Know How to Negotiate Your Contract!

What does it take to thrive? To reach your financial goals, it’s best to enlist the assistance of professional negotiators with your best interest in mind when negotiating a physician contract. We do the legwork for you so you can focus on your patients and life’s work while we fight for the best deal you can get.

It is not advised to rely on basic research when it comes to how to negotiate such an important document. A lot of advice articles that you find online will only cover straightforward scenarios and basics that don’t address the special circumstances that occur during real contract negotiations. That’s why you need experts on your side.

Because they are legal documents that set the stage for you financially, our contract review process includes both an attorney and a financial advisor. The former evaluates your compensation and financial position overall; the latter incorporates this evaluation into the legal review and negotiation process.

The process works like this: you provide us with your employment documents and other information related to the opportunity. Then we schedule two important calls: one with one of our expert financial advisors and the other with an attorney, each of whom specializes in guiding doctors through the contract negotiation process.

During your call with the financial advisor, s/he will provide a detailed, written comparison of your offer to industry standards as well as the MGMA database and our own database, and then use that to discuss what changes could be requested.  During your call with the attorney, s/he will incorporate the issues discussed with the financial advisor, discuss issues posed by the legal documents, and then coach you in negotiation strategy.

After these calls, if you would like to continue communications with the employer, we will wait in the wings, ready to answer any questions, step in if needed, and prepared to review and discuss the employer’s response. If you would like the attorney to negotiate for you, s/he is willing to do so for no additional charge.

The average client will have thorough phone calls with the advisor and attorney at the initial review stage, and then a briefer phone call or email correspondence after negotiation, in order to review the employer’s response, to help decide whether to sign the new (normally final) contract version.

Long story short? Physician employment agreements are complex. We can help ensure you negotiate a contract that will allow you to thrive.

Let’s talk!

doctors life podcast

The Doctor’s Life Podcast 044- All About The Situation

Maybe you’ve been there before; Wanting out of your employer so bad, you’d probably take anything at this point. When something does comes your way, you realize it’s not ideal, but you still really want to take it because it’s not your current employer. You pass on it though and wonder if that perfect situation is out there. But then, that great situation does come up.

Nick Schneider is on The Doctor’s Life Podcast with a couple of stories of clients that were in this exact situation and are glad they waited it out. All episodes of The Doctor’s Life Podcast are available here, iTunes, and Android. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

What Do You Do About Your Job When Your Life Changes?

There are so many ways your life can take a turn, a change in direction, which sends you down an entirely different path than you were going on. What do you do with your job when this happens? You might’ve launched your career years ago and have built up a great patient base with the years ahead looking bright because of all the hard work put in.

It could be a management or ownership change that impacts the culture where the environment goes from being “the work you enjoy” to “the work that pays the bills.” In other cases it might be a business change which impacts reimbursements or how you are compensated. These are the risks of being in the business world and we are all susceptible to them.

What about a scenario where the needs of your family change. When you joined the practice you might have been single. Then got married. Had a couple of kids. Both spouses may be working and that family support which you didn’t need now becomes a “top-of-the-list” concern. How do you pivot at that point? Continue reading…

doctors life podcast

The Doctor’s Life Podcast Episode 034- Leaving Your Current Employer

So what happens when you decide it’s time to move on from an employer? When you have decided you’re leaving your current employer, there are many things to consider including your contract and performing a full-scale job search.

Justin Nabity is in The Doctor’s Life Podcast studio with answers to questions you will have when you are leaving your current employer. All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…

doctors life podcast

The Doctor’s Life Podcast Episode 032- Best Locations to Practice

So where are the best locations to practice? Well, it comes down to a handful of factors, but all signs point to the same top few places.

Justin Nabity is back on The Doctor’s Life Podcast with a list of the best locations to practice and the factors you should consider if you’re looking for a new location. All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…

doctors life podcast

The Doctor’s Life Podcast Episode 031- How to Perform a Job Search

Your time is limited. When you get to that point in your career when you feel like you need to perform a job search, where do you start? You are already working 60+ hours a week, so to perform a job search, you need it to be efficient.

Nick Schneider is back on The Doctor’s Life Podcast with a checklist of what to look for to land that perfect job. All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

Operating Physician

Advancing Toward Your Career Goals

Should you change jobs in pursuit of them? Or position yourself in a new way at work?

 Provided by Nick Schneider

Is your career unfolding as it should? If not, maybe it is time for a change; either a change of jobs, or a change in your role at your workplace.

Pay attention to the signals of a stalled career. If the status quo at your office bothers you, or if you feel apathetic or nonchalant about your work, you have company. A recent Aon Hewitt poll found that only 63% of employees felt sufficiently engaged on the job. According to a Gallup poll, even fewer Americans truly like what they do for a living: just 32% of employees are “involved in, enthusiastic about and committed to their work and workplace.”1

 If you find yourself dreaming of an escape and doing just enough to avoid getting fired, you have three basic avenues. One, go into business for yourself (a move that is impractical and terribly risky for most people). Two, change jobs. Three, see if you can make yourself more valuable and more engaged where you are. Continue reading…

Should You Change Jobs or Stay the Course?

Does sticking with the same firm actually hurt your financial potential?

Provided by Nick Schneider

If you spend two years or less at a series of jobs, is that a problem? Shouldn’t your resume signal loyalty instead of transience?

Well, maybe it isn’t a problem. Maybe you are doing yourself a financial favor instead, especially in this decade. Maybe the conventional wisdom about “getting ahead” is flawed. The era of the organization man/woman is long gone, and how many people do you know who have spent a decade or longer working for one employer?

Remember 5% annual raises? Chances are, your most recent raise was on the order of 2-3%. While you are keeping up with consumer prices at that rate, you may not be making up for any financial steps you took backward as a result of the recession. Even the all-stars at your firm may be getting just a 5-6% yearly raise.

Quitting to find a better wage is on the rise. In 2015, 16% of U.S. workers indicated to CareerBuilder that they were ready for a change. This year, 21% want to make a move. CareerBuilder’s Rosemary Haefner believes one reason for that rising percentage is a lack of employer investment in employees. “Whether the lack of investment is in the form of a paycheck, learning opportunities or career advancement, it often comes down to whether the employee feels valued.”1

It’s also down to the improving economy. With unemployment in down to 5%, it’s clear that hiring is happening. While that may not mean that every industry is looking for new blood, some are definitely looking for an infusion of personnel. The talent-hungry tech sector has boosted its average salary 5.3% from 2015 levels in hopes of locating qualified applicants.1

Is now the time to make your move? Five percent unemployment is approaching “full employment,” a period where the economy is getting the most out of skilled and unskilled labor. Assuming things remain on their current course, we may not see many more months where as many as 200,000 jobs are created, even as people who have stopped looking for work are drawn back into the working world. That could make this an ideal time to look upward if you are hoping to find a better-paying or more challenging job.2,3

On the other hand, there are bad times to change jobs, and U.S. News & World Report noted some of those. If you’re overworked, having interpersonal issues at the office or just bored, you can overreact; restructuring your workday or work tasks may offer a solution. If a major life event, long vacation or house hunt is just ahead, a job change may not be ideal or smart. It may not be wise if you sense that the economy (or your industry) is in line for a downturn, or if you’ve been at your job for less than a year. Lastly, a job search that coincides with the holiday season may be more prolonged than you anticipate; HR officers and managers may be more available (and less stressed) when mid-January rolls around.4

If you love what you do and are good at it, you may see no reason to change jobs. Alternately, you might reason that you could excel and love your work even more in a new environment. Consider the above-mentioned factors (and others) if you are looking for greener grass.

Nick Schneider may be reached at

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Securities offered through Lion Street Financial, LLC. (LSF), Member FINRA & SIPC. Investment Advisory Services offered through Physician Investment Advisors, LLC. Physician Advisors and Physician Investment Advisors are not affiliated with LSF. Physician Investment Advisors, LLC’s outgoing and incoming e-mails are electronically archived and subject to review and/or disclosure to someone other than the recipient. We cannot accept requests for securities transactions or other similar instructions through e-mail. We cannot ensure the security of information e-mailed over the Internet, so you should be careful when transmitting confidential information such as account numbers and security holdings. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to this message and deleting it from your  computer. 


1 – [5/6/16]

2 – [2016]

3 – [5/6/16]

4 – [9/18/13]

Best States to Practice Medicine…and Why

When it comes to deciding where you should go next for your practice, you have to ask yourself the question “where’s the best place to live?” Then you have to think about what should factor into your decision?

Things like income, taxes, cost of malpractice and cost of living probably come to mind. Wouldn’t it be nice if it was just as simple as picking the best location-based on those items alone and then pursing the job market? The problem is that it’s not that easy because there are other factors that play a major role. But we’ll table them for this discussion and focus on the components we can measure.

Let’s look at the top 5 rankings based on some of the data that was analyzed by Medscape’s Best and Worst Places to Practice in 2015

Guess which states are in the top 5? You might be surprised

#1 – Tennessee

The reason why is because it had the second lowest cost of living, income taxes were only 7.6%, malpractice costs were middle of the pack nationally and the average compensation was $279k. For lifestyle they have many theme parks and attractions like Gatlinburg and Pigeon Forge and the Great Smoky Mountains National Park.

#2 – Mississippi

Their average physician compensation is around $275k. They also have low-income taxes and the malpractice payouts were more favorable. A big plus for MS is their low-cost of living without the hefty price tag of that you’ll find among its more expensive peers.

#3 – Oklahoma

With a low-cost of living and an average income of $304k among doctors plus a 8.5% average state and local income tax rate, you can get a lot of financial mileage there.

#4 – Texas

This one has no state income tax and it has the benefit of the reduced malpractice payouts because of a 2003 constitutional amendment. There are many communities to choose from and lots of amenities for families. The sheer size of the state caters to almost any preference of geography, climate or city size.

#5 – Wyoming

It makes the cut because of no state income tax, higher compensation around $312 on average and much to see in the natural beauty of the landscape. For doctors who prefer a fee for service model since managed care is not available there, this is a great location for them.

So what is it that most important to you because there are many things to consider? If there is a change coming up in your future, you’ll have to figure out where everything falls and then begin your search. Once the search begins you don’t have to go at it alone. Feel free to reach out to one of our advisors who can help locate job prospects and get you introduced to specialized attorneys who can help you negotiate.

doctors life podcast

The Doctor’s Life Podcast Episode 015- Four Reasons For Leaving A Job

Leaving your job. We all have reasons for doing it. Something may have been promised to you that never panned out. Maybe it was something that started out small, but eventually grew and you decided it was something you did not want to handle any longer.

Nick Schneider is back in The Doctor’s Life Podcast studios with the top four reasons for leaving your job. All episodes of The Doctor’s Life Podcast are available here, iTunes, and on SoundCloud. If you have an Android device, you can download a podcast player (I recommend Podcast Addict), and it will pull from iTunes. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…