Overall View of the Physician Employment Contract
What is physician employment contract?
Physician employment contract, also referred to as a physician employment agreement, is basically a contract between the physician and his employer (i.e. healthcare organization, physician group, or medical group).
Why is it important?
Let’s say, post residency you are offered a dream job in an established healthcare organization with a generous salary and loads of compensation packages. A few months later you realize you are not paid what was initially promised to you or there is a situation where they have sent you a termination notice without any reason. A verbal agreement that was made when they hired you was terminated and there is nothing much that you can do about it now.
Likewise, if you are an employer you invest a lot of time and resources in employing a physician. What if your rival healthcare organization lures your physicians with a handsome salary? You will be left in a big mess.
Had there been a written contract in both the scenarios, this situation would have never arrived. A physician employment contract comes to your rescue in such situations.
What to look for in the contract?
Post residency employment contract is one of the most important contracts you will sign. Before you sign such a contract, read it carefully. Though everything needs to be checked vigilantly, there are hundreds of items that need to be considered and here are just a few:
- What will be the initial term of the physician employment contract?
- Will the agreement be renewed automatically?
- When and for what reasons can the contract be terminated?
- What is the compensation model?
- What are the other benefits that will be provided to you?
- What would be the working hours?
- Who will compensate for the damages caused by a physician?
- What will be your administrative and other duties and responsibilities?
- What would be the maximum number of work hours each week or month?
If you feel that there are few points that you do not agree to, discuss it with your employer before signing the contract.
Before signing the contract
Do thorough research about the organization that you are planning to join. Check for its market value and its reputation. Consult your attorney to know if the contract is in your favor. Prevention is better than cure. By doing this homework prior to signing the contract you can be free from any complications that could have surfaced in future.
If you dont have an attorney or are looking for a better solution to reviewing your contract, please contact us.