133: What Physicians Need to Know About Contract Negotiation

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 21 November 2019

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

A contract is just a vehicle to set expectations. But understanding those expectations is very important. We discuss what you need to know about negotiating a contract in this episode. See the full transcription at https://www.whitecoatinvestor.com/classic-blog/ A contract discusses the physician's time and job responsibilities. Along with how they will be compensated, what benefits are provided, and what happens when that employer-employee relationship is terminated. Having a solid understanding of all these things will make a difference in your efforts to build wealth. Not to mention the benefit of negotiating that compensation so you ensure you are paid what you are worth. In this episode I interview Jon Appino from Contract Diagnostics, a long time advertiser that has helped many WCI readers and listeners better understand their contracts and negotiate better compensation packages. This is not an expensive service, a few hundred dollars. Considering how much money we are talking about, especially if it becomes a long-term job, a couple of hundred bucks is money well-spent. Listen to this episode to learn more about contracts, who is qualified to review one, find out what you are really worth, what you can negotiate in a contract, and whether or not you should hire someone to help with this process.

This episode is sponsored by Locumstory.com. A lot of physicians have questions about locum tenens, and locumstory.com is the place for them to get real, unbiased answers to those questions, basic questions like, “What is locum tenens?” to more complex questions about pay ranges, taxes, various specialties, and how locum tenens works for PAs and NPs. And then there’s the big question: Is it right for you? Go to locumstory.com and get the answers.

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	Welcome to White Code Investor Podcast number 133, Physician Contract Negotiation.
0:24.0	I just got back from traveling. I've given seven presentations in the last three days before I'm recording this.
0:30.0	I was out at the passive income MD conference in LA. It was great to see a lot of you there.
0:35.0	And then I went to the American College of Emergency Abesitions Scientific Assembly.
0:39.0	It was also wonderful to meet hundreds of you there as well.
0:42.0	I'll be talking a little bit more about that in next week's podcast, but it's good to be back home and it's good to be on the air making another White Code Investor Podcast.
0:50.0	Have you ever considered a different way of practicing medicine?
0:53.0	Whether you are burned out, need to change your pace or want to see the world.
0:56.0	Low-com tenants might be that option for you.
0:58.0	Not sure where to start. Low-comstory.com is the place where you can get real, unbiased answers to your questions.
1:04.0	The answer basic questions like, what is Low-com tenants?
1:06.0	To more complex questions about pay ranges, taxes, various specialties, and how Low-com tenants works for PAs and NPs.
1:13.0	Go to Low-comstory.com and get the answers.
1:16.0	Our quote of the day today comes from John T. Reed, who said, not all tax questions have clear-cut answers.
1:22.0	When you have a choice between two legal tax alternatives, choose the one which results in the lowest tax.
1:27.0	I think that's pretty good advice.
1:29.0	Alright, I got some feedback to it thanking you guys for what you do on a daily basis.
1:35.0	So for that one guy who sent me that feedback, it's time to cover your ears because I'm not going to stop. Here it comes.
1:40.0	I was in the ER working to shift the other day and I had a lady come in from memory care in her 90s.
	...

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