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In my experience with younger physicians who are finishing up residency or fellowship, the crowd is pretty much split down the middle in terms of folks being settled on practicing in one location, versus feeling as though they can take a good look around and find their perfect job. Some younger doctors are starry-eyed and wish to peruse the country for that perfect fit, and others are more settled in a particular location due to family, friends, and sometimes mere comfort with their current surroundings. This observation dove-tails into a common question I am asked: "Will I really be able to negotiate better terms under my physician employment agreement?" Many physicians worry that they don't have any leverage in their employment contract, and that they may be negotiating with a large hospital system or academic center that is holding all of the cards. The physician's bargaining power rests in two important factors:
- How badly does the employer want you above other candidates?
- Are you willing to walk away from an offer?
If you're a superstar with outstanding qualifications that put you at the top of any employer's recruitment list, you're likely to get much of what you ask for. And if you're willing to shop around a bit, and walk away from an employment offer, you've set yourself up for negotiation success. Nothing can replace impeccable training, solid references, and other outstanding CV features, but if you're not dead set on one practice or hospital (or if you at least don't let anyone know that you are), you're much more likely to find success in your physician job search and employment contract negotiation. Thus, the importance of locating multiple job offers that may be right for you.
It is true that "you don't know what you don't know." And it's impossible to know what the market may have to offer you if you only entertain one job prospect. By doing so, you sell yourself short right from the get-go. Imagine the possibilities that may exist when you are offered 2, 3, or even 4 jobs. Not only will you gain experience in what various employers will put on the table, you also position yourself favorably with the ability to walk away from any given employer who isn't willing to "play hard ball" in your negotiations. By the time multiple employers have invested resources getting to the point where they will make you an offer, they are likely to go the next mile to make sure you accept their offer.
Of course, locating multiple potential jobs that may be right for you, and then negotiating them all to find the best fit takes months and months worth of focus, tedious work, and valuable free time away from your clinical duties. A physician agent can take on this enormous task on your behalf, and deliver considerable expertise along the way. To find out how Lauth O'Neill Physician Agency can help, click here to learn about our Premier Opportunity Service, or contact Leigh Ann O'Neill at loneill@lauthoneill.com.
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