Negotiating the Physician Contract You Deserve with Ethan A. Nkana

The Prosperous Doc

In a 2014 survey, the medical network Doximity found that over 72% of residents had negative feelings about negotiating their compensation, including feeling stressed, concerned, anxious, or lost.

31% of physicians felt prepared to network, while only 9% felt ready to negotiate. It wasn’t just first-time attending doctors who felt that way — doctors seeking raises were also affected.

It’s no wonder so many doctors feel anxious when few receive any training in contract negotiations.

But physicians shouldn't settle for less, says Ethan A. Nkana, Principle at the Rocky Mountain Physician Agency (RMPA), which advocates for doctors seeking fair contracts and compensation.

Having an advocate like Ethan helps in certain high-level situations, but you don’t necessarily have to hire an advocate to get what you want. In this episode of Prosperous Doc, Ethan talks with host Shane Tenny about everything you need to know about contract negotiations, whether you’re a graduating resident or an experienced physician.

💡 Featured Guest 💡

Name: Ethan A. Nkana, J.D., MBA

What he does: Ethan began his hospital administration journey as a Human Resources intern later expanding his skill set to hospital finance, physician contracting and compensation, hospital operations, and healthcare strategy. While working in physician contracting, Ethan observed that physicians frequently leave money and value on the table during their contract and salary negotiations.

Company: Rocky Mountain Physician Agency

Words of wisdom: “If I could give one piece of advice to first-time attendings that would really help give them the best chance for success: get more than one offer.”

Connect: LinkedIn | Instagram

⚡ Prosperous Insights ⚡

[02:21] Doctors need an advocate: Most people tend to think of doctors as high earners, but in reality, not all of them are.

[04:14] Get more than one offer: Ethan offers an important piece of advice for first-time attending physicians: getting more than one offer improves your negotiating position by giving you more control.

[09:55] Everything is negotiable: Health insurance packages might not be negotiable, but most other things are. He discusses the three negotiable parts of compensation.

[13:39] Student loan forgiveness: Student loan debt is a top concern for new physicians, some of whom have six figures worth of debt.

[17:34] Get the numbers: It’s important for doctors to understand how salary ranges differ according to region and care setting. Some websites you can find this data are Medscape, Doximity, Physicians Thrive, and Merritt Hawkins. Data can also be purchased through Sullivan Cotter and MGMA.

[27:14] Stark Law isn’t an excuse: Employers may use the Stark Law as an excuse to not increase a doctor’s salary. Ethan explains why this is “a bluff.”

[35:42] A painless process: Hiring an advocate as a new physician with mountains of student debt can be daunting, but RMPA only gets paid based on performance.

[39:28] Shoutouts: Ethan gives a shoutout to his mom and to Dr. Mark McKenzie, a doctor who helped develop the COVID-19 vaccine, but who also advised Ethan when he started the business.

Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at [e-mail] or on Twitter.

Compliance code: CRN202603-3989571