About the Guests:

Dr. Kellie Satterfield, MD, is a Board-Certified Ophthalmologist and Oculofacial Plastic Surgeon working in private practice in San Diego. Dr. Satterfield has a keen interest in contract negotiations rooted in advocacy. She attended Medical School at UC San Diego, followed by Ophthalmology Residency at the University of Washington, and ASOPRS Private Practice Fellowship under Dr Bryan Sires, MD, PhD, in Seattle, WA. Dr. Satterfield's distinctive insight into contract negotiations stems from her time as President of the University of Washington Housestaff Association, during which she negotiated the contract between all ACGME residents and fellows and the University. She is passionate about advocating for and educating her colleagues on contract negotiations to empower their ability to make big career decisions.

Dr. Rao Chundury, MD, MBA, is a Board-Certified Ophthalmologist and Oculofacial Plastic Surgeon, currently a faculty member at the University of Nebraska, having completed his fellowship at the Cleveland Clinic. His diverse career encompasses academia, private practice, and navigating ownership transitions. Holding an MBA from the Kelley School of Business at Indiana University, Dr. Chundury's expertise is enriched by his interest in the business aspects of Oculoplastics in addition to Resident and Medical Student mentorship and career guidance.

Episode Summary:

This episode features an enlightening conversation between Dr. Kellie Satterfield and Dr. Rao Chundury on the vital aspects of contract negotiations in the healthcare industry. They focus on empowering physicians with the knowledge to identify suitable job opportunities, understand and negotiate contracts effectively, and the importance of being well-informed throughout this process.

Dr. Satterfield recounts her journey into contract negotiations, sparked during her role as Union President at the University of Washington. Her transition from academia to private practice deepened her understanding of contracts, wages, contract-pitfalls and self-advocacy. Similarly, Dr. Chundury shares his experiences of moving between academia and private practice, exploring the complexities of contracts at each stage.

Together, they discuss the various environments physicians may encounter, from academic institutions to private and larger healthcare systems. The episode provides a comprehensive overview of considerations for medical professionals, whether they are new or experienced, when exploring job opportunities and contract specifics. The goal is to illuminate the often overlooked yet critical aspects of a medical career that can ensure professional growth and personal satisfaction.

Key Takeaways:

• Knowledge of contract negotiation is essential for all physicians no matter the practice setting
• Academic and larger healthcare systems (ie. Kaiser) may offer less flexibility in contract terms, whereas private practices might allow more room for negotiation.
• Approaching contract negotiations with a clear understanding of what constitutes a fair and balanced deal is advisable, considering personal and professional priorities.
• Essential elements of physician contracts, such as compensation structure, benefits, vacation time, non-compete clauses, and termination provisions, demand careful attention.
• Average base salaries can vary significantly across different practice environments, with academic and private equity settings generally offering higher initial salaries.

Notable Quotes:

• "You've acquired all these skills and talents, and now it's time to reap the rewards of what you've been sowing for so long." - Dr. Kellie Satterfield
• "It's always in your best interest to think about things early. Even in the private group, show early interest. So they've got a list, and they're going to go out to you first." - Dr. Rao Chundury
• "The best non-compete is no non-compete." - Dr. Rao Chundury

Resources: ASOPRS and ETS Vision Job boards where physicians can find potential job listings. Professional networks and medical associations: Platforms for discovering job opportunities and gathering industry insights.

Dive into this comprehensive discussion with Dr. Kellie Satterfield and Dr. Rao Chundury for valuable insights on navigating the complex world of contract negotiations in the medical field. Stay tuned for more episodes that explore the business side of healthcare and provide guidance for a thriving career.

If you're an ASOPRS Member, Surgeon or Trainee and are interesting in hosting a podcast episode, please submit your idea by visiting: asoprs.memberclicks.net/podcast