Despite minting large sums gleaned from tuition fees and massive student loans, medical schools continue to be ineffective in teaching aspiring physicians elaborate strategies required to actually achieve success in their field. Arguably, the pursuit of this profession is primarily driven by the noble aim of helping humanity in times of sickness; this altruistic undertone alone is not enough to persistently elicit a physician’s maximum potential and diligence over longer periods. Being a healthcare professional is still a job; a job that needs to be incentivized as much as that of an engineer, or a stock trader, for that matter…. (The drawback associated with a young physician caught in an unprofitable contract is far reaching; it will likely be manifested, in the long run, as reduced productivity and dedication by the physician because of insufficient incentives provided.)

Following are some DOs and DON’Ts that young physicians, in order to land more rewarding contracts, need to consider while formulating and/or assenting to negotiations:

DOs:

1. Know Your Goals Beforehand:

The sooner you realize and lay out your goals on entering contract negotiations the better. This strategy saves you the time spent otherwise on needless and unfavorable terms. It also sets the stage for reaching a point of compromise between the two parties; with you potentially not having to compromise too much.

2. Engage and Feed-Back:

Engage and feed back your perspective to let the other party know of the extent to which you agree or disagree to the proposed terms of the contract.

3. Peruse the Agreement with Eyes Wide Open:

To secure lucrative deals as well as not to be nonplussed by literary intricacies of the written contract, it is imperative to read and analyze the contract meticulously.

4. Be Flexible:

They want your service at the lowest possible cost they can and you; the most profitable package possible. However, you will not always get what you wish for; don’t let them take all they want either. Be adequately flexible, in order to reach a middle ground of your planned goals and the other party’s intimidating objectives.

Not asking for your ideal amount right away, nor accepting the first option offered to you, is also a great way to ensure you reach the middle ground that is not disproportionately skewed in favor of either of the participants.

DON’Ts:

1. Never Assume You’re Incapable of Negotiating

Whatever the cause, almost all humans, with an innate tendency, are capable to negotiate (though some with greater deftness than the rest). So don’t think you’re any different; just get better at it.

2. Demand Higher

The initial offer you’ll be given will always be lower than what they are actually willing to pay. So don’t be afraid to push the said amount higher, but do so tactfully.

3. Don’t Get Caught Unguarded:

Lack of preparedness beforehand can get you carried away and ultimately be trapped in a terrible deal. Being prepared substantially in advance will always go in your favor.