Negotiation is an essential part of health care practice and is not formally taught during medical training. This article aims to improve the negotiation skills of readers by explaining the essential components of preparation before a negotiation and reviewing common techniques for optimizing negotiated agreements. The terms reservation point, target value, and best alternative to a negotiated agreement are defined, and their importance in negotiation preparation is explained. The concept of anchoring, or making the first offer, in a negotiation is reviewed, and important techniques for team negotiation are provided.