Finding a Med-Peds Contracts and Negotiating
Position:
What are the key components of a contract? A contract should be a summary of what is discussed and reviewed in other correspondence and the interview. As a legal document it supersedes and may not always accurately reflect what has proceeded. Review it carefully. An employment contract will cover both economic and non-economic issues. The most important economic issue will be your compensation. Understand thoroughly how it is determined, and what influences it. The most important non-economic issues are frequently restrictive covenants or non-compete clauses. They restrict physicians from engaging in practice within a specified geographic area for a specified period of time should he or she leave the practice. Most contracts will cover the at least the following issues: Economic
1. 2. 3. 4. 5. 6. 7.
Base salary, how and when it is paid Bonus structure Malpractice coverage and amounts- make sure tail coverage is included Health, disability, and life insurance Retirement plan participation How receipts and expenses are tracked and attributed Buy in/out provisions
Non-economic
1. Restrictive covenants 2. Staff, educational, practice support provided 3. Vacation and leave policy 4. Principles of practice 5. Workweek and coverage expectations 6. Outside employment 7. Administrative and partnership hierarchy 8. Partnership and voting provisions 9. Termination policy and proceedings 10. Changes to the contract
What is a reasonable salary to expect? While there are potentially many factors to consider when thinking about job and your compensation, ultimately a reasonable salary will probably be one of the most significant factors. A “reasonable� salary is difficult to determine and there is no absolute answer to this, however, as part of your contract and negotiation you should have some sense of what you would consider a reasonable salary. The more informed your salary expectations the strong the negotiating position you will have. Med-Peds Job Search Guide
30
2010