Some employers may provide a verbal offer and an employment contract for your review. In almost all cases, the employment agreement is a binding contract. You should seek legal counsel regarding the employment contract. 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?
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 consultant to negotiate financially related issues on your behalf. While many attorneys specialize in healthcare and have experience in physician employment contracts, they may not have certain financial expertise. Attempt to identify physician consultants that have experience in negotiating financial issues on behalf of physicians.
About the Author:
Wesley D. Millican, MBA, CEO and Physician Talent Officer of CareerPhysician Advisors, LP, and CareerPhysician, LLC, provides comprehensive talent solutions for academic children’s hospitals, colleges of medicine and academic medical centers across the nation. He possesses a longstanding passion for career development of all young physicians and serves as a go to career resource for training program directors and their residents and fellows. In continuing his commitment to the “future of medicine”, Mr. Millican speaks nationally at residency and fellowship programs. His Launch Your Career® Series is a proven resource for today’s residents and fellows and has served as a go to resource for program directors over the last 15 years.