fbpx

How to Avoid Getting Entangled in “Golden Handcuffs”

Daniel Paull MD writes why as a physician, avoiding the large purchases can mean keeping your autonomy.

October 24, 2022

Something that is not taught in residency, but should be: How to avoid golden handcuffs.

Residents are already super busy/tired/stressed etc, and stories tend to stick better than facts, so perhaps the best way of teaching it would be a single cautionary tale lecture repeated yearly.

No one tells residents that getting out of training and signing with the hospital system with the largest guarantee, and then then immediately upgrading cars and buying their forever home is a mistake.

Big mistake.

Compound this with outstanding school debt and you have a forged a perfect pair of golden handcuffs.

What ends up happening is that by making all of these large purchases and signing a non-compete, they have removed all leverage they have in contract negotiations.

When the contract comes up for renewal, the golden handcuffed doctor has almost no choice but to sign it, or turn tail and run somewhere else to put on a different pair of golden handcuffs.

Autonomy and leverage is traded with each large luxury purchase.

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. For more information, or to submit your own opinion, please see our submission guidelines or email opmed@doximity.com. Do you have a compelling personal story you’d like to see published on SoMeDocs? Find out what we’re looking for here and submit your writing, or send us a pitch.

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. Do you have a compelling personal story you’d like to see published on SoMeDocs? Submit your own article now here.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

This learning experience is powered by CMEfy - a platform that brings relevant CMEs to busy clinicians, at the right place and right time. Using short learning nudges, clinicians can reflect and unlock AMA PRA Category 1 Credit.

Of Interest

Subscribe To Our Newsletter

Get updates and learn from the best

Delia Chiaramonte, MD

Speaker: Delia Chiaramonte, MD

Elevate your team’s caregiving, authentic communication, and self-care skills with practical tools and insights delivered by an inspiring and dynamic physician speaker

Sondra Miles, MD

Speaker: Sonny Miles, MD

Dr. Sonny is an integrative and palliative care physician who who asks audiences to go deep within and live what matters most to them.

Meridith Englander, MD

Meridith Englander, MD

Interventional radiologist who practiced for 18 years before leaving clinical medicine for a career at a non-profit, regional health care plan.

Want More?

Be a part of our healthcare revolution. Don't miss a thing SoMeDocs publishes!

Disclaimer: SoMeDocs assumes no responsibility for the accuracy, claims, or content of the individual experts' profiles, contributions and courses. Details within posts cannot be verified. This site does not represent medical advice and you should always consult with your private physician before taking on anything you read online. See SoMeDocs' Terms of Use for more information.

follow us

© 2024 SoMeDocs. All Rights Reserved.

Soak up content & grow

Educational reflections..

Drop your email address below and we’ll email you the link for continuing opportunity pathways from CMEfy. Check your spam folder if you do not receive our email. We’ll also add you to our Sunday newsletter, so you can receive even more of our unique content!

Support A Platform that Celebrates Real Doctors

For as little as $10, you can help keep this openly accessible site available to all & help us sponsor in more doctors.

Interested in subscribing
to our unique content?

Interested in subscribing to our unique content?

Site SoMeDocs Logo, square

WANT TO STAY IN THE LOOP?

DON'T MISS A SINGLE CONTENT PIECE.