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You've got the offer, but is it everything you dreamed of? The Contract Negotiation community is designed with a young physician in mind. Don't be afraid to ask for what you want. Get insight into the world of contract negotiation through our helpful articles and questions.

 

 
Contract Negotiation Contributor

Wesley Millican, MBA
Founder and CEO
CareerPhysician

Most Recent Articles

  • Employment Agreement negotiations from the Practice Perspective

    Employment Agreement negotiations from the Practice Perspective In any game, there is always a great advantage to getting inside the head of your opponent. Although employment agreement negotiations should never be approached from an adversarial standpoint, we think you will benefit greatly from an appreciation for what motivates an employer during the recruitment and job offer negotiation process. Whether you are considering joining a large ...
  • Strategic Employment Contract Negotiation Tips

    It's a Process There are four, sequenced stages to any successful employment contract negotiation : the pre-agreement process writing the agreement negotiating the agreement closing the deal At each stage in the process you'll want to exert as much control and project as much confidence as possible while keeping a positive, good faith posture throughout. From a broad strategy perspective, this approach will greatly enhance your ability ...
  • Employment Contract Negotiation Tactics

    In a companion Career Physician article , we offer a range of suggested tips and strategies for managing the process of a successful e mployment agreement and physician contract negotiation . Our approach in that article was a broad, strategic overview of employment agreement negotiations. In this article we focus more specifically on the actual negotiation itself, offering tactical advice on how to get the best deal you can. Dealpoints ...

Most Recent Terms

  • Standard Valuation

    Valuation of an asset (valued in terms of the context in which this term appears) based on normal valuation methodologies (representing standard market practice) given the nature and stage of development of the asset being valued, providing certain principles...
    by admin on 05-05-2009
  • Salvage Value

    The estimated value of an asset at the end of its useful life. The acquisition cost minus salvage value yields the total amount that an asset is depreciated over its useful life. http://www.blackwellpublishing.com/zelman/glossary.htm
    by admin on 05-05-2009
  • Signing Bonus (Sign-on Bonus)

    An award, usually monetary, given to new employees who have just joined the company. This award serves two purposes: to establish goodwill and to buy out any compensation "left on the table" from a previous employer. http://www.salary.com/advice...
    by admin on 05-05-2009
  • Nonsolicitation Clause

    A contract or agreement entered between an employer and a physician which is designed to deter the physician from inviting patients or other employees to move with him or her into a new practice for a certain period of time. http://www.aafp.org/fpm/20000700...
    by admin on 05-05-2009
  • Nose Coverage

    The opposite of Tail coverage, although it fulfills the same need. Nose coverage most commonly provides prior acts coverage for insureds who are moving from a claims-made coverage form to an occurrence coverage form. It is provided by the replacement...
    by admin on 05-05-2009
  • Production Bonus

    A monetary award under which a certain percentage (perhaps 20%) of the new physician's production exceeding a pre-stated threshold is added to the base pay. One expert suggests this bonus be 2.5 to 3 times the base salary If the base salary is $100...
    by admin on 05-05-2009
  • Letter of Intent

    1. A written preliminary contractual document acknowledging a willingness and ability to do business. 2. A document stating serious intent to carry out certain business activities http://www.thefreedictionary.com/letter%20of%20intent
    by admin on 05-05-2009
  • Nibbling

    Art of asking for a little bit more after the deal has already been verbally closed. A good example of this technique is how car salesmen add on accessories after the decision has been made to buy a car. "Negotiating Skills for Contracting Your Recruited...
    by admin on 05-05-2009
  • Incentive Compensation

    A plan or agreement that is designed to tie pay to performance and achieve gains in worker productivity. Such compensation plans can take the form of merit pay, bonuses, profit sharing, corporate stock ownership, or commissions. Depending on the type...
    by admin on 05-05-2009
  • Employment Agreement

    A binding contract or document setting the terms of employment between employer and employee that is enforceable by law and often addresses compensation, severance pay, and other significant terms of employment. http://www.thefreedictionary.com/employment...
    by admin on 05-05-2009
  • Golden Parachute

    Payment or compensation package negotiated in advance and given to a top executive who loses his or her job as a result of a merger or acquisition. Golden parachutes usually include a severance package, bonuses, the continuation of benefits, vested stock...
    by admin on 05-05-2009
  • Change of Control Clause

    A provision in a golden parachute used to define a specific amount that will be paid if there is a takeover of the company or some other change in control or leadership. See also golden parachute. http://www.salary.com/aboutus/layoutscripts/abtl_display...
    by admin on 05-05-2009
  • Buy-In Arrangement

    An arrangement whereby an employed physician purchases an ownership interest or stake (partners or shareholders) in a group practice. "buy-in" arrangement should also be considered in the employment agreement. This buy-in option often is triggered...
    by admin on 05-05-2009

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