7 episodes

Happy physicians deliver better care and better outcomes. That’s why you can’t afford not to advocate for yourself.

Simply Worth It helps female physicians like you get the comp package you want, deliver great care, & stay in practice longer.

Hosted by Linda Street, board-certified Maternal-Fetal Medicine Specialist & life coach specializing in physician negotiations. 

Simply Worth It: Physician Negotiation‪s‬ Linda Street, MD.

    • Careers
    • 5.0 • 41 Ratings

Happy physicians deliver better care and better outcomes. That’s why you can’t afford not to advocate for yourself.

Simply Worth It helps female physicians like you get the comp package you want, deliver great care, & stay in practice longer.

Hosted by Linda Street, board-certified Maternal-Fetal Medicine Specialist & life coach specializing in physician negotiations. 

    Fair Market Valuations & How They Impact Your Earnings

    Fair Market Valuations & How They Impact Your Earnings

    Understanding the factors that determine how much we get paid is one of the most important steps in negotiating effectively and getting paid what we’re worth. 
     
    In 2021, the new Medicare guidelines are set to impact how much some physicians are going to earn, and for many of us, fair market valuations are going to be used to adjust our packages.
     
    Yet, fair market value is a term that’s so ambiguous and vague, it’s hard to know what it effectively means, and what the outcome will be for our contract negotiations. 
     
    What drives hospital systems to put in place fair market valuations? How can we navigate a fair market value if it comes up?
     
    In this episode, I give some detail on the meaning of fair market value and how it can impact you in getting paid what you’re worth.



    Three Things You’ll Learn In This Episode 
     
    How we can navigate a fair market valuation 
    Hospital systems have fair market valuations to protect themselves from hefty fines and possible legal ramifications. They want to make sure they are safe, and as physicians, we end up as cogs in that system. Being involved in the valuation process helps us balance the equation.
     
    The factors that go into calculating fair market value 
    There are many things involved in determining your fair market valuation. This includes where you are, your skills, the value you offer to the hospital, the demand for what you do, and other roles you serve or abilities you have outside of your clinical skills. 
     
    What fair market valuations are meant to prevent 
    Fair market valuations were created to avoid kickbacks, overutilization of services, and to reduce the risk of the physicians ordering extra things that are not necessary for the patient’s care. 

    • 23 min
    How to Optimize Your BATNA & Negotiate with Strength

    How to Optimize Your BATNA & Negotiate with Strength

    Your Best Alternative to a Negotiated Agreement (BATNA) is one of the most powerful ways to strengthen your starting position in a negotiation. It’s a lens through which we can clearly and confidently assess every package to make sure we’re making the best decision according to what matters to us. 
     
    When you have a great alternative to the offer that’s in front of you, you negotiate and present your value differently - you make your leverage stronger. 
     
    A BATNA allows us to make the most of what we bring to the table, which brings us closer to getting what we’re worth and what serves us. 
     
    How can you create your BATNA so that you go into negotiation with strength and confidence? What is the risk of going into a negotiation without a BATNA? 
     
    In this episode, I share strategies for developing a strong BATNA and why it’s a critical piece of a successful negotiation.  


    Three Things You’ll Learn In This Episode 
    The main purposes of your BATNA 
    Your BATNA protects you from entering into agreements you should reject and saying yes to a job that won’t serve you long-term. It also helps you optimize the assets you have so that every agreement you make will satisfy your interests as much as possible. 
     
    How to use the BATNA to make a decision on an offer 
    Having your BATNA is going to protect you from accepting terms that don’t serve you, but it will also prevent you from rejecting terms that might be in your best interest to accept just because they aren’t 100% perfect.  
     
    Why your BATNA should be the starting point
    Some of us adopt the approach of negotiating first, seeing what happens and then figuring out your BATNA. The problem with this is that we’ll go into a negotiation blind, and that uncertainty will make it hard for us to advocate for ourselves. If you’ve already sought out an alternative and you have another offer on the table, you’re going to be more willing to go to bat for yourself. 
     

    • 28 min
    Navigating the New Medicare Guidelines for Physician Salaries w/Ann Bittinger

    Navigating the New Medicare Guidelines for Physician Salaries w/Ann Bittinger

    On January 1st, new Medicare guidelines for physician earnings were introduced, and this is set to impact our contracts in a multitude of ways. Many physicians are going to see either a significant increase in their earnings or a substantial drop. 
     
    Because of potential impact on revenue many hospital systems are either unilaterally staying or requiring addendums to stay on the 2020 rvu values for compensation.
     
    Whatever your situation is, don’t panic until you have the data. It’s important to get into the fine print of your contract to know what your next move should be. 
     
    What are the contractual ramifications of these new guidelines and what legal actions can we take as physicians? 
     
    In this episode, I’m joined by Health Law Attorney and Healthcare Advisor, Ann Bittinger. She shares how to deal with the new RVU physician schedules and codes, and make sure you’re still getting paid what you’re worth.


    Three Things You’ll Learn In This Episode 
    What the new changes to RVU codes and schedules mean for physicians 
    Without your contract changing in any way, your salary may go up or down based on what RVU codes you bill. This could be really good for some physicians if the 2021 fee schedule is applied to them. If that’s the case, you have to be really skeptical about signing an amendment because you could make a whole lot more if you don’t change your contract. 
     
    How to deal with your employer threatening to withhold pay
    Withholding your salary is definitely in breach of contract and state labor laws. In some cases, breaching a contract also voids your non-compete clause. You have to look at the entire contract and see what kind of leverage you have. 
     
    How to gather data to empower you in negotiations 
    Look at the whole of your contract to see what you have that’s advantageous. Some of the areas where you can have leverage are whether your physician contract has fair market mandates, what the amendment section says, and possible termination provisions.
     

    Guest Bio 
    Ann M. Bittinger is Health Law Attorney and an Advisor to Healthcare Executives, Entrepreneurs, and Physicians. Ann specializes in advising healthcare entities in their business transactions. Her particular expertise is in legal relationships between hospital systems and physicians or physician groups, such as co-management agreements, joint ventures, clinical integration arrangements, practice acquisitions, and employment agreements.

    Ann’s clients include all types of entities and individuals in the healthcare industry: health systems, physician groups, physicians, a physician-hospital organization, laboratories, pharmacies, distributors, and other practitioners. Board-certified by The Florida Bar in health law in 2005, she is in particular demand from companies located outside Florida that are expanding their businesses into Florida. She has serviced client companies headquartered in Dallas, Nashville, Boston, New York City, San Francisco, Los Angeles, and London, U.K.
    For more information, visit http://www.bittingerlaw.com. 

    • 27 min
    Imposter Syndrome: How it Impacts Your Negotiation & What to Do About It

    Imposter Syndrome: How it Impacts Your Negotiation & What to Do About It

    Imposter syndrome is a common problem for female physicians, and a huge barrier to successfully negotiating what we’re worth. When we can’t see past our own self-doubt, we amp up the difficulty of what we’re trying to accomplish. 
     
    We have to examine how imposter syndrome is showing up for us, or else we’ll sabotage the negotiation and even the entire trajectory of our careers. 
     
    What are the most surprising ways imposter syndrome manifests? How can we make sure imposter syndrome doesn’t get in our way? 
     
    In this episode, I talk about how to examine and deal with imposter syndrome so that it doesn’t hold us back at the negotiating table. 


    Three Things You’ll Learn In This Episode 

    How imposter syndrome makes negotiating so much harder 
    In negotiations, we have to convince the other person of not only your skillset, but also the unique qualities and abilities you bring to the table as an individual. If you feel like you’re not enough or that you just got lucky, you’ll make this job harder because you have to convince yourself and them at the same time.


    Why overachievement can be a sign of imposter syndrome
    Overachievement can be an unexpected and sneaky sign of imposter syndrome. On the surface, it might seem like a good thing, but if it’s driven by not feeling good enough, we’ll burn out. If we feel like we have to try harder just to measure up, we’re doing ourselves a disservice. 
     
    How to interrupt our imposter syndrome 
    One of the most common signs of imposter syndrome is feeling like we’ve only come this far because of luck. It’s important to spend time looking at all our accomplishments, and realize that it’s impossible to build a successful medical career on luck. There are so many barriers to becoming an attending physician. The fact that you crossed them is a sign of the value you bring to the table. 

    • 20 min
    Make It Happen: How to Set Yourself Up For Success in Negotiation

    Make It Happen: How to Set Yourself Up For Success in Negotiation

    In the process of negotiating a package that reflects your worth and value, there are 3 things that matter - mindset, market and make it happen. 
     
    Step 3 is where the magic comes together. This is where we do the work to make a  successful negotiation happen, and empower you to have an impactful conversation that puts you in a better position.
     
    We look at all the possible roadblocks and hurdles that might come up and we strategize. The last thing you want is to wait until you’re in the middle of the discussion to come up with solutions. Your brain will go into fight or flight mode and you’ll lose your solid footing in the negotiation process. 
     
    What are some of the things that handicap us in salary negotiations? How do we tilt the lever of leverage so that it works in our favor? In this episode, I discuss what it takes to get your negotiation going and how to steer it in the right direction. 



    Three Things You’ll Learn In This Episode 
     
    What holds female physicians back from having successful negotiations 
    One of the biggest concerns female physicians have when it comes to negotiating is that we’ll be seen as greedy. We’ve been conditioned not to rock the boat and keep things peaceful. The patriarchal messages seared into our brains set us up for failure at the negotiating table. 
     
    How to reframe negotiations so everyone benefits
    We often think of negotiation as a situation where one party wins and the other loses, but it can be a win-win. We need to focus on mutual interest, and where there is overlap between what’s important to us and what’s important to them.   
     
    Rethinking the meaning of leverage 
    Leverage is part of every decision we make in our daily lives, we just don’t recognize it or call it by name. Think of leverage as what you’ll lose if there’s no deal and what they’ll lose if there’s no deal. If you look at it that way, you’ll realize you have more leverage than you think.
     

    • 26 min
    Navigating the Market in Compensation Negotiations

    Navigating the Market in Compensation Negotiations

    The 3-step process for navigating a physician compensation agreement is mindset, market, and making it happen. 
     
    Let’s talk about the market piece and how it impacts your negotiations. There’s actually a wide variety of pay scales and many different variables that play into it. 
     
    This is why we need to do our homework. 
     
    Market data gives us an idea of how much people are willing to pay for our clinical skill set, our leadership, and the value we bring. It empowers us to make a more educated decision when we find the right job. 
     
    If we want our value to be recognized, and to negotiate a package we'll be thrilled about, we can’t skip this critical step. 
     
    How can we gather reliable information about the market? How can you create a stretch goal for how much you want to earn? 
     
    In this episode, I share how to use market data as you navigate your deal.


    Three Things You’ll Learn In This Episode 


    The best market data we can get 
    One of the best and most accurate ways to get more information on market data is actually having multiple offers. There’s nothing better than having 4 or 5 offers in hand and knowing what different people will pay for the same skill set. 
     
    Why we need to set our compensation goal before negotiations 
    When we let a specific offer dictate our decision making, everything is going to be in comparison to that one figure. That’s the wrong thing to focus on. Independently decide what your goals are before an offer is in hand so you won’t get impacted by an artificial focal point.
     
    How to come up with a compensation goal 
    The number you need to focus on in your negotiation is your high expectation number. That’s the number that gets you close to where you want to be. It needs to be a stretch goal, a bold figure that makes you slightly uncomfortable. That’s the number that demonstrates the value you want to be reflected in your contract. 

    • 17 min

Customer Reviews

5.0 out of 5
41 Ratings

41 Ratings

Kathy at IPW ,

Simply great!

All women in medicine need to listen and learn. Linda offers great insight and advice!!

auntieE3 ,

We are Worth it!

Finally someone to help us get in the right mindset to get our worth! Female physicians are worth it and this is invaluable information for contracts!

Taykor 2324 ,

Best podcast ever!

Dr street’s podcast are beyond insightful! Her podcast are a must. They have tremendously helped me with my contract negotiations.

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