Employment Contract Review
Protect Yourself Before You Sign
Physicians Thrive Contract Review Services
Your contract is a legal document, but it also is the foundation of your finances. That is why the Contract Review Team includes not just a Physician Contract Attorney, but also a Physician Compensation and Benefits Advisor.
Our contract review services are designed with the physician in mind, offering flexible meeting schedules, thorough review and education of contractual pitfalls, MGMA and proprietary database of compensation and benefits benchmarking as well as the expertise of our contract review team.
Regardless of service level chosen, each physician receives a complete legal review of their contract by physician-specific attorneys and a thorough review of the terms of their compensation and benefits offering by the employer.
Physicians Thrive contract review and negotiation services leverage a panel of independent physician-specific attorneys specializing in employment and partnership contracts with public institutions and private practices nationwide. Each physician has full access to the attorney, who provides suggestions and revisions along with educating you on the terms and conditions of your employment. We partner with physician-focused attorneys that not only understand physician employment contracts, but also have strong knowledge of state-specific laws.
Compensation & Benefits Review
Along with the legal review, the physician will be paired with one of our compensation advisors armed with a robust database of compensation and benefits data for all specialties in all 50 states. Our advisory team is comprised of both financial professionals and physicians with expertise in the contract review and negotiation process.
Why have your contract reviewed?
One of the most damaging financial threats to your career as a physician is the possibility of inadequate compensation through complex payment formulas or a contract containing legal pitfalls that undermine future income. Low compensation and contract loopholes are two of the main reasons almost 50% of physicians leave their employers, according to the 2013 Physician Retention Survey by Cejka Search and AMGA.
What does the process look like?
If you are interested in engaging our team, you will receive an electronic link where you pay and upload the employment documents and other information related to the opportunity(ies). Once this is done, you are provided a link where you schedule calls with the financial advisor (first) and the lawyer (second). These calls often can be done as soon as 24 hours later.
During your call with the financial advisor, s/he will provide a detailed, written comparison of your offer to industry standards as well as the MGMA database and our own database, and then use that to discuss what changes could be requested. During your call with the attorney, s/he will incorporate the issues discussed with the financial advisor, discuss issues posed by the legal documents, and then coach you in negotiation strategy.
After these calls, if you would like to continue communications with the employer, we will wait in the wings, ready to answer any questions, step in if needed, and prepared to review and discuss the employer’s response. If you would like the attorney to negotiate for you, s/he is willing to do so for no additional charge. Of course, there may be additional phone calls and/or email correspondence during the negotiation process and as things are finalized. The average client will have thorough phone calls with the advisor and attorney at the initial review stage, and then a briefer phone call or email correspondence after negotiation, in order to review the employer’s response, to help decide whether to sign the new (normally final) contract version.
How long does the process typically take?
We offer different turnaround times for each of our different packages and expedited options for physicians in a time crunch. Typically, we complete the full process within 3-5 business days.