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Simply Worth It: Physician Negotiations with Dr. Linda Street
27 minutes | Jul 22, 2021
When Physicians Resign: How to Quit Gracefully, Optimize Your Exit & Serve Out Your Notice Period in Peace
When a physician quits their job, it’s usually not as simple as handing in your resignation letter and riding off into the sunset. Most of us are contractually obligated to stay for up to 180 days. That’s a REALLY long time to work while you wait for your exit, so how do you make it bearable? Your notice period can be your worst nightmare, or an opportunity to close a chapter on your own terms. The experience you have is completely within your control. Is there such a thing as “quitting well”? How can we plan for our exit ahead of time and leave the job gracefully? In today’s episode, I talk about how to shift your mindset and leave your job on the best terms possible. Things You’ll Learn In This Episode How to leave a job on your own termsWhat’s the difference between being forced to quit and ending a chapter deliberately, intentionally and on your terms? Why patients need to be our top priorityIn the last days of our employment, our focus needs to be on our patients. How can we set our successors up for success so patients don’t suffer in the transition? How to quit gracefully in an acrimonious resignationHostility from soon-to-be ex-employers and co-workers is par for the course when we quit. How do we leave with no hard feelings? The power of a mindset shiftWhy do we have to reframe internalized negative mindsets and dysfunctional beliefs about quitting?
33 minutes | Jul 15, 2021
How to Identify the Internalized Bias That Shows Up in Your Negotiations
The oppressive structures in our world don't just just exist on a societal level. They also show up in medicine, and oftentimes, we unknowingly internalize them. When parts of our identity differ from the society's assumption of what a doctor looks like, going to bat for ourselves can be an uphill battle. How do we identify ours and others internalized biases? Why does this become a hurdle to us getting paid what we’re worth and optimizing our contracts? In this episode, we’re going to explore how our marginalized identities can affect the way we feel about ourselves as physicians, and what we deserve in a negotiation. Three Things You’ll Learn In This Episode How to identify internalized negative beliefsWhat are marginalized identities and how do they impact how our capabilities are viewed? The cost of internalized biasHow do internalized biases diminish our value and hold us back from optimizing our contracts? Why internalized bias is sometimes really hard to identifySome of our internalized biases show up in the most seemingly benign and sneaky thoughts. How do we uncover them? Visit https://www.simplystreetmd.com/bias to download the tool.
24 minutes | Jul 8, 2021
Getting Deliberate About Rest: How to Intentionally Carve Out Time for Yourself & Prioritize Your Recovery
In the career trajectory of female physicians, we constantly feel the need to do more to be successful. Whether that's seeing more patients, having more on our daily agenda, or working harder for an equal salary. But what if all this extra work is coming at the expense of much needed, well-deserved rest? If we don’t actively prioritize periods of rest, and we don’t take pauses, we’re setting ourselves up for failure. How do you know if you’re missing out on opportunities for rest? What are the facets of rest we often ignore, but need to focus on? In this episode, we’re going to talk about how to deliberately plan for rest, and practical ways to bring rest into work day. Three Things You’ll Learn In This Episode How to get the most out of the schedule you negotiated forA beautiful schedule filled with vacation days and four-day weeks is only great if you make use of it. Are you squandering much-needed rest time and overworking when you don’t have to? Why staying in one place can actually be good for usWe’re conditioned to be on the lookout for the next big opportunity, but what if plateaus and status quos are exactly where we’re supposed to be for rest and efficiency? The power of deliberate breaks throughout the dayHow do you set up micro-breaks throughout your day, and allow yourself time to protect your physical, mental, and emotional health?
16 minutes | Jul 1, 2021
The Destructive Mindset That Handicaps You in Negotiation & How to Optimize Your Approach by Making a Simple Shift
In coaching, there’s a concept known as ‘The Manual’ - an unspoken set of rules we hold other people to without their knowledge. In a negotiation scenario, this line of thinking can be problematic, counter-productive and destructive to our ability to really advocate for ourselves. Our employers aren’t automatically aware of the specific core values we bring to an organization. Expecting them to “just know” erodes our confidence, and holds us back from optimizing our employment outcomes. How do we practically stop basing our success on how other people respond? How do we shift towards a more beneficial and empowering mindset? In this episode, I talk about why assumptions set us up for failure, and how to optimize what you control. Three Things You’ll Learn In This Episode The danger of trying to control other people in negotiation Why is it hard to fully advocate ourselves in a negotiation when we’re making assumptions and holding the other side to a set of rules they have no idea about? Why we have to focus on what we control and let go of everything elseFraming our success in negotiation around someone’s response can foster discouragement and defeatist thinking. How do we positively focus on optimizing what we can control instead? How to bounce back from a fumble How can we flip a negotiation fumble into an opportunity to raise the bar and create an opportunity for mutual value?
29 minutes | Jun 24, 2021
Conflict: The One Fear That Holds You Back in Negotiation & How to Overcome It w/Bill Sanders
Negotiation can either be an antagonistic, competitive tug-of-war, or a relationship-building process where two sides come together in an agreement based on value. Even though it sounds contradictory, the greatest barrier to a successful negotiation is the fear of conflict, and if we want to sharpen our agreement-making skills, getting comfortable with it is essential. How do we fully advocate for ourselves without alienating the other party? What are the most counter-productive things we have to avoid in negotiation? In today’s episode, I’m joined by Bill Sanders, the author of a great new negotiation book, Creative Conflict. He shares why our learned aversion to conflict holds us back in negotiation, and how to overcome it. Three Things You’ll Learn In This Episode The power of small agreements and small winsHow do we move a stalled negotiation forward leveraging high-value, low effort trade-offs? How to renegotiate an existing agreement so it better serves usAnything that’s been negotiated can be renegotiated, and there’s always a possibility to make a contract better, but how do we put this into action? Why we have to wear different hats in a negotiationIn a negotiation, we have to show up for ourselves, the way we show up for others. What strategies can we use to tap into that agent/advocate side of ourselves? Guest Bio Bill Sanders is the CEO of Mobus Creative Negotiating, and author of Creative Conflict: A Practical Guide for Business Negotiators. Together with Frank Mobus, he reinvented negotiating practice at more than half the Fortune 500–and gained an in-depth understanding of what it takes to flourish in 21st-century business. After joining Mobus Creative Negotiating in 2014, Sanders helped to build an A-list clientele, including AT&T, BorgWarner, Skanska, and the SLAC National Accelerator Laboratory at Stanford. Sanders previously worked in publishing as an acquisitions editor in STM (scientific/technical/medical) publishing for Chapman and Hall, IEEE Computer Society, and Springer Verlag. He received his doctorate in physical chemistry from The Pennsylvania State University. Sanders continues to consult with National Football League franchises in the area of statistical analysis. Over the last 30 years, this work has helped ten head coaches become Super Bowl champions. Get the book Creative Conflict: A Practical Guide for Business Negotiators here.
27 minutes | Jun 17, 2021
What Does the Latest MGMA DataDive Tell Us About the State of Physician Compensation? (Hint: It’s Actually Optimistic)
The pandemic brought on a lot of changes that directly affected physicians, but as we slowly start to recover from the crisis, data around the real impact is starting to emerge. Thanks to the latest MGMA DataDive, we have a ton of interesting and even promising trends to consider and work with. There was a collective concern around how badly compensation would backslide because of the global crisis, but the data isn’t as bad as we thought it would be. What does this data tell us about how different areas of medicine were impacted by the pandemic, and how we can use the information in our negotiations? In this episode, I do a deep dive into the latest MGMA DataDive, and why it’s still possible for us to earn what we’re worth as we collectively recover. Three Things You’ll Learn In This Episode Why we can still get paid what we’re worth Many physicians are being told they can’t get increases because of the financial effect of the pandemic. The data actually shows that the situation isn’t that dire. How can we use the data to counter this objection? The impact of the pandemic on female physiciansBy-and-large women suffered the greatest cost-to-career in 2020. How bad was it, and what can we do to close the gap? How to strategically use the data to inform our negotiationThings aren’t as simple as looking at a percentile on an MGMA to determine what you should be paid. How do we navigate a multifaceted decision tree so that we know what to ask for and how?
19 minutes | Jun 10, 2021
The Danger of All-or-Nothing Thinking in Negotiation: How to Shift Your Mindset & Implement a Strategy That Guarantees a Win for Everyone
Human beings are programmed to see the world in A or B options, and this fosters a dichotomous way of thinking that works against us. When we show up to a negotiation with this mentality in tow, we risk leaving massive wins on the table. In a negotiation, it’s not just option A or option B - there’s an entire alphabet available to us, and we can access it if we shift our thinking. How do we break from the self-imposed limitation of dichotomous thinking? What are some of the amazing wins we can get when we’re not so fixated on one predetermined option? In this episode, I’m going to talk about the danger of thinking in absolutes, how to approach your negotiation with an open mind and why that will benefit you immensely. Three Things You’ll Learn In This Episode Why a negotiation doesn’t have to be a battle between their win and oursIf the floor is their offer and the ceiling is our ideal offer, how do we tap into the range of options, opportunities and wins between those two points? How to overcome the innate programming that holds us back We’re naturally programmed to frame our options in absolutes. Why do we get so much more out of a negotiation when we push past our brain’s default, and see things in shades of grey? The truth about getting to a successful negotiationNegotiations rarely end in a situation where option A or B are the final outcomes. There are countless amendments and additions that can affect a good contract. Is it possible for both sides to win?
23 minutes | Jun 3, 2021
The Great Resignation: Are the Toxic Traits of Your Current Job Following You to the Next One?
As the survival instinct of the pandemic fades and more people start considering if their jobs are really serving them, the resignation of at least 30% of the workforce is anticipated. But before we make any move, we have to make sure the things that weren’t serving us in our last job don’t follow us to the next one. If we have an unhealthy relationship with our work, no job change will bring us closer to a career that serves us. How can we tell if the toxic trait we are experiencing at the job isn’t something internal? Why do we need to overcome workaholism if we want a career that serves us? In this episode, I talk about why establishing a healthier relationship with our work will help us make the right decisions in our career path. Three Things You’ll Learn In This Episode The key mindset shift that will help us evaluate the next opportunity clearlyWhy do we have to take ownership and get to a neutral headspace about our current situation before we write that resignation letter? Why our workaholism is the first problem we need to solveHow does workaholism set us up for a toxic work experience wherever we go? How to optimize your career potential and get what serves youHow can we clearly and honestly evaluate how we feel about our work, and if an unhealthy obsession with our job is what’s holding us back?
25 minutes | May 27, 2021
The Powerful Strategy That Will Turn Any Negotiation Obstacle Into an Opportunity
In any negotiation, we’re better equipped and poised for success when we prepare for all the ways our requests could be shot down before the conversation even begins. Walking into a negotiation unprepared puts us at an immediate disadvantage - and in the worst position to advocate for ourselves. By deliberately and strategically crafting our responses ahead of time, we’re more likely to get the package we want. In the things that you’re asking for, what are the reasons the other side could say no, and how can you turn that into an opportunity for mutually beneficial solutions that work for everyone? In this episode, I discuss how to work through the most common negotiating hurdles, and how to quickly pivot when we don’t get the answer we want. Three Things You’ll Learn In This Episode Why it’s smart to prepare for obstacles ahead of timeIt’s human instinct to get defensive when someone says no. Why is this response counterproductive to what we want to accomplish in our negotiation? How to enhance your package by negotiating for non-monetary benefitsMoney isn’t the only valuable outcome of a negotiation. If the other side says no to more money, how can they still show that we’re valuable to them? Why we shouldn’t be discouraged when we hear “no”A “no” isn’t a complete loss if we can pivot the conversation to a mutually beneficial solution. How can you turn an obstacle into an opportunity?
20 minutes | May 20, 2021
Earning What You're Worth Isn't Greedy: How to Overcome a Harmful Limiting Belief
Women have been conditioned to believe that wanting a salary that reflects our value is an act of greed. This is not a mindset built for optimizing your success. While there are societal constructs that hold us back, carrying around beliefs that don’t serve us is a huge barrier too. We have enough barriers to contend with already so taking our self doubt off the list makes the path to what we want a lot smoother. How do we combat the belief that wanting a better package is selfish? In the final part of our three-part series, I talk about how to bust through a huge internal obstacle to earning your full potential, and stop feeling guilty about negotiating for a better package. Three Things You’ll Learn In This Episode How to stop letting societal constructs define us We can’t fix societal constructs overnight, but refusing to believe them ourselves does empower us. How do we start investing in beliefs that actually serve us? Why personal gains and social gains don’t have to be competing forcesWe’re taught that getting the salary we want can only happen at the expense and inconvenience of everyone else. In reality, does anyone suffer when we’re paid our worth? The harm of showing up to a negotiation with limiting beliefs As soon as we think we’re being greedy, we start negotiating from a place of fear. How do we mentally equip ourselves to show up confidently?
13 minutes | May 13, 2021
Optimize Your Negotiating Hand by Pivoting from Confusion to Clarity
As female physicians, we are battling systemic barriers that collectively keep us from earning millions more, but there are also factors we have a lot of control over. Confusion is one of them. We all know that sitting in confusion is not helpful, but we do it anyway, and set ourselves back significantly in the negotiating process. An energy and mindset of confusion is not where we need to be. We can’t achieve anything useful from a headspace of indecision, hesitation and uncertainty. What steps can we take to remove the obstacle of confusion from our path? In this episode, we dive into the second part of our three-part series on breaking down the barriers holding you back from earning what you should be, focusing specifically on confusion. Three Things You’ll Learn In This Episode Why confusion sets us back The problem with confusion is that it’s an indulgent emotion, it feels productive but it’s not. It may feel like we’re pushing forward and getting something accomplished, but at the end of the day, confusion leads only to more confusion. How to create the roadmap to clarity We don’t need to reinvent the wheel to overcome our confusion. We just need to follow a simple process and a roadmap that helps us organize our thoughts, get clear on the value we offer, and get into action. The power of paying attention to what matters Not knowing all the details of the negotiating process only increases our confusion. Pay attention to all the pieces of the negotiation - the value we bring to the table, the other side’s intentions, and the key details. If we pay attention more, we instantly improve the negotiation process.
19 minutes | May 6, 2021
Undervaluing: The Internal Obstacle to Your True Earning Potential
If we don’t know what we’re up against in the negotiation process, we can’t strategize a path to a package that reflects our worth. We need to be able to go to bat for ourselves, and that’s difficult to do when the biggest obstacle is what we believe about ourselves. How do you go from worrying that you don’t offer enough to feeling like you do? How do seemingly benign beliefs cascade into us robbing ourselves of our potential? In this episode, we kick off a three-part series where we talk about the biggest obstacles between you and your dream package. Today, we talk about the negative effects of undervaluing ourselves. Three Things You’ll Learn In This Episode How to set the tone of every negotiation The way we think about ourselves sets the standard for how other people treat us. We need to be clear on what we are and aren’t willing to work for, place boundaries around those things and advocate for them consistently. The power of knowing your value If you’re showing up in a way that minimizes your accomplishments, it’s impossible to get the package you deserve. Socialization has encouraged us to be humble, meek and to overlook the value we bring to the table. How do you keep your accomplishments front of mind so you’re never selling yourself short? Why undervaluing ourselves compromises our negotiating success When we undervalue ourselves, it’s hard to show up at a high level. This creates a cascade of negative events that ultimately impact how we work and the outcomes we receive.
20 minutes | Apr 29, 2021
Start with No: The Dangers of Saying Yes by Default
Saying yes to everything is a seemingly harmless act and the default response we’ve been conditioned to give, but does it actually serve us? When I look at this issue through the lens of physicians in the workforce, I can see the negative effects. Most of us struggle to say no to things that don’t align with us and this is evident in the alarming levels of physician burnout we’re seeing. As we become more deliberate about going after what serves us, we have to really get acquainted with the word “no”. It has to become our default answer. What questions do we need to ask ourselves before we say yes to anything? How do we honestly and deliberately evaluate our opportunity cost? In this episode, I talk about how to overcome the struggle with saying no, and how to carry that into our negotiations. Three Things You’ll Learn In This Episode Why saying yes by default is a flawed approach Most of us have been conditioned to have a default “yes” answer to everything we’re asked to do, but it should be the other way around - a default “no”. This gives us the space to really evaluate if something meets the criteria of our priorities. The negative effects of committing to the wrong things There is definitely a connection between burnout and saying yes to everything. When we constantly commit to things that don’t align with our priorities, we go pull ourselves away from the things that matter. Before you say yes to something, factor those things in, whether it’s your family, your hobbies, or your time to rest. How to evaluate the opportunity cost Our time is finite, and any time we say yes to something, we’re saying no to and taking our time away from something else. Evaluating the opportunity cost before we commit to something is a critical step to make sure it’s aligned with our overall goals and priorities.
14 minutes | Apr 22, 2021
Group Negotiations Are Actually a Good Thing...Here’s How to Win
Group negotiations are something we’re starting to see more of in the post-2020 healthcare landscape. While it presents a whole new layer of complexity for physicians, negotiating as a collective can actually work in our favor. It’s still possible for us to negotiate contracts that reflect what we’re worth, and we can even achieve wins for entire departments and specialties. This doesn’t happen in a vacuum, though. We need to do our homework. How do we evaluate what’s most important and take everyone’s priorities into account? In this episode, I talk about how to navigate a group negotiation and set everyone up for success. Three Things You’ll Learn In This Episode Why preparing for the negotiation as a group protects usGroup negotiations require as much preparation as individual ones. If the group shows up unprepared, you’re leaving the negotiation up to your reactionary skills, and that’s not ideal. How to get on the same page about what mattersDifferent people are going to have different priorities as they head into a group negotiation. It’s important to meet as a group ahead of time to get on the same page and make sure you’re one united front. How to avoid undervaluing ourselves in group negotiationsNegotiating as a group may increase our leverage, but we still need to do the work to get clarity on your goals and priorities. That way, we can present them and negotiate accounting for the value we bring to the table.
36 minutes | Apr 15, 2021
Keys to Deliberately and Actively Investing in Your Marriage w/Kate Mangona
We spend a lot of time on the specifics of our contracts, but today we’re going to pivot and focus on the reason behind our negotiating efforts - the personal priorities that drive our decisions. In the negotiating process, we really have the opportunity to tweak our schedules so they work for us, our families and our spouses. Sometimes it feels like the job invades every part of our lives, and we end up with very little time to nurture our relationships. How do we make time for those relationships, and plan ahead for it in the negotiating phase? What are some of the side effects of being overwhelmed by all our responsibilities? In this episode, I’m joined by pediatric radiologist, relationship coach and host of Medicine, Marriage and Money, Kate Mangona. She shares how she prioritizes her marriage as a busy doctor, entrepreneur, mom and physician’s wife. Three Things You’ll Learn In This Episode Why attending physicians can negotiate for a healthier work-life balanceDuring training, our family takes a backseat to our careers. When we become attending physicians, we have more leverage. We can tweak our schedules to create more time to date our spouses, and spend time with our children. How to ease resentment in our relationships Stop keeping score of how often your spouse does certain tasks. Keeping score can be exhausting, and it can cause resentment and put a strain on the relationship. Remember that you’re on the same team, there’s no need to play offense and defense. The importance of prioritizing Everyone has unique things that matter most to them. What we do on a day-to-day, week-to-week basis has to reflect those priorities and this starts in the process of negotiating our contracts. It’s easier to achieve balance when we lead with what we value. Guest Bio Kate is a pediatric radiologist, relationship coach and host of Medicine, Marriage and Money. She is a physician married to a physician and she’s continuously working towards marital interdependence and seriously hustling towards financial freedom. For more information, and to get Kate’s free download The Medical Marriage Survival Guide: An Instruction Manual for Physicians in Love visit https://www.medicinemarriageandmoney.com and follow @medicinemarriageandmoney.
19 minutes | Apr 8, 2021
The Overworking Trap: How to Separate Our Value From Our Productivity
Most high achievers were raised to believe that hard work will always get rewarded. This belief is untrue and harmful, and the root of the burnout and overworking culture in medicine. We carry the belief that being tired all the time is the price we pay for success and excellence. We put ourselves under pressure to do it all, and work jobs that weren’t even designed with our wellbeing in mind. Attaching our value to our productivity and overworking has tripled our risk of disease and mortality. For female physicians, making a change is literally a matter of life and death. How do we challenge the thoughts we have around our value when it comes to productivity? What are some of the problems within our industry caused by the disparity between genders? In this episode, I talk about the beliefs that drive overworking, why it doesn’t serve us, and how to build a healthier relationship with our productivity. Three Things You’ll Learn In This Episode - The health risks of overworking Long hours for female physicians increase the risk of anxiety and depression, but the risk isn’t just to our mental health. Our risk of developing life-threatening diseases like heart disease or cancer triples when we work more than 60 hours a week. - Why female physicians are prone to overworking For female physicians, it’s been deeply ingrained in us that being “helpers” and sacrificing our wellbeing for our productivity and jobs makes us more valuable. This is in part, driven by how we were all raised - to believe that hard work will always get rewarded and that we should always put others before ourselves. This is exacerbated by many jobs designed for the male physician of yesterday that don’t allow flexibility that could better serve female physicians of today. - How the medical industry can solve the physician overworking problemWe need to rethink the job structures in medicine, and make a push for a model that is customizable to the health and needs of different physicians. As we negotiate for positions that serve us, we need to prioritize our wellness, plan time for rest, and ask for work schedules that are more humane. Our goal as physicians is serving our patients, and we can do that better when we honor ourselves first.
25 minutes | Apr 1, 2021
Tapping Into the Breadwinner’s Mindset to Start Building Wealth w/Jennifer Barrett
A growing number of women have moved into the breadwinner role in their households, but very few are prepared for what it entails. As a result, we struggle to make financial choices that position us for the lives that we want. The subconscious belief that we would never be main earners impacts some of the most professionally successful women. If we don’t understand how critical it is to build wealth, it’s hard for our professional success to translate to long-term financial stability. How do we adopt a breadwinner’s mentality in our salary negotiations? What do we need to start investing strategically? In this episode, I’m joined by financial expert, Chief Education Officer at Acorns and author of Think Like a Breadwinner, Jennifer Barrett. She shares how we can take charge of our financial decisions, and change the trajectory of our lives with one mindset shift. Three Things You’ll Learn In This Episode - The mindset of a breadwinnerEarning more money doesn’t necessarily mean feeling like a breadwinner. For so many women, even high earners, our focus is often on the day-to-day budgeting and handling of money for the household. As a result, we miss out on opportunities to invest and grow wealth. - Why a high income doesn’t always translate to wealthYour paycheck and your ability to build wealth don’t necessarily go together. To become wealthy, we have to consciously invest and grow our money. Even if we’re earning a lot, if we’re not investing it, we’re dependent on the next paycheck, and that puts us in a very vulnerable position. - Jennifer Barrett’s tips for maximizing our negotiations When you get a job offer, there is usually room for discussion and negotiation, and a salary range that has wiggle room. When you negotiate, think beyond the salary and consider peripheral benefits like vacations. Don’t be afraid to say you’re the breadwinner in your household. When men are the breadwinners, it’s something they state. Guest Bio Jennifer Barrett is a Startup Executive, Financial Expert, Chief Education Officer at Acorns, and author of Think Like a Breadwinner: A Wealth-Building Manifesto for Women Who Want to Earn More (and Worry Less). The book is packed with tools, stories and insights to help expand the way women think about their financial capabilities and the possibilities for their lives, and to recognize and overcome the internal and external barriers that can get in the way of that. It's specifically designed to help women move beyond just covering the bills and saving a little for retirement to truly taking care of themselves and their future. Jennifer is also the Chief Education Officer at Acorns, a saving and investing app with more than 8.5 million users. For more information, visit https://www.jenniferbarrett.com. To pre-order Jennifer’s new book, visit: https://800ceoread.com/coupons/redeem/breadwinnnerpresale.
25 minutes | Mar 25, 2021
The Human Cost of Non-Compete Clauses
Understanding the other side of a negotiation is important in our ability to present our value, and come to an agreement that serves both parties. But there’s one part of a physician contract that does no favors for a physician, and that’s non-compete clauses. A non-compete is nothing more than a greed-based legal clause that at best guilts you to stay in a job, and at the very worst keeps you handcuffed to a toxic work environment even after you’ve left the position. Non-competes don’t just hurt physicians, they also compromise the communities doctors serve and the patients themselves. The truth is, any conversation on physician wellness and mental health is meaningless if we aren’t addressing these restrictive barriers that stop physicians from doing what they do best. What are the components that make up non-competes, and how do we navigate them to make them less restrictive? How do these clauses create suffering? In this episode, I talk about non-competes, how to negotiate around them, and why we have to get rid of them at a systemic level. Three Things You’ll Learn In This Episode The components of non-competes we need to pay attention toWhen it comes to details like what the non-compete pertains to in terms of your specialty or area of focus, and the areas they cover, anything on the vague/broad end will be less favorable. You want these parts of the contract to be as specific as possible because that gives you more options. How non-competes differ by stateEvery state has specific laws when it comes to non-competes, some enforce them more harshly while others prohibit or try to limit them. It’s important to talk to a physician-focused contract lawyer who can give you clarity on the non-compete laws in the state you’ll be practicing in. The goal we need to have when it comes to negotiating around a non-compete There’s a wide degree of variation in non-compete clauses and you want to be aware of this before you sign them. The goal is to negotiate the non-compete to be as least restrictive as possible or to even negotiate it away in its entirety.
32 minutes | Mar 18, 2021
The Biggest Barriers and Biases Impacting Pay Equality w/Bonnie Koo
The law states that male and female physicians should be earning the same, but time and time again, the data has proven that this is not the case. Unfair pay structures and circumstances impact female doctors, and they all add up to an uphill battle for equal pay. It’s not just that female physicians are earning less generally. The specialties we dominate are paid less. We are funneled away from the higher-paying specialties. There also aren’t enough women in leadership advocating for equal pay, and we’re conditioned not to rock the boat. When it comes to getting paid what we’re worth, there are biases and barriers that are layered in at every step of the process. How do leadership structures get in the way of advocacy? What are some of the societal structures we are battling? What can we do to empower ourselves? In this episode, I’m joined by certified life coach, physician, and founder of Wealthy Mom MD, Bonnie Koo. We discuss some of the key issues that play into the gender pay gap. Three Things You’ll Learn In This Episode The specialty pay gap There are some fields that are more associated with women than others. Those specialties not only earn less, but the female physicians within those fields earn less than their male counterparts. Not only are women being pushed into certain specialties, but once they enter those fields and become the majority, the pay in those fields also drops considerably. Why female leaders in medicine are so important Data shows that if there’s one woman in a group of men, she often doesn’t speak up. If you have a token woman at the leadership table, and she’s uncomfortable speaking up, she’s not going to feel open to share her thoughts and impact the conversation. If women in leadership have no voice, their presence is more about optics than actual progress. How the pay gap robs female physicians on two frontsClosing the gender pay gap isn’t just about making things equal going forward. An equally devastating issue is making up for the lost potential and lost earnings from not earning what we’re worth in the past. The past is even harder to fix and mitigate, and very often women don’t have the resources to fight back and correct it. Guest Bio Bonnie Koo, MD is a certified life coach, physician, and founder of Wealthy Mom MD. She is a proud graduate of Barnard College and Columbia University's College of Physicians & Surgeons. Her mission is to help women create wealth and rewrite history. Bonnie is the host of the Wealthy Mom MD Podcast and author of Defining Wealth for Women: (n.) Peace, Purpose, and Plenty of Cash! debuting Fall 2021. For more information visit https://wealthymommd.com/ and follow @wealthymommd on Instagram.
29 minutes | Mar 11, 2021
The Anatomy of a Contract: Key Areas You Can’t Afford to Ignore
In the negotiation process, we have to advocate for ourselves and work towards signing a contract that aligns with our goals and our worth. Every contract is going to be different, but there are key common areas that we, as physicians, often overlook to our own detriment. There are big areas where there’s room for negotiation at best, and at worst, variability that might not benefit us. It’s also key to understand what we’re signing, and even though our lawyers may have the knowledge, having a personal understanding of the most important components of our contracts will only improve our negotiation. Besides compensation, what are the other areas we need to be aware of in the negotiation? In this episode, I share some of the intricacies that go into your contract and how to navigate them. Three Things You’ll Learn In This Episode One negotiable area we ignore on our contracts There’s a fair amount of flexibility in the start date of your contract. Even as a new physician, the start and end dates of your contracts have more wiggle room and you should leverage it wherever possible. How to make sure your non-compete doesn’t work against youNon-competes don’t benefit the physician, they benefit the employer. But in many cases, there’s simply no avoiding them. If you’re signing a non-compete, make sure you understand it and what it entails for you. What’s the geographic range, how is the range calculated, does it cover the role you have in the organization or your entire specialty, and is there a pre-defined buyout if another opportunity presents? Why outside interests are a key area of our contracts we can’t overlookOne of the next areas of the contract that physicians overlook is outside interests. Physicians are starting to have more outside activity to supplement their income and contracts aren’t usually designed with that in mind. It’s important to protect your inventions, intellectual property and profits.
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