Physician Effective Contract Negotiation Strategies

Navigating contract negotiations, whether entering into?a new agreement?OR seeking a departure from an existing one, requires a thoughtful approach and strategic planning. Here are THREE (3) Crucial Areas to consider to ensure?the best opportunity for a?successful negotiation and outcome.

1. Timing is Everything

If within your control, begin your contract negotiations well in advance of any deadlines. This foresight starts the process to?aim?for that best possible outcome, recognizing that healthcare entities, be they hospitals or private practices, operate on tight schedules. Hurry up...dead silence...rush to reply...void...Demonstrating intent and interest early—without seeming desperate—can make a significant difference. Being proactive not only shows your professionalism but also positions you as a thoughtful partner in the negotiation process.

2. Patience Pays Off

As Alex Hormozi at Acquisition.com emphasizes, patience is what we do while we wait. Applicable here, patience is required (at least?helpful?) while awaiting responses during contract negotiations. The process often involves several stakeholders, and delays are not uncommon nor a reflection of your worth or value to the organization.?Use any waiting periods to remain proactive, and don’t hesitate to leverage other opportunities as they arise—appropriately informing your current opportunity of alternatives, which can provide a subtle yet effective form of leverage, enhancing your negotiating position. When done tactfully, it can be very effective.?

3. Follow Through for Success

Once a contract is in place, diligent follow-through is essential. Keep track of all critical dates and obligations, both yours and those of your current or potential employer. Whether it concerns credentialing, licensing, insurance,?or financial obligations tied to money advanced upfront, e.g., a signing bonus, do your best to stay organized and don’t be afraid to respectfully remind parties of impending deadlines - updating them as to your progress as well as?inquiring as to theirs, can prevent oversight and ensure compliance.

Strategies when EXITING

For those currently under contract seeking an exit, the same principles apply.??Start the process early, well before the contract’s natural termination. This proactive approach can safeguard against potential legal claims based on a number of factors that often arise when parties are separating which often come in the form of?unwarranted disciplinary action or other contract stipulations that could work against you based on predetermined timing triggers existing in the contract.?

Maintaining patience during this time is crucial, as decision-makers may need to consult with legal or business advisors. Always follow up, again respectfully, to ensure all agreed-upon terms, conditions and obligations are being met.

We’re Here to HELP

Navigating contract negotiations can be complex, but you don’t have to do it alone. If you’re preparing for a negotiation or need guidance on managing your contract terms, want to learn more about your options,?reach out to us. We’re here to support you every step of the way.

Call/Text: (917)?856-6167 or (215) 215-8066

Email: [email protected]

Have a great week!

Jared