Negotiating is a well-defined skill you need for many practice and personal transactions. Unfortunately, many doctors lack proficient negotiating skills and lose thousands of dollars over their career as a result. Below are six principles that can help you become a more successful negotiator.

Over time, you’ll be involved in numerous business transactions where negotiating skills are an absolute necessity, including buying or selling your practice and office building, leasing office space, dealing with PPOs, and bringing in an associate and/or partner. Likewise, many personal financial transactions require successful negotiating skills, including buying or selling your home, automobiles, or other business or investment property.

While you may abhor negotiations and do your best to avoid them, that’s simply not practical. Learning these negotiation strategies, and then using them successfully, is not only satisfying but can also help you save...