VIDEO: Tips for navigating contract negotiations
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In this video exclusive, Jonathan D. Leffert, MD, talks with Armand Krikorian, MD, MBA, FACP, FACE, about the different styles of contracts negotiation and why it is important to look beyond the salary.
Leffert is managing partner at North Texas Endocrine Center, a past president of the American Association of Clinical Endocrinology and an Endocrine Today Editorial Board Member. Krikorian is the chief medical officer for AdventHealth Bolingbrook and GlenOaks hospitals in Illinois and professor of clinical medicine at the University of Illinois at Chicago.
Leffert and Krikorian discussed why health care providers need to review all the features of a contract, from salary and performance expectations to benefits.
“I feel [negotiation] is essential to our long-term endurance in an organization, because if we’re happy with terms we got in a contract, that usually ensures that we will stay there for a long time, we will have better wellness and more resilience,” Krikorian said. “But if we feel we are stuck with something we didn’t really ask for or want because we didn’t read the fine print, that usually leads to bitter feelings.”
Krikorian said there are different negotiating styles, with some people more compromising and others more aggressive. Krikorian advised providers to try to strike a balance.
“It’s important to start by knowing yourself and knowing what type of person you are, and then knowing how to adapt or change your style, depending on what leverage you have, what situation you’re in or what is the market that’s there, so you get the best of out this process,” Krikorian said.
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