Practice on Purpose | Episode 3

Negotiating Your Worth: Expert Tips for Physicians

Practice on Purpose is a platform for physicians to align their careers with their personal purpose, led by Doctor Nicole Eull, a health psychologist with extensive experience in healthcare. This episode focuses on salary negotiations, featuring experts Ethan Nkana from Rocky Mountain Physician Agency and financial advisor Julie Schmidt. They provide essential insights and practical advice on negotiating compensation, schedule, and support systems, emphasizing the importance of advocating for oneself to achieve a fulfilling career in medicine. The episode aims to equip residents, fellows, and seasoned physicians with actionable tips to secure better compensation and work-life balance.

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Published on
September 30, 2024

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Chapters

0:00:05 – Practice on purpose helps physicians set up their career on purpose (intro).
0:01:07 – Ethan and Julie discuss being paid fairly for your work.
0:02:45 – Ethan says he was inspired by his mother to get into healthcare.
0:04:02 – Julie is a financial adviser who helps physicians with their financial planning.
0:06:38 – First and foremost, your compensation package is important.
0:10:21 – Once you get to residency, you really need to start thinking about student loan repayment options.
0:14:43 – Sometimes doctors undervalue themselves in salary negotiations.
0:19:21 – With nonprofit employer, ask for education loan debt assistance.
0:23:53 – Roth is a retirement vehicle that is tax advantaged.
0:26:21 – Some hospitals may ask you to sign away revenue if you are developing any kind of intellectual property.
0:29:52 – Doctors who are in practice now should ask for a salary raise.
0:33:30 – Julie’s greatest passion or purpose.
0:36:45 – Ethan’s greatest passion or purpose.
0:39:42 – Ethan wants doctors to have representation in contract negotiations.
0:42:09 – This episode focuses on helping people negotiate their salary (outro).