Some university practices may provide a verbal offer and an employment contract for your review. In almost all cases, the employment agreement is a binding contract. While university agreements are generally rigid with little opportunity for change, you should seek cost effective legal counsel and mentor guidance regarding the employment contract to ensure you understand the obligations of the document you are signing. In addition to the guidance provided by your legal counsel, consider the areas that follow.
Term – How long of a period is the contract for? How many days notice are required for termination of the contract?
Salary and Benefits – How are these areas defined and what benefits does the employer pay for?
Bonuses – Is there an opportunity to earn bonuses? What methodology or formula will be utilized to calculate bonuses?
Expense Reimbursements – What expenses are reimbursed? Are licensure fees, mobile phones, pagers and CME expenses paid for or reimbursed?
Call coverage – What is it and how will it be determined? Will you share equal call with other physicians?
Restrictive Covenants – What are they? How long do they apply? What geographical areas do they cover? What is the “buy-out”?
Tail Insurance – Who pays for it if it is needed? What coverage levels apply?
Academic Accomplishment – What resources are being provided to assist you with the teaching and publishing requirements of the role? Are there resources available from established faculty development programs provided? Lab space? Seed grants?
Time Allocation – How will my FTE (Full Time Equivalent) be allocated amongst the clinical, educational and research requirements of the role? How many clinic half-days and weeks of service call will I be required to take?
Partnership Opportunities – If applicable, when will you be considered for shareholder status? Is there a “buy-in”? When will it be defined?
In addition to legal counsel, consider the services of a physician mentor with knowledge in the space to assist you with negotiations. They will have specific awareness of the trends and realistic financial terms in your specialty. While many attorneys specialize in healthcare and have experience in physician employment contracts, they may not have certain specialty expertise. Attempt to identify physician mentors that have had experience in recruiting and have been negotiating financial issues on behalf of their faculty.
About the Author
Wesley D. Millican, MBA, is CEO and Physician Talent Officer of CareerPhysician, LLC, the national leader in child health faculty and executive search and leadership development. In partnership with the Child Health Advisory Council, a diverse group of emeritus and current national thought leaders in academic pediatrics, Mr. Millican provides critical career and professional development content to residents and fellows to help foster their effective transitions from training into academic and/or private practice roles. For more than 20 years, Mr. Millican and CareerPhysician’s Launch Your Career® Series has served as the trusted go to career training and ACGME Competency resource for U.S. residency and fellowship program directors, and most importantly for residents and fellows seeking to maximize their return on the personal, professional and economic investments and sacrifices made during training. Through Launch Your Career® Series onsite and visual programs and associated web-based content, Mr. Millican believes that residents and fellows are the future of academic pediatrics and that meaningful early investments in their career journey will have a monumental positive impact on their long-term professional satisfaction and their service to children.
For more information about the Launch Your Career® Series and/or to schedule a program for your residency or fellowship program, contact us.