Simply Worth It: Physician Negotiations with Dr. Linda Street

The pandemic brought on a lot of changes that directly affected physicians, but as we slowly start to recover from the crisis, data around the real impact is starting to emerge.

Thanks to the latest MGMA DataDive, we have a ton of interesting and even promising trends to consider and work with.

There was a collective concern around how badly compensation would backslide because of the global crisis, but the data isn't as bad as we thought it would be.

What does this data tell us about how different areas of medicine were impacted by the pandemic, and how we can use the information in our negotiations?

In this episode, I do a deep dive into the latest MGMA DataDive, and why it's still possible for us to earn what we're worth as we collectively recover.

Three Things You'll Learn In This Episode

Why we can still get paid what we're worth Many physicians are being told they can't get increases because of the financial effect of the pandemic. The data actually shows that the situation isn't that dire. How can we use the data to counter this objection?

The impact of the pandemic on female physiciansBy-and-large women suffered the greatest cost-to-career in 2020. How bad was it, and what can we do to close the gap?

How to strategically use the data to inform our negotiationThings aren't as simple as looking at a percentile on an MGMA to determine what you should be paid. How do we navigate a multifaceted decision tree so that we know what to ask for and how?

Human beings are programmed to see the world in A or B options, and this fosters a dichotomous way of thinking that works against us.

When we show up to a negotiation with this mentality in tow, we risk leaving massive wins on the table. In a negotiation, it's not just option A or option B - there's an entire alphabet available to us, and we can access it if we shift our thinking.

How do we break from the self-imposed limitation of dichotomous thinking? What are some of the amazing wins we can get when we're not so fixated on one predetermined option?

In this episode, I'm going to talk about the danger of thinking in absolutes, how to approach your negotiation with an open mind and why that will benefit you immensely.

Three Things You'll Learn In This Episode

Why a negotiation doesn't have to be a battle between their win and oursIf the floor is their offer and the ceiling is our ideal offer, how do we tap into the range of options, opportunities and wins between those two points?

How to overcome the innate programming that holds us back We're naturally programmed to frame our options in absolutes. Why do we get so much more out of a negotiation when we push past our brain's default, and see things in shades of grey?

The truth about getting to a successful negotiationNegotiations rarely end in a situation where option A or B are the final outcomes. There are countless amendments and additions that can affect a good contract. Is it possible for both sides to win?

As the survival instinct of the pandemic fades and more people start considering if their jobs are really serving them, the resignation of at least 30% of the workforce is anticipated.

But before we make any move, we have to make sure the things that weren't serving us in our last job don't follow us to the next one. If we have an unhealthy relationship with our work, no job change will bring us closer to a career that serves us.

How can we tell if the toxic trait we are experiencing at the job isn't something internal? Why do we need to overcome workaholism if we want a career that serves us?

In this episode, I talk about why establishing a healthier relationship with our work will help us make the right decisions in our career path.

Three Things You'll Learn In This Episode

The key mindset shift that will help us evaluate the next opportunity clearlyWhy do we have to take ownership and get to a neutral headspace about our current situation before we write that resignation letter?

Why our workaholism is the first problem we need to solveHow does workaholism set us up for a toxic work experience wherever we go?

How to optimize your career potential and get what serves youHow can we clearly and honestly evaluate how we feel about our work, and if an unhealthy obsession with our job is what's holding us back?

In any negotiation, we're better equipped and poised for success when we prepare for all the ways our requests could be shot down before the conversation even begins.

Walking into a negotiation unprepared puts us at an immediate disadvantage - and in the worst position to advocate for ourselves. By deliberately and strategically crafting our responses ahead of time, we're more likely to get the package we want.

In the things that you're asking for, what are the reasons the other side could say no, and how can you turn that into an opportunity for mutually beneficial solutions that work for everyone?

In this episode, I discuss how to work through the most common negotiating hurdles, and how to quickly pivot when we don't get the answer we want.

Three Things You'll Learn In This Episode

Why it's smart to prepare for obstacles ahead of timeIt's human instinct to get defensive when someone says no. Why is this response counterproductive to what we want to accomplish in our negotiation?

How to enhance your package by negotiating for non-monetary benefitsMoney isn't the only valuable outcome of a negotiation. If the other side says no to more money, how can they still show that we're valuable to them?

Why we shouldn't be discouraged when we hear "no"A "no" isn't a complete loss if we can pivot the conversation to a mutually beneficial solution. How can you turn an obstacle into an opportunity?

Women have been conditioned to believe that wanting a salary that reflects our value is an act of greed. This is not a mindset built for optimizing your success.

While there are societal constructs that hold us back, carrying around beliefs that don't serve us is a huge barrier too.

We have enough barriers to contend with already so taking our self doubt off the list makes the path to what we want a lot smoother.

How do we combat the belief that wanting a better package is selfish? In the final part of our three-part series, I talk about how to bust through a huge internal obstacle to earning your full potential, and stop feeling guilty about negotiating for a better package.

Three Things You'll Learn In This Episode

How to stop letting societal constructs define us We can't fix societal constructs overnight, but refusing to believe them ourselves does empower us. How do we start investing in beliefs that actually serve us?

Why personal gains and social gains don't have to be competing forcesWe're taught that getting the salary we want can only happen at the expense and inconvenience of everyone else. In reality, does anyone suffer when we're paid our worth?

The harm of showing up to a negotiation with limiting beliefs As soon as we think we're being greedy, we start negotiating from a place of fear. How do we mentally equip ourselves to show up confidently?

As female physicians, we are battling systemic barriers that collectively keep us from earning millions more, but there are also factors we have a lot of control over.

Confusion is one of them.

We all know that sitting in confusion is not helpful, but we do it anyway, and set ourselves back significantly in the negotiating process. An energy and mindset of confusion is not where we need to be. We can't achieve anything useful from a headspace of indecision, hesitation and uncertainty.

What steps can we take to remove the obstacle of confusion from our path?

In this episode, we dive into the second part of our three-part series on breaking down the barriers holding you back from earning what you should be, focusing specifically on confusion.

Three Things You'll Learn In This Episode

Why confusion sets us back The problem with confusion is that it's an indulgent emotion, it feels productive but it's not. It may feel like we're pushing forward and getting something accomplished, but at the end of the day, confusion leads only to more confusion.

How to create the roadmap to clarity We don't need to reinvent the wheel to overcome our confusion. We just need to follow a simple process and a roadmap that helps us organize our thoughts, get clear on the value we offer, and get into action.

The power of paying attention to what matters Not knowing all the details of the negotiating process only increases our confusion. Pay attention to all the pieces of the negotiation - the value we bring to the table, the other side's intentions, and the key details. If we pay attention more, we instantly improve the negotiation process.

If we don't know what we're up against in the negotiation process, we can't strategize a path to a package that reflects our worth.

We need to be able to go to bat for ourselves, and that's difficult to do when the biggest obstacle is what we believe about ourselves.

How do you go from worrying that you don't offer enough to feeling like you do? How do seemingly benign beliefs cascade into us robbing ourselves of our potential?

In this episode, we kick off a three-part series where we talk about the biggest obstacles between you and your dream package. Today, we talk about the negative effects of undervaluing ourselves.

Three Things You'll Learn In This Episode

How to set the tone of every negotiation The way we think about ourselves sets the standard for how other people treat us. We need to be clear on what we are and aren't willing to work for, place boundaries around those things and advocate for them consistently.

The power of knowing your value If you're showing up in a way that minimizes your accomplishments, it's impossible to get the package you deserve. Socialization has encouraged us to be humble, meek and to overlook the value we bring to the table. How do you keep your accomplishments front of mind so you're never selling yourself short?

Why undervaluing ourselves compromises our negotiating success When we undervalue ourselves, it's hard to show up at a high level. This creates a cascade of negative events that ultimately impact how we work and the outcomes we receive.

Saying yes to everything is a seemingly harmless act and the default response we've been conditioned to give, but does it actually serve us? When I look at this issue through the lens of physicians in the workforce, I can see the negative effects.

Most of us struggle to say no to things that don't align with us and this is evident in the alarming levels of physician burnout we're seeing.

As we become more deliberate about going after what serves us, we have to really get acquainted with the word "no". It has to become our default answer.

What questions do we need to ask ourselves before we say yes to anything? How do we honestly and deliberately evaluate our opportunity cost?

In this episode, I talk about how to overcome the struggle with saying no, and how to carry that into our negotiations.

Three Things You'll Learn In This Episode

Why saying yes by default is a flawed approach Most of us have been conditioned to have a default "yes" answer to everything we're asked to do, but it should be the other way around - a default "no". This gives us the space to really evaluate if something meets the criteria of our priorities.

The negative effects of committing to the wrong things There is definitely a connection between burnout and saying yes to everything. When we constantly commit to things that don't align with our priorities, we go pull ourselves away from the things that matter. Before you say yes to something, factor those things in, whether it's your family, your hobbies, or your time to rest.

How to evaluate the opportunity cost Our time is finite, and any time we say yes to something, we're saying no to and taking our time away from something else. Evaluating the opportunity cost before we commit to something is a critical step to make sure it's aligned with our overall goals and priorities.

Group negotiations are something we're starting to see more of in the post-2020 healthcare landscape.

While it presents a whole new layer of complexity for physicians, negotiating as a collective can actually work in our favor. It's still possible for us to negotiate contracts that reflect what we're worth, and we can even achieve wins for entire departments and specialties.

This doesn't happen in a vacuum, though. We need to do our homework.

How do we evaluate what's most important and take everyone's priorities into account? In this episode, I talk about how to navigate a group negotiation and set everyone up for success.

Three Things You'll Learn In This Episode

Why preparing for the negotiation as a group protects usGroup negotiations require as much preparation as individual ones. If the group shows up unprepared, you're leaving the negotiation up to your reactionary skills, and that's not ideal.

How to get on the same page about what mattersDifferent people are going to have different priorities as they head into a group negotiation. It's important to meet as a group ahead of time to get on the same page and make sure you're one united front.

How to avoid undervaluing ourselves in group negotiationsNegotiating as a group may increase our leverage, but we still need to do the work to get clarity on your goals and priorities. That way, we can present them and negotiate accounting for the value we bring to the table.

We spend a lot of time on the specifics of our contracts, but today we're going to pivot and focus on the reason behind our negotiating efforts - the personal priorities that drive our decisions.

In the negotiating process, we really have the opportunity to tweak our schedules so they work for us, our families and our spouses. Sometimes it feels like the job invades every part of our lives, and we end up with very little time to nurture our relationships.

How do we make time for those relationships, and plan ahead for it in the negotiating phase? What are some of the side effects of being overwhelmed by all our responsibilities?

In this episode, I'm joined by pediatric radiologist, relationship coach and host of Medicine, Marriage and Money, Kate Mangona. She shares how she prioritizes her marriage as a busy doctor, entrepreneur, mom and physician's wife.

Three Things You'll Learn In This Episode

Why attending physicians can negotiate for a healthier work-life balanceDuring training, our family takes a backseat to our careers. When we become attending physicians, we have more leverage. We can tweak our schedules to create more time to date our spouses, and spend time with our children.

How to ease resentment in our relationships Stop keeping score of how often your spouse does certain tasks. Keeping score can be exhausting, and it can cause resentment and put a strain on the relationship. Remember that you're on the same team, there's no need to play offense and defense.

The importance of prioritizing Everyone has unique things that matter most to them. What we do on a day-to-day, week-to-week basis has to reflect those priorities and this starts in the process of negotiating our contracts. It's easier to achieve balance when we lead with what we value.

Guest Bio

Kate is a pediatric radiologist, relationship coach and host of Medicine, Marriage and Money. She is a physician married to a physician and she's continuously working towards marital interdependence and seriously hustling towards financial freedom.

For more information, and to get Kate's free download The Medical Marriage Survival Guide: An Instruction Manual for Physicians in Love visit https://www.medicinemarriageandmoney.com and follow @medicinemarriageandmoney.