Physician Employment Agreements - New Practitioners
Reviewing your employment agreement?
Five things to make sure that you consider.
In reading through the contract, read it in its entirety and, among other things, ask the following questions:
The lifecycle of the relationship - What are you required to do before you join and your employment commences? What are your obligations while you are employed and what aspects can change during the term of the contract? What can happen when the contract comes to an end by termination or expiration?
Incentives - Are you receiving incentives? What is the timing on cash receipt and income recognition? If the incentive is structured as a loan eligible for forgiveness, what are the terms?
Assigned Location - Where will you be providing services? Can this change during the term? Often the geographic scope of restrictive covenants are tied to your practice location(s).
Compensation - How will your compensation be calculated? Do you have a guaranteed comp during your ramp up period and, if so, what happens when your guaranteed comp period expires?
Restrictive Covenants - Are there restrictive covenants/non-competes/non-solicitations and when do they apply?
There are a number of other areas to focus on and each physician has aspects that are important to them as individuals (moonlighting, intellectual property, billing, supervision, tail coverage, termination provisions, etc). To discuss the terms specific to your situation and your potential employment, reach out to request a meeting to discuss