VIDEO: ‘Know your worth’ during contract negotiations, Mire says

BOSTON — In this video, Ryan D. Mire, MD, MACP, immediate past president of the ACP, recaps his presentation on contract negotiations, telling physicians to “know your worth” when searching for a job in private practice.

According to Mire, physicians are used to being on the “passive side of the interview process” through undergraduate school, medical school and residency. Now, he said, there is an opportunity “for empowerment to actually negotiate and raise the hood of the car."

“We have to understand aspects of finding a practice that are different than just salary and call schedules, which is normally what we’ve been accustomed to,” he explained.

Mire added there is also a need to understand a practice’s business model, governing structure, accounts receivable and how the practice is “collecting their reimbursement dollars.”

“We have been well-trained in taking care of patients, but our training programs have not prepared us very well about the business of medicine and also transitioning to nonacademic practice settings,” Mire said. “So, hopefully this lecture will fill the gap in education and knowledge to help those who are seeking careers in independent and private practice.”

Reference:

• Mire R. Contract negotiation and preparation: Ways to know your worth and get what you deserve. Presented at: ACP Internal Medicine Meeting; April 18-20, 2024; Boston.