Evaluating & Negotiating Offers
There are a lot of things to consider when you're evaluating or negotiating an offer. This free guidebook can help get you up to speed.
Employment Agreement Terms
Here are some key contract terms to keep in mind (explanations for each and checklists can be found in the free guidebook):
Board Certification Timeline
Bonus Structure / Performance Compensation
Signing Bonus / Relocation Expenses
Student Loan & Housing Assistance
Responsibility for Tail
Disability and Life Insurance
Maternity / Paternity Policy
Vacation and Sick Days Policy
Dues, Subscriptions, Licensing
Board Certification and Associated Expenses
Length of Initial Term
Termination For and Without Cause
Dispute Resolution (e.g., arbitration)
Restrictions on Outside Activities
Restrictions on Where You Can Live
Required Notice Periods
Other Important Considerations
Of course, there are other factors to consider, too. The contract defines the bounds of the employment relationship, but oftentimes, other factors, including so-called "soft" factors or intangibles, really determine whether a practice will be rewarding and a good fit. Here are some other important considerations to keep in mind (explanations for each and checklists can be found in the free guidebook):
Business and Finances
Business and Market Outlook
Cordial interactions among physicians?Physicians socialize outside of work?
Physicians currently employed by group are positive about group?
New physicians' ability to meet workload expectations?
Low physician turnover?
Physicians formerly employed by group are positive about group?
Physician Growth and Development
Dedication to helping new physicians grow and succeed?
Good mentoring and development of referral relationships?
Advertises new physicians?
How are cases assigned?
How are employee (staff) physicians treated compared to owner (partner) physicians?When did the practice make its last partner?How long did that person work in the practice before making partner?
How many physicians have been hired in the last 5-10 years, and where are they now?
The terms of your employment contract are as important as your compensation. I'm here to help.