The doctors fresh out of immunity are usually in a hurry to sign a physician employment contract and jump into a practicing career. But as experienced professionals know, what initially may seem like a lucrative career move may turn out to be a rotten egg in the end. So before placing your career in any particular "egg-basket", check out the "hatching plan" ie your physician employment contract. Although the doctors master the anatomy of the human body well, the legalese included in the doctor recruitment agreement may not exactly be their cup of tea. So it is wise to hire competent professional help. But an outline of the common problems faced by newbie doctors starting out on practices may be helpful.
Almost everyone solely concentrates on the remembrance package to the exclusion of other considerations. But that might turn out to be a costly mistake to make. A compensation package rich in various kinds of benefits is far more useful in the long run. So make a wise decision and check out the following parts of the physician employment deal.
Ranges of work and employment position are important things to consider while you decide a contract. Try and understand the differences between an employee, an independent service provider and a partner. It is important that the essential anticipations of a physician's duties are explicitly spelled out despite patient numbers and hence work volume may change.
- Emoluments may be calculated according to various rules by the employers:
- The variable percentage of collection or billings.
- A constant monthly or annual wage system.
- A blend of the two systems.
Explicit particulars of the variable system must be clearly put out in the contract including future increments and the formula to calculate your earnings from the billed amount. In fact all details regarding the compensation structure should be stated in the contract including obligatory reimbursements and benefits and vacation programs.
Termination policies are to be carefully read and understood. Two fundamental types of termination stipulations are seen:
The "without cause" policy allows the employer to terminate the service of an employee without showing any reason for doing so, after serving a notice period that allows the employee to look for alternative opportunity. A fair employer gives the same rights to the employee. It is necessary to make sure that the notice period is sufficient enough for proper job search. In case it is initiated by the employee it should not clash with the "non-compete" clause.
The "with cause" article allows termination for negligence of duty and accessibility to provide adequate medical care to patients.
Restrictive service clauses are illegal in some states while in others it has to be "reasonable" to be applicable so legal expertise is required in evaluating such clauses in the agreement. Although these may seem unfair to the doctors since these keep coming up, it is wise not to overlook their implications.