SMART Docs, Please Do Your Due Diligence
Hello, everyone. Dr. Bonnie Simpson Mason, CEO and co-founder of Beyond the Exam Room.
We are physicians educating physicians about the things we didn't learn in medical school or training that we need to know in order to be successful where?
Beyond the exam room...
In contract negotiations
when making financial decisions, all of that.
Today, I want to talk to you today about one term in particular.
It's one that I want us to embrace, one that I want us to understand that we have to integrate as a necessary part of any non-clinical decisions that we're making.
This term is called due diligence.
Hmm, what is due diligence?
This is a term used in law and in business, and it refers to someone taking the time to gather all of the necessary information they need, analyze that information before they draw a conclusion about a business or financial decision, or even a contractual decision that they're going to make.
Does that sound familiar?
Certainly, it does.
We use the same process in a scientific method. We create our hypothesis. Then, we gather the data, right? We don’t just have a data set with an N of 1. We gather our data from multiple sources. We analyze that data, and then we draw our conclusions based on that broad set of data points, not just an N of 1.
The same thing for us applies.
When we are reviewing a contract, entering into a contractual agreement, we want to make sure that we don’t look at just that one contract.
We also want to make sure that we have enough information with which to make an informed decision, and that usually means that you need time in order to make that decision, you need to talk to the appropriate parties, your trusted advisors, your physician colleagues, anyone who can provide some additional information to help you draw the best conclusion for yourself.
You want to do that, and you want to make sure that you integrate that due diligence. I need to do my due diligence when you're in negotiations.
Many times, employers will press us to sign an agreement, to sign an employment agreement expeditiously, sometimes even in like five days.
Don’t do that. Please don’t do that.
We need time to do our due diligence, and you can certainly say to whomever you're negotiating with across the table, "Certainly, you understand that I want to make the best decision possible for myself and my family so I'm going to need a little bit of time to do my due diligence.
How about another, maybe 30 to 60 days?
That way, I can round up my team of go-to advisors, have time to make sure that my family's needs and priorities are met because I want to create a win-win."
How does that feel?
How does that sound?
We can say that, so remember, due diligence is your term for today, and that's how you integrate it into your conversation when you're negotiating.
Have any questions?
Always feel free to email me or ping us on beyondtheexamroom.com...
...and if there's another subject or term you would like us to define or you want to hear more about, let me know. I'll build a blog, a vlog, or even a course around whatever subjects that we are interested in.
Thanks so much.