When is a contract a good one?

I was asked this question this week, and much to my dismay the answer turned into a "discussion" with a family member, and then ended in a near argument.  The problem is that the person that I was discussing the contract with has absolutely no experience in this field, and no idea what they were talking about.  I had to tell them that I have been doing this for 30 years now, and I know the value of a good deal when I see it.  They did not agree.  So, that led me to try and look at things from their perspective.   The question is:  When is a contract a good one?

The answer:

When it works for you.

Yes, it really is that simple.  If both parties are having their needs met, and both are comfortable with the compensation, then it is a good contract.  Sure, I can give you hints and tips about negotiating a contract.  Is there going to be a better deal out there?  Inevitably.  If you had negotiated harder, could you have gotten more?  Possibly, maybe even probably.

Is is worth losing sleep over?  NO.

If you have negotiated a contract, and you feel it is a good one, then take a deep breath, relax, and let's get to work.  Try not to listen to the advice of others, unless they are an expert in the field.  Then, weigh the advice for what it is worth to you, but in the end, do what you're going to do anyway;  make your own decision.  Let's not compare ourselves to other businesses or other people.  Learn to be a confident individual, knowledgeable, and ready to work.  This is what makes happy self-employed people.

(Hint:  put a time limit in your contracts.  To be renegotiated every 6 months, or year.  That way if you are in something that you don't like or can't handle, you have a back door... something to think about).

Until next time,

Thanks,
Lori

http://www.sinclairinkspot.com/
Loretta Sinclair
Author, Medical Billing, Coding and Reimbursement
How to Run Your Own Home Medical Billing Service
Annotation Press, 2007, 2008
Available in print and on Kindle

Marketing Your Medical Billing Service
Sinclair Publications, 2011
available in ebook format only
See http://www.amazon.com/, http://www.barnesandnoble.com/, or http://www.sinclairinkspot.com.market/

Medical Billing, Coding, and Reimbursement
Supplemental Workbook
Sinclair Publications
copyright 2009

http://www.medicalbillingservice.blogspot.com/