Knowing Your Value in Negotiation with Emily Ast

Negotiation is a valuable skill that can bring your career to the next level. While we may know what we want on paper, navigating this conversation in practice seems daunting and unpredictable to many. But what if negotiation is not as scary as we were led to believe? It may be a muscle that needs training, but negotiation boils down to knowing your value, remaining transparent about your needs, and effectively communicating them.

In this episode, Kameron and Brad speak to Emily Ast, Associate General Counsel at Invesco who specializes in contract negotiation for orthopedic surgeons. They discuss how Emily’s background as a competitive gymnast influenced her career path, why considering all currencies is crucial in contract negotiation, and what legal resources are available for orthopedic surgeons.

Emily talks with Kameron and Brad about the role of transparency in contract negotiation, her top negotiation tips, and the importance of speaking up for yourself to secure a contract that best fits your needs.

Key Takeaways

[01:18] - An introduction to Emily Ast.
[03:51] - How orthopedics differs from other specialties.
[06:17] - How Emily approaches her role with new clients.
[09:27] - The role of transparency in contract negotiation.
[13:23] - Emily’s top three negotiation tips.
[22:20] - Why you should narrow your consulting agreements.
[27:33] - How to balance your primary employer and an industry consulting position.
[32:53] - Should you patent your ideas?
[35:38] - Legal resources for orthopedic surgeons.
[39:00] - Actionable takeaways: package requests together, consider all currencies, and know your value.

Quotes

[13:38] - “When physicians are going into these conversations, they can make them more productive and not feel so ‘me against someone else.’ It really shouldn't be like that. It's really everybody's just trying to get to the best solution for everyone.” ~ Emily Ast

[14:43] - “Consider all currencies. People zero in on the compensation number, the actual formula. There are other forms of compensation like signing bonuses, paid call, paying for CME courses you'd already be going to. If you're driving between multiple offices, it's appropriate to ask for a mileage reimbursement or for the practice to pay for a car lease.” ~ Emily Ast

[41:54] - “Know your value. Don’t hesitate to speak up for yourself in a polite and collaborative way. You don’t get what you don’t ask for.” ~ Emily Ast

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Financial Advisors for Orthopedic Surgeons

We believe orthopedic surgeons deserve a financial advisor who is a specialist, not a generalist. Your advisor should understand that buying into a surgery center could be more profitable than your stock portfolio. We need to be thinking about tax planning strategies, asset protection, and so much more. Investments is only scratching the surface of a great financial strategy. Our team of action-oriented advisors can bring you the innovative financial ideas just as you innovate to transform the lives of your patients. Once we understand your definition of success, you can delegate and know we are on it, saving you precious time. Learn more by visiting vestiaadvisors.com/orthopedics. In addition to orthopedics, our team members work with other specialized physicians nationwide. Check it all out at vestiaadvisors.com.

Knowing Your Value in Negotiation with Emily Ast

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