Key points of contract negotiations for radiology trainees
Contract negotiations can be a daunting task for radiology trainees entering the job market. However, understanding the key elements of a contract, common terms, compensation models, and the importance of assessing benefits and compensation packages can empower trainees to negotiate favorable terms. This is especially true today with a rapidly growing shortage of radiologists, which is giving trainees flexibility in negotiations.
"There are some basic principles that all our trainees and fellows should know, like...the backbone involved in a contract, what terms that are involved, what your responsibilities are, the covenants, the restricted covenants that list your limitations," said Seetharam (Ram) Chadalavada, MD, vice chair of radiology informatics, University of Cincinnati. "There are also other components to being a physician that we don't really know until we get to being an attending physician, such as tail coverage and malpractice insurance. The other component a lot of people tend to focus on is just base salary, but a lot of the infrastructure on actual compensation also involves the benefits component."
He explained these considerations in a session on contract review and negotiation for radiology trainees session at the Radiological Society of North America (RSNA) 2023 meeting. In the session, Chadalavada emphasized the significance of comprehending the backbone of a contract.
Historically, trainees may have felt compelled to accept job offers without much negotiation due to a scarcity of positions. However, the dynamics have shifted in recent years, with a shortage of trainees and evolving market trends favoring job seekers. Trainees now have more leverage to negotiate terms that align with their career goals and preferences.
Chadalavada advised trainees to consider several key aspects when negotiating a contract:
- Understanding responsibilities: Trainees should clarify their duties and responsibilities within the practice or health system. Beyond clinical work, roles in quality and safety, patient relations and education may contribute to career advancement.
- Consideration of liability: Trainees must grasp the nuances of liability insurance, including the distinction between occurrence-based and claims-made policies. Tail coverage, often associated with claims-made policies, also warrants careful attention to avoid unexpected financial implications upon departure from a practice.
- Effective negotiation strategies: Negotiations should be conducted with courtesy, respect and good faith. Chadalavada advises trainees to prioritize their top three concerns, seek compromises where necessary and view negotiations as the beginning of a professional relationship.
"Focus on what you can work with, what you can let go and come to a compromise. Not everything is going to be guaranteed for you," Chadalavada said.
Incorporating economic concepts and contract negotiation skills into radiology programs can better prepare trainees for the complexities of the job market. By fostering an understanding of contract fundamentals and encouraging proactive negotiation, institutions like the University of Cincinnati aim to equip trainees with the tools needed for successful career transitions.
Contract negotiations represent a critical juncture for radiology trainees embarking on their professional journeys, Chadalavada said. By leveraging available resources, understanding contractual intricacies and employing effective negotiation strategies, trainees can secure agreements that support their career aspirations and contribute to their long-term success in the field.
Dave Fornell has covered healthcare for more than 17 years, with a focus in cardiology and radiology. Fornell is a 5-time winner of a Jesse H. Neal Award, the most prestigious editorial honors in the field of specialized journalism. The wins included best technical content, best use of social media and best COVID-19 coverage. Fornell was also a three-time Neal finalist for best range of work by a single author. He produces more than 100 editorial videos each year, most of them interviews with key opinion leaders in medicine. He also writes technical articles, covers key trends, conducts video hospital site visits, and is very involved with social media. E-mail: dfornell@innovatehealthcare.com