Physician Employment Contract Review
Why you need to examine your contract carefully:
- You could find out that your compensation is actually a loan, and if business doesn’t cover the loan, you might have to pay it back!
- You could become a victim of the practice’s financial mismanagement. Many physicians have lost their job, were forced to move and had to file lawsuits to regain money due to them.
- Every contract has 100+ areas that must be examined to protect you.
The first few years of a physician's practice builds a stable foundation for the rest of his or her career, yet almost 50% of all new doctors leave their practices in the first three years, according to the 2008 Physician Retention Survey by Cejka Search and the American Medical Group Association.
Your first employment contract outside of a residency or fellowship is one of the most important aspects of your financial life as a medical professional. Remember, your financial success depends on a solid foundation and this is one of the building blocks.
A physician contract most likely will cover the following: termination, compensation, bonuses, fringe benefits, health insurance, malpractice insurance, dues & licenses, journals & CME costs, vacation & sick pay, maternity options, malpractice tail, and restrictive covenants. Is anything missing? Items not in the contract actually can be more important than what is there.
PhysicianContact provides employment contract assistance by offering:
- On-site Seminars
- On-line Webinars
- Conference Calls
- One-on-One Consultations
To make a reservation for one of the above services, go here
Get answers to the following questions from Physician Advisors:
- What is the contract signing process like?
- What do I need to be aware of in the contract?
- What leverage do I have to negotiate as a new physician?
- How do I make sure there is nothing missing from the contract?
- How do I determine that it is a good offer?
- How can I effectively utilize an attorney?
Before you sign the most important contract of your career, ask PhysicianContract for access to its network of attorneys who offer contract reviews for just $300. The standard rate at law firms for such legal assistance usually begins at $1,000. If you'd like to know more about our contract review service, send us a note.