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Behind The Knife: The Surgery Podcast

Financial Principles for Surgeons Ep. 5: Contract Negotiations with Dr. Jill Streams

Behind The Knife: The Surgery Podcast

Behind The Knife: The Surgery Podcast

Science, Health & Fitness, Medicine, Education

4.81.4K Ratings

🗓️ 7 July 2022

⏱️ 57 minutes

🧾️ Download transcript

Summary

Dr. Jill Streams, Trauma Surgeon at Vanderbilt, takes us through the ins and outs of understanding your first contract and how and when to negotiate.

In this episode we cover
-When/how to apply for your first job
-Break down each part of a contract
-Why you should negotiate
-What and how to negotiate
-Salary expectations
-Contract landmines and more!

You can connect with Dr. Streams on Twitter @JCRStreams

Read more at WCI https://www.whitecoatinvestor.com/things-to-ask-for-in-a-physician-contract/

Please visit behindtheknife.org to access other high-yield surgical education podcasts, videos and more.

Transcript

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0:00.0

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0:05.2

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0:10.8

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0:20.9

Behind the night, the surgery podcast, relevant and engaging content designed to help you

0:27.0

dominate the day. Welcome back to Behind the Night. Today, we're continuing our financial series,

0:40.7

and we're lucky enough to have Dr. Jill Streams, who's going to talk to us today about

0:44.2

finding and negotiating your first job. Dr. Jill Streams is a trauma and acute care surgeon and

0:50.3

assistant professor of surgery at Vanderbilt University. She has a passion for personal finance,

0:55.1

and we're lucky to have her here to share her wisdom as it comes to finding the job and

0:58.9

negotiating your first contract. Welcome Dr. Streams to Behind the Night.

1:04.0

Well, it's wonderful to be here. Thank you for having me.

1:07.2

So Dr. Streams, why are surgery trainees so ill-prepared at evaluating future jobs and negotiating

1:13.5

their contracts? I think first and foremost, medicine and surgery are very different from the

1:19.3

business world. And so many surgical residents have never had a job that required any kind of

1:25.6

business skills or negotiation skills. And really, they were never, for the most part, advanced

1:32.4

in the business world, whether we're negotiating contracts for bodies of work. And so, even though most

1:39.6

of our residents come through relatively straight through, there are a few that have had different

1:44.9

kinds of jobs, but get in, again, most of them not in the business world. So when they enter

1:50.7

residency, a lot of the terms of their employment are very tightly regulated by the ACGME. So things

1:58.2

like duty hours and benefits and all of those kinds of things, they're basically given a contract

2:05.4

assigned. When you match into residency, there's no negotiation. You assign it and you start working.

2:12.0

And those regulations are great because they protect trainees. But at the same time,

...

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