New Employer Insurance Plans

Be prepared for the transition to a new employer by obtaining private disability insurance before the employer paid plan restricts what you can get. Many employers have a standard benefits package that includes multiple insurance plans. Physicians who join new employers often don’t realize that the employer paid disability insurance plan can restrict what the ... Read More
 

Taxes, Job Search and Malpractice Insurance Premiums

New Tax Legislation: How does it affect physicians? The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2012. It includes new tax rates, restrictions on itemized deductions and exemptions, and extensions of certain deductions and credits. This act affects physicians the same way it affects others who make salaries approaching ... Read More
 

Physician Contracts, Disability Insurance and Investments

Contracts: Horrible Unexpected Results Of Casual Contracts It’s tempting to trust your new employer and assume he or she has your best interests at heart. Employers are, after all, showing faith in you when they offer you a contract. However, it’s not uncommon for unexamined contracts to contain unintended pitfalls that make things go horribly ... Read More
 

Physician Contract Negotiation: False Assumption

Don’t assume you cannot negotiate physician contracts Most physicians who are finishing their training assume they will have little to no chance at negotiating with a potential employer. Seasoned physicians know from experience this is not true, even for first timers. Don’t get fooled by the employer’s first line of defense…”this is a standard physician ... Read More
 

Physician Interviews: Employment Surprises

Don’t let inadequate interviewing cause employment surprises When asked, most physicians say they feel equipped for the medical aspect of their career, but not prepared to interview and negotiate successfully. Many choose to ignore this and enter their interviews unprepared. Often times this leads to anxiety and a lack of information which can result in ... Read More
 

Physician Contract Review: Full Documentation

Don’t sign a physician contract without full documentation of the offer Being offered a physician contract is one piece of the puzzle when joining a new practice. Signing without all of the components of an offer can lead to financially painful surprises down the road. For example, a physician joins a practice and signs a ... Read More
 

Physician Contract Review: Financial Records

Don’t sign physician contracts without access to financial records In order to determine the financial strength of the practice you may join, it is important to review certain financial records beforehand. If you don’t, you could be subject to poor business management causing you to be forced to take pay cuts, an excessive work load, ... Read More
 

Physician Contract Review: Non-compete Clauses

Watch out for disguised or indirect non-compete clauses in physician contracts One of the biggest issues new hires of medical groups deal with is misunderstanding the enforceability of restrictive covenants and non-compete clauses. Add to this the trickiness of employers telling them “we do not have restrictive covenants” when other provisions exist that essentially act ... Read More
 

Physician Contract Negotiation: Restrictive Covenants

Watch out for termination provisions that can cause significant consequences Negotiate restrictive covenants by offering palatable alternatives Most physician contracts for employment relsationships or partnership agreements use language that is designed to protect the employer’s interests. A common provision used for this purpose is a restrictive covenant. These covenants provide much needed protection for the ... Read More
 

Physician Contract Negotiation: DOs and DONTs

DOs Have clear objectives during physician contract negotiation. If you do not have clear objectives when discussing your agreement with your employer, you could be signing an agreement that will cause uncertainty and unhappiness in the future. You should understand your own objectives and express them to your potential employer during negotiation to achieve an ... Read More
 
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