2024 Senior Fellows Program (2nd & 3rd Year) | September 2024-Canipe

Canipe_ASGE fellows course Art of Negotiation

Pdf Summary

Dr. Ashley Canipe's presentation outlines key negotiation tips for physicians, specifically focusing on the process of securing employment contracts. The presentation begins by defining a Letter of Intent (LOI) as a preliminary, non-binding document that outlines the main elements of employment, setting the stage for subsequent negotiations and a binding contract. A contract, being legally binding, details the obligations of both the employer and the physician.<br /><br />Negotiation tips highlight the importance of starting the interview process early (about 1.5 years prior) to gain experience and understand one's market value. Physicians are encouraged to reflect on their career goals, essential job attributes, and negotiables versus non-negotiables. Gathering information, educating oneself through various sources, and consulting mentors is advised to negotiate from a position of power.<br /><br />When negotiating salaries, it's crucial to understand different compensation models, such as straight salary, productivity-based, and bonus structures. Beware of contracts with high initial guaranteed salaries transitioning into production-based pay, which may lead to significant pay cuts if performance metrics (like RVUs) are not met.<br /><br />Insurance considerations involve understanding malpractice insurance types—occurrence versus claims-made policies—and whether nose or tail coverage is needed and who will bear the cost.<br /><br />Physicians should be aware of Best Alternative to Negotiated Agreement (BANTA) scenarios, including components like salary, protected time, signing bonuses, moving expenses, loan forgiveness, and other negotiable elements such as non-compete clauses and CME allowances.<br /><br />Due diligence remains essential; seeking professional contract review and understanding non-negotiable elements like tail insurance and restrictive covenants (non-compete clauses) is recommended. The presentation concludes with a reminder that due to the national shortage of specialists like gastroenterologists, physicians are in a strong negotiation position.

Keywords

negotiation tips

employment contracts

Letter of Intent

physician career goals

compensation models

malpractice insurance

Best Alternative to Negotiated Agreement

contract review

non-compete clauses

physician negotiation