Contract Review – Can I Get That In Writing?

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In previous posts, I’ve highlighted the importance of understanding certain language in an employment contract that could come back to haunt you if not handled correctly. We discussed the forgiveness period as it pertains to loan repayment and the difference between “claims-made” versus “occurrence” malpractice insurance. But what other terms and conditions in your contract are either unclear or simply missing altogether? Remember, if a dispute arises, the written contract will trump an oral agreement.

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“Claims-made” vs. “Occurrence-based” Malpractice Insurance Coverage

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Our physician-clients approach us with many questions regarding malpractice insurance coverage. The most common ones are “what kind of malpractice insurance is the employer providing me?” and “who will pay for tail coverage if I leave the employer?”

Nowadays, most employers pay for malpractice insurance for their practicing physicians, especially for beginning and non-shareholder physicians.

The details of the policy should be laid out in the physician employment contract and policy documents. So, relatively speaking, this issue is rarely negotiated – most of the time it’s already in the contract!

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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 wrong, sometimes long after you’ve been hired. That’s what happened to a physician in the Chicago area, as described in this article. How do you overcome contract dangers like this?

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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 contract…the same one we give everyone else…it is compliant with current state laws…and it will not be modified.”

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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 unfortunate surprises once employment begins.
Other physicians recognize this problem, but either don’t know where to start or can’t find the time to adequately prepare. In all of these circumstances physicians would benefit from knowing the following 5 rules which are a part of the 15 Basic Principles for a First Interview found in the Physician Employment Interview Kit™.

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Physician Contract Review: Full Documentation

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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 three year agreement with the belief that he would make partner at the completion of three years. What he didn’t find out is that at the three year anniversary of his physician contract, it is at the discretion of the shareholders as to whether or not he is qualified and has earned partnership. If the owners decide that the time is not right, the physician may have to wait until the next annual shareholder meeting before he has another opportunity for partnership.

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Physician Contract Review: Financial Records

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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, early termination, or a bad partnership deal, just to name a few. The right time to review financial records is before, during and after employment.
As an employee you may find the employer unwilling to share certain information while as a partner, you must have access. Some of the key financial documents to review are the following:

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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 as restrictive covenants. For example, an employer may offer a position with “no restrictive covenants” but the physician contract has a termination fee that acts as an indirect “restrictive covenant buyout.”

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Physician Contract Review: Professional Counsel

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Make an investment in your career with professional counsel to avoid future pitfalls and negotiate better terms Before you sign on the dotted line, protect the foundation of your career with a physician contract review by a physician contract expert. Signing physician contracts for employment relationships, partnership agreements, business formation documents and lease contracts is … Read more

Physician Contracts: Evaluating Malpractice Insurance Benefits

Ask what type of malpractice insurance is provided before signing on with a new employer

Employers typically provide physician malpractice insurance and it should be evaluated before signing.

Most employers provide professional liability insurance, also known as physician malpractice insurance, as a part of the employment benefits package. Even if a physician is employed as an independent contractor, in most cases, the corporation or group covers the cost of this benefit. But what exactly are they likely to cover?

On the surface, physician malpractice insurance seems simple enough, but there are many factors that must be taken into account. A working knowledge of how this type of insurance works is required to accurately assess the coverage being offered.

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