training. Countless numbers of newly minted physicians approach the job market as if they are still subservient figures doomed to forever comply with the nonstop demands of senior attendings or practicing physicians. It is time to realize that at the competition of your training you are now equally trained officially peers and colleagues separated only by experience. Too many young physicians waste countless time and financial resources mailing pretty cover letters and CVs that will never see more than the official round file of the practice administrator. While you are sending out your sterile offerings, your competition for the job is on the phone making live direct contact with the practice or program thus creating barriers to entry that your paper documents will never penetrate. Yes, I realize it will seem foreign to pick up the phone, call your target practice and ask for doctor Smith to discuss your interests and their needs. Get Over It, Practice Your Pitch In The Mirror, Make The Call. They are!!!
Wesley
For our many avid and loyal readers, and I am sure there are TONS of them, I would like to take a moment to introduce myself to the crowd--as a new contributor to this grand ole blog. Hello blog world! I'm Casey and I have been an exemplary employee of CareerPhysician for two years now, if I may just throw it out there myself. I'm a self-proclaimed sharp-shooter and lover of all social media so I sometimes handle our facebook page and our work-in-progress website. I am pleased to be able to contribute to the Wesley's head blog and hope you will join me on this journey.
As a newbie, I wanted to start my blog life off right by asking you, my dear loyal websiters, visitors, pals and close strangers, what brings you here? What drives you to visit us each week? Anyone? Anyone? Do you visit us each week?
As I research different areas and people that I look to for inspiration for our site and the resources we bring you, I want to build as many relationships I can with the people that matter most--young physicians, residents, fellows, doctors, like you. YOU. I'm talking to you! Tell me what you want, tell me what you like, what you don't, what you need in the world of medicine. I'm all ears.
Sound off.
C
2010 is over. Well to be precise, in just three short days 2010 will be over. As we close this year, I tip my hat to the year that brought the Winter Olympics, the liberation of the trapped Chilean Miners, the eclectic tastes of Lady Gaga and the evolution of an unknown device called the Apple iPhone 4. I bid adieu and good riddance to the heartbreaking haitian earthquake, the devastating Gulf oil-spill and to the SF Giants for beating our beloved Rangers.
For the majority, 2010 has been a good year for CareerPhysician. We connected with over 250 Residents and Fellows at places such as Children's Hospital of Philadelphia, UCLA, OU Health Science Center and many more. We launched the efforts of completing our fancy new employment agreement tool (to be unveiled very, very soon!) and made even more changes to our evolving website.
As we look to the new year, we make resolutions that we plan on keeping and goals we plan on surpassing. We could not have made it through this year if it weren't for all the schools that have invited us into their programs to share the knowledge that we have and I hope that 2011 brings many more programs and many more memories.
Cheers to 2011.
It's almost that time, the time to set your clocks back one hour and relish in the fact knowing that you have another hour to sleep in. The fall brings many things, cooler and undoubtably more gorgeous weather, changing leaves and a breath of fresh air. But, more importantly, fall marks the start of a new school year. For many of our CPChiefs Attendees this year, it will be their last year of training and next fall will bring the start of a blossoming career. Like many, Fall 2011 seems so far away, but if you dream of landing that dream position in the private or academic career you so desire, you should get a move on things. This past year we have been diving in head first trying to unravel all the best educational resources we can bring to young physicians, residents and fellows, trying to get a head start on the planning of their career. Our newly launched website is ready to answer questions, concerns and headaches. We pride ourselves knowing that we've got the best educational collateral out there and our sections like employment agreements and contract negotiations are exactly what you need to get started on your career journey. We are currently in the works of drumming up a one-of-a-kind employment agreement tool! I hope that you take the time you need to figure out a good strategy and plan for your upcoming school year. And for those who haven't started even thinking about what steps to make next, I hope you find a good resource on our website for a little guidance. So get out there, join us! After all, you only have 353 days until the first day of fall 2011.
One of the best things about being a apart of America is being able to freely and openly have an opinion. And with the arrival of the new Healthcare Reform President Obama signed into act last week, many Americans have chosen to exercise this great freedom. But, whether you agree or disagree with the new law, one thing is for certain, Healthcare as we know it is changing. You've chosen a career that will be directly affected by this new law, good or bad. It's up to you to make the most of it, seeing as you have spent your whole life preparing for this role. The business side of medicine is always a gray, confusing area and this bill is no exception. There are new rules, new regulations and as always new opinions, so it's important that you don't get swallowed up in the speculation and read the facts for yourself. Form your own opinion. But most importantly, don't stop doing what you do best, provide the best healthcare you can to your patients.
Here's to a smooth transition.
It's that time. The higher powers that be, have answered your prayer of granting that one interview that you promised whole heartedly, "If I at least get this interview I will do more charity work for a year." That interview. Your foot, the foot that has been broken, stepped on and thrown out since you began applying and vying for the physician career of choice is half way in the door. Next step, lunch. Can't be so bad. Just a couple brewskies and some wings with some awesome folks at this really awesome hospital that I want to work really awesomely in. Think again.
These "folks" are the people that will be paying you. The people that will educate and mentor you in your respective departments. These are the big wigs. And big wigs, hardly ever love a soup slurper. Or a double-dipper. Or a sauce all over the fingers from wings person. No, big wigs are not your friends wanting to toss back a couple in a laid back environment to see if you'd fit in with them. It's important that you keep in mind that while they may seem relaxed and easy going, they are always watching you. Watching how you pick up that fork, how you interact with the waitstaff, and watching how natural it is for you to hold conversation. So next time you think no biggie, you might want to take a look at this and get brushed up on your etiquette skills. Before they brush your foot right out that half-open door.
Can you believe it's already fall? For those on the East Coast or even the Northwest, you went straight into the winter temps, but it beats the heat of summer. It seems like yesterday we had the CRLF, but looking back it was almost 6 months ago. I hope everyone that attended has made some lasting relationships, tackled some big challenges and accomplished their mid-year goals. Its been a couple months since we launched our new website and we are experiencing more traffic than ever. I'm so glad to be able to offer this invaluable resource to young physicians like you and I'm hoping that more and more people keep visiting, so keep spreading the word!
This year is quickly coming to a close, but before it does we've got more things to conjur up and deliver to you. So much All of what we do is for you. To bring the best career resources, news, education and perspective is what I strive to do everyday for physicians like you. If there is anything we can do to help your career path, let me know. In the meantime, check out our website www.careerphysician.com!
Good thoughts.
W
Help Empower the Future of Medicine! Become a fan on Facebook and tell your friends! Follow us on Twitter!
We've been working very hard this summer to launch new things and it looks like the light at the end of the tunnel is within view. On August 25th we launched our new website, www.careerphysician.com. I hope that this website will be a very useful tool in every physician's career to success. Its a work in progress, but I am certain that it will enlighten your path. We've also launched a new Facebook fan page and can even be followed on Twitter.Help "Empower the Future of Medicine" and join our networking pages and pass along to your networks.
With all these great new changes, we wanted to launch a really fun game. It's called CP Pick 'em Pro Football Challenge. Details are coming soon, so be sure to sign up on www.careerphysician.com to be one of the first to get the rules. I have some great prizes lined up and I think it will surprise everyone what a fun game this will be.
So many changes in a record amount of time. We aren't even close to being done with it yet and I thank everyone for their patience as we launch all that we've been drumming up. Stay tuned, more good things to come!
I cannot say enough about the outstanding group of Chiefs we had in Dallas. Now that a few weeks have gone by, I hope each of youremembers the importance of the lessons learned. Yourfellow residents and your directors need desperately for you tostep-up and be a leader in resolving conflict and creating a productive culture.
Enough for now but do send me a note and let me know what we can do for you. The Launch Your Career Series is catching on and we hope your program will join us.