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Contract Review & Negotiation Services For Physicians
Physicians Thrive’s contract review and negotiation services are designed to ensure physicians receive fair and competitive employment agreements.
We meticulously analyze every clause in your contract, from compensation and benefits to restrictive covenants, to ensure it aligns with your career goals and safeguards your future.
Our team of legal experts specializes in physician contracts across all states, offering tailored advice and negotiation strategies that empower you to secure favorable terms.
With a track record of serving over 20,000 contracts across all 50 states, we help you navigate complex legal language with clarity, giving you the confidence to sign with assurance and focus on your professional success.
7,000+ satisfied physicians
– Jigar Panchal
I worked with Dave Swan recently for disability insurance. Dave and his team were very professional and courteous. He was always available for questions and was overall a pleasure to work with.
– Saurabh Singhal
I couldn’t recommend Dave & Steve Stratman for contract review services more. I also further have a meeting set with Dave to discuss disability insurance and continue our discussion about financial education and planning in the upcoming weeks.
– Nick Peacock
Great company to work with, helped me set up own occupation disability insurance and were very helpful and great at explaining things along the way.
– Ealena Callender
I have been very pleased with Physician’s Thrive. Their representatives are always responsive and helpful. Michaela is pleasant and eager to help. It is great to have one reliable place to go for a wide range of services. I highly recommend them to anyone who asks.
– Doug Zaruta
Top notch all-inclusive financial planning, contract review, accounting, tax planning, and more. Dave Swan is a true professional with strong values and integrity. He and the entire team at Physician’s Thrive are trustworthy, reliable, and accessible.
– Jake Luther
Michaela provided excellent advice regarding student loan repayment, investments, and home buying when I was entering residency. I highly recommend her and this company for any physicians that are in search of financial advising.
– Colton Roessner
Michaela gave a great presentation on medical student financial literacy and making the transition from student to resident to attending physician. I would highly recommend her for anyone with financial questions about medical student loans and financial planning!
How It Works
The contract review process begins with securely uploading your employment agreement through our portal.
Once received, our legal experts conduct a thorough analysis, evaluating every aspect of your contract, including compensation, benefits, restrictive covenants, and legal clauses, to ensure it meets your career objectives and industry standards.
Following the review, you’ll have a one-on-one consultation with our team to discuss findings and receive tailored recommendations.
With this information, you can confidently advocate for improved terms or allow our experts to handle negotiations on your behalf.
Our goal is to ensure your agreement supports your long-term success while addressing any potential risks.
Specialized for Physicians
We work exclusively with doctors and their families, ensuring expert guidance and the best contract outcomes.
Committed to Success
From first jobs to seasoned careers, we help physicians secure the best compensation and protect their futures.
No Hidden Fees
Our pricing is clear and straightforward. Upgrade packages only require paying the difference—no surprises.
110,500 Physicians and $3.6 Billion
…and Counting
We’ve Reviewed & Negotiated Billions of Dollars of Physician Compensation
Our legal team has reviewed over 20,000 contracts across all 50 states, so we’re no stranger to the ins and outs of contract negotiations.
In fact, 99% of physicians who work with us feel confident enough to sign their contracts once we’ve finished our full financial and legal review of their contract.
Why Get A Contract Review?
One financial threat to your career is the possibility of inadequate compensation through complex payment formulas or a contract containing legal pitfalls that undermine your future income. Low compensation and contract loopholes are two of the main reasons almost 50% of physicians leave their employers. Don’t risk signing a bad agreement by working with an attorney and financial professional.
Single Contract
All 50 states & specialties
$999
Flat Rate (ask for discounts)
1 Contract (Offer Letter included) plus all exhibits and full benefits guide
Full attorney review and recommendations
Includes call with attorney, notes, access via phone or email through signing of contract.
Unlimited Consultations with Financial Advisor
Includes call with Advisor, notes, access via phone or email through signing of contract.
Comprehensive Benefits review by Financial Advisor
Access to 12+ compensation databases including MGMA Custom Report
Compensation Audits for Your Entire Career
Access and Introduction to a Physician Real Estate professional to help buy and sell personal residences or investments
Access and Introduction to a Physician Relocation specialist to assist with the relocation process, including virtual quotes and access to a trusted moving company whether you’re renting or buying
Physicians Thrive’s Financial Planning clients receive a deep discount
Guaranteed 2-3 Day Turnaround Time (weekends excluded)
Same day turnaround available if materials submitted by 10:00am CT – additional $250 cost
*$400 for each additional contract review – must be purchased within 12 months of $999 package purchase
Need help negotiating? Add a Negotiation Specialist (scroll down for details)
Partnerships / Drafting
All 50 states & specialties
$3799
Flat Rate
Full attorney review and recommendations of Operating/Partnership Agreement and/or Employment Agreement
Call with attorney, notes, access via phone or email through execution of relevant partnership agreements
Unlimited Consultations with certified, licensed Financial Advisor
Practice valuation assessment and review of all partnership financial statements
Full benefits review and recommendations
Access to 12+ compensation databases including MGMA Custom Report
Compensation Audits for Your Entire Career
Access and Introduction to a Physician Real Estate professional to help buy and sell personal residences or investments
Access and Introduction to a Physician Relocation specialist to assist with the relocation process, including virtual quotes and access to a trusted moving company whether you’re renting or buying
Access and Introduction to Job Search and Placement services (if opportunity is declined)
Contract Drafting includes1 contract (Offer letter included)
Call with attorney and continuous access via phone and email through full drafting of agreement.
Access and Introduction to Physician Relocation specialist to help buy and sell personal residences or investements
Termination / Resignation
All 50 states & specialties
$650
Flat Fee
1 Contract
Full attorney review and recommendations of entire contract
Terms and termination clause navigation
Non-compete and restrictive covenant risk assessment
Notice requirements and proper notice strategy
Call with attorney, notes, access via phone or email through termination of contract
Malpractice insurance review and risk mitigation
Introduction to malpractice insurance broker in the event it’s necessary or if requested
Transition strategy plus sample termination notices provided
Access and Introduction to a Physician Real Estate professional to help buy and sell personal residences or investments
Access and Introduction to a Physician Relocation specialist to assist with the relocation process, including virtual quotes and access to a trusted moving company whether you’re renting or buying
Access and Introduction to Job Search and Placement services
Guaranteed 2-3 Day *Turnaround Time (weekends excluded)
Same day turnaround available if materials submitted by 10:00am CT – additional $250 cost
Negotiation Specialist
All 50 states & specialties
Can be added to any Contract Review package
Ask about pricing
Includes everthing in your original Contract Review package, plus:
In-house negotiation specialist handling the negotiation aspects with your employer
Extensive experience negotiating contract deals worth billions of dollars across Fortune 100 companies
Unique understanding of all sides of negotiation as he has represented executives, physicians and employers in employment negotiations
Trained through many of the top negotiation training programs in the world
Regularly negotiates for individual clients who enter into partnership arrangements or form their own businesses
Large practice experience and work ethic with small practice client attention
Multiple areas of focused negotiation including signing bonus, base salary, wRVU rate, loan repayment allowance, stipends, supervisory pay, call coverage, etc
Get a quality contract review, guaranteed.
Physicians Thrive is proud to be the only provider with multiple guarantees, including: turn around and price matching. Ask your advisor or click here for more details.
Check out our guarantee included with every Physicians Thrive contract review.
Turnaround Time
We guarantee your advisor and attorney will have availability to meet with you within 2-3 business days of us receiving your payment and employment agreement.
After meeting with the advisor and attorney, you will be prepared to negotiate with your prospective employer or have our negotiation specialist ready to negotiate on your behalf.
A 50% refund or credit will be granted if the guarantees above is not met.*
Price Match
We guarantee to offer the most complete and comprehensive contract review services available and for the best price. In the case you find an equivalent service for a lower cost, we are willing to match the fee.
You must provide proof of a competitor’s contract review package and pricing through a link to their website.
Additional Savings
In addition to our guarantees, the following areas are likely to improve the offer more than two times over the price of the service.
Based on our experiences these areas are the most commonly changed when using our contract review services:
- Salary
- Signing bonus
- Relocation reimbursement
- Medical directorship compensation
- Call pay
- Annualized increase in compensation
- Extra time off for CME and vacation
- Tail insurance coverage
- Forgiveness periods for bonus(es)
- Loan interest rates for guaranteed salaries or other items
- Allowances for CME, dues, licenses and subscriptions
- Allowances for professional fees like financial planning or tax services
- Other income opportunities
*To receive a refund, the client must provide requested feedback to the advisor and attorney. The client must also provide a signed copy of the finalized contract to the advisor.
If the client is unable to meet within 2-3 business days during the operating hours of Physicians Thrive, this does not warrant a refund. Physicians Thrive guarantee only applies to contract review services.
Fill Out the Form to Get Started
Employment contracts are the foundation of your finances and your ability to make future career choices. At Physicians Thrive, we’re here to help you understand and negotiate your contract before you sign.
Frequently Asked Questions
Can I really negotiate my contract?
Yes, you can negotiate your contract. Most employers are open to discussing questions and requests for changes, especially early in the process.
The key is to involve an attorney as soon as possible and delay negotiating until they can guide you. While employers may not accommodate every request, the biggest risk is simply hearing “no,” so you shouldn’t hesitate to ask for modifications.
In rare cases—less than 1% of over 5,000 negotiations we’ve handled—employers may react unfavorably.
This often signals a poor fit, as such employers tend to have unbending policies, poor communication, and less favorable working conditions.
Will negotiating my contract hurt my job offer?
No. Our experts maintain a professional and collaborative approach that ensures a positive relationship with employers. We’ve never had a physician lose an offer due to negotiation.
Why have my 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?
Our process begins with an electronic link where you can pay and upload your employment documents and related information.
Next, you’ll receive a scheduling link for calls with our financial advisor and attorney, which can often be arranged within 24 hours.
The financial advisor will provide a written comparison of your offer using industry standards, MGMA data, and our proprietary database, outlining suggested changes.
The attorney will then review legal issues, integrate the advisor’s insights, and coach you on negotiation strategies.
If you prefer, our negotiation specialist can handle negotiations for you. Throughout the process, we remain available for additional calls, email correspondence, and final contract review, ensuring thorough support at every stage.
How long does the process take?
We guarantee that we can review the contract within 2-3 business days, and we have an expedited option for physicians in a time crunch.
When you negotiate, how successful are you in convincing the employer to modify the contract?
It is impossible to predict how an employer will respond to our negotiation thoughts. We have seen annual six-digit compensation increases, total inflexibility, and everything in-between.
What we can say, is that generally speaking, the vast majority of employers are at least willing to listen to negotiation thoughts, and won’t respond unprofessionally (by, say, revoking the offer!).
In light of that experience, we encourage our clients not to hesitate to make reasonable requests.
Who are the attorneys that will work with me?
Our attorneys are highly experienced, with over a decade of expertise negotiating physician contracts.
Many have Ivy League backgrounds and personal ties to medicine, often having doctors in their immediate families, which deepens their understanding of your needs.
Collectively, they have reviewed hundreds—if not thousands—of physician employment agreements and are well-versed in cultural nuances relevant to foreign-born and immigrant clients, including Indian and Canadian professionals.
Our clients’ loyalty speaks to the quality of their work. If desired, we can provide detailed credentials.
We also recommend evaluating other providers’ attorney qualifications, including education, healthcare expertise, and years of experience.
How much experience does your team have?
Our company started working with physicians more than fifteen years ago. During the time since, our team that has reviewed over 20,000 employment opportunities, that are worth over $3.6 billion in the aggregate, in every state and in every specialty.
How do you differ from other firms providing contract review services for physicians?
We stand out from other contract review services by offering a comprehensive approach that involves a financial advisor, an attorney, and an optional negotiator.
This team collaborates to evaluate your compensation, review your contract, and handle direct negotiations if needed—ensuring every aspect is thoroughly addressed.
Unlike many firms, we use not only widely available databases like MGMA but also our proprietary database of thousands of physicians, providing unique leverage during negotiations.
Additionally, we provide unlimited access to our professionals throughout the review, consultation, and negotiation process, as well as ongoing support during the contract term for maintenance issues.
How is contract negotiation different from contract review?
Contract review identifies problematic terms, while contract negotiation involves actively advocating for better compensation, benefits, and protections. We don’t just highlight issues; we help fix them.
Are you a law firm?
We are not a law firm. We come from a family of physicians and award-winning wealth advisors that carefully review and select the attorneys that we partner with.
We believe in assembling the best team of professionals and maintain extremely close relationships with our attorney partners as we take our clients through the contract review and negotiation process.
Contract Negotiation Explained
Physicians are adept at understanding complicated concepts. But when it comes to negotiating or analyzing employment contracts, you might be way out of your comfort zone.
It wouldn’t be in your best interest to simply accept your first employment offer. Without having experts on your side to guide you through the process, you could find yourself in a position that doesn’t fulfill you.
Before you sign an employment agreement, you should understand:
- The negotiation process
- Compensation
- Benefits
- The elements of each clause
- Steps that you can take to improve the terms of your contract
This guide is meant to help you understand the process in its entirety and breakdown each step.
What Does a Physician Contract Include?
Advanced doctors have seen dozens of legal documents throughout their careers. But, new physicians don’t always know what they’re looking at when they see their first employment agreement.
If you’ve just entered the field, here are a few things that you can expect to see in your contract:
Responsibilities and Obligations of a Physician
Every contract details your obligations to the job.
This section of the document describes your job expectations in detail. It outlines everything from what type of medicine you practice to your work schedule for a period of time. Your days, hours, and weekend schedule are all included in the contract.
Keep in mind:
Your obligations may extend beyond seeing patients, HIPAA privacy laws, and practicing your specialty. Some physicians are responsible for other duties as well.
For example, you might have to take care of administrative work or be available for calls during off-hours.
The location of the job is also detailed. This is especially important if you seek employment with a large hospital or medical group with multiple locations.
Compensation
There are two primary types of physician compensation: fixed and variable.
Most new physicians can expect their contracts to include a fixed compensation rate. Variable compensation is usually reserved for physicians with years of expertise.
If your compensation rate is tied to specific expectations, the document should describe that as well.
For example, you might be contractually obligated to see a certain amount of patients per month or bill patients a set amount of dollars per visit. Some compensation packages are tied directly to these types of requirements while others are not.
Benefits
Don’t overlook the benefits section. This details your health, dental, and vision benefits. It also outlines paid vacations, personal days, and maternity leave as well as financial benefits like 401k plans and life insurance.
Some packages include other benefits such as malpractice tail coverage or disability insurance. In some instances, your potential employer may even agree to pay for licensing fees or to help with student loan repayments!
Malpractice Insurance Provisions
Most employers cover malpractice insurance benefits. But, some do not.
A lawyer will make sure your physician contract includes a provision about this crucial insurance coverage, as well as how claims are paid.
For instance, there could come a time when someone sues you after you’ve already left the job. You need to make sure that your employer takes responsibility for the claim with tail coverage when you move on to a new job.
Termination Provisions
There are two main types of termination provisions: “for cause” and “without cause.” It’s critical that you understand the difference between the two.
If your termination provision is without cause, you can be fired without reason. Clearly, that doesn’t provide much job security.
If it’s a for cause termination provision, the employer needs a legitimate and specific reason to fire you.
Most for cause provisions state that the employer can only fire you if you lose your practitioner’s license or board certification. They might also indicate that you’re subject to termination if you can’t obtain certain types of insurance.
Notice Period
Almost every contract states the amount of notice you must give before leaving the job.
Some employers require one month. Others need two. Depending on the size of the practice, you may be obligated to give them one year to find a new doctor.
Your contract will stipulate the specific notice period. It also outlines the legal action you’ll face if you leave without honoring this disclaimer.
Employers Expect You to Negotiate
This is an important fact to know. Hiring in many other professions doesn’t involve negotiation during the hiring process. But any reliable medical employer will expect you to negotiate.
Embrace the negotiation process. This is the opportunity to lobby for the best terms for your professional future.
Don’t feel rushed to get through the negotiation. It is understandable to want to expedite the process. You may feel eager to start because you worry that another physician could take your place. Be patient.
Even though you may be anxious to pay off hefty student loans, there is a lot at stake during this negotiation process. Take the time to ensure that you understand everything included in your employment agreement before you accept.
Once you have made your terms known, don’t expect all of them to be accepted. The entire purpose of a negotiation is for both sides to give and take until they met a mutual agreement.
You will have some terms that are non-negotiable, but others should have some wiggle room.
Many physicians fear being a tough negotiator because they fear the employer will take the offer off the table. However, offers rescinded are very rare and unprofessional.
Physicians should seek a good fit for both their professional and private life. Employers should want that, as well. If they rescind the offer, this is a red flag.
Such an employer more than likely offers undesirable working conditions. If they are unwilling to negotiate a physician employment agreement, it’s best to look for alternative placement.
The Steps of Negotiating Your Physician Employment Contract
Every contract negotiation goes through the same basic formula. The goal is to reach ideal terms, or at least a feasible compromise, for both the prospective employer and the physician applying for the position.
Step 1: Employer Sends Proposed Contract
Too often, physicians will sign a contract on the first send over. They lose out on the prospect of more advantageous terms.
Once a physician receives the proposed contract, they should not sign it until they have looked it over thoroughly and agree to all the terms.
However, because employers expect a negotiation, feel confident in negotiating for better terms.
Don’t be afraid to ask questions if there are any parts that aren’t clearly described or if the language is vague.
Step 2: You Send a Counter-proposal with Contract Modifications
Now is the time to respond with a counter-proposal to the initial contract. This will include terms based on your needs, desires, and background.
Consider your bargaining chips. What leverage do you have? Does your CV have an outstanding element to it that you can use to upgrade and modify the terms of the contract?
Your counter-proposal should be reasonable, but it should also show confidence in your worth.
This is one of the areas that often gets mishandled by physicians because they neglect a key personal aspect of the contract negotiation process.
Before presenting the counter-proposal it’s important to have a conversation in person (ideal) or over the phone. Using technology for video conferencing is a great tool to overcome the obstacle of not being in the same location.
You can increase your chances dramatically by presenting the changes you are seeking in a conversation rather than doing it through an impersonal medium such as email.
Step 3: A New Contract Based on Your Terms is Sent Back
When the potential employer receives your counter-proposal, they will amend the initial contract based on your proposed modifications.
This new contract may include acceptance or rejection of your terms.
Usually, they will accept a portion of your terms and reject the rest. Again, this is a negotiation and expected.
Step 4: You Can Either Accept or Negotiate Further
You still have the option to negotiate your contract further after they have sent it back to you in reply to your first counter-proposal.
At this point, it is wise to tread carefully with your potential employer. You don’t want to come off as too aggressive. If they have already consented to several of your terms, perhaps you shouldn’t push for more.
A professional attorney or contract specialist will read the employer to see whether pushing further is an advisable path.
Who Should Be Involved?
Other than you and your potential employer, there are two key individuals that you should include in your contract negotiation process:
- Employment lawyer with extensive experience with physician contracts
- Financial advisor and physician compensation expert
Each party will give you valuable insight and advice. A company that specializes in contract review will use both to pursue your best interests.
Lawyer
When reading through your contract, you’ll probably notice that much of the wording is difficult to understand. As a physician, you’re used to complex terminology and concepts, but this contract may be a bit intimidating.
A contract negotiation lawyer can help you to understand the wording and catch critical language that you might otherwise miss.
Financial Advisor
Since this negotiation will determine your financial future, it is also wise to enlist the help of a financial advisor. They can help you decide the implications of the contract when it comes to your financial health.
Choose lawyers and financial advisors that specialize in complicated physician contract negotiations.
Having a professional team on your side to wade through some of the murky wording in the contract will ensure that you don’t sign an unfai
What to Negotiate?
Nothing is off the table in a physician’s employment contract. Everything is negotiable.
The only set rule to follow is to negotiate terms then compensation. Once you know what you will be responsible for and what benefits you’ll receive, you will be in a better position to negotiate your market value.
If you bring up the subject of money too soon, it will discredit your professionalism and may rub the employer the wrong way.
Compensation
There are several elements that affect your overall compensation that should have coverage in your contract negotiation.
Depending on your future plans and your financial needs, you can use the following compensation opportunities to your advantage.
Base Salary
Your base salary can swing to both sides rapidly, depending on a lot of factors. For one, the terms of your contract outside of compensation affect your base salary.
If your job description includes a lot of administrative tasks (phone calls, extra oversight and documentation for medical records beyond the normal scope, and reviewing lab tests), your base salary should be higher as you have less opportunity for incentive-based bonuses.
Know your worth when you are negotiating a base salary. Research competitive salaries of physicians in the area that have a similar background.
Incentive-Based
An incentive-based payment model accounts for the productivity of the physician. A physician who is performing well can earn extra incentives from the organization. These bonuses can be based on one or more metrics.
It could also allocate the overhead costs of the organization to the physicians. If the cost of supplies goes above a certain amount, the physician’s pay will get deducted. This is to motivate physicians to be more conscious of using supplies wisely.
An incentive-based payment model could potentially earn you more money if you perform well and meet the standards of the metrics.
If financial performance is a part of their measured metrics, you will want to consider what percentage of the employer’s patients pay through varying insurance groups and how quickly payments are collected.
You will also want to ensure new physicians aren’t handed the uninsured or Medicaid patients. This can result in a lower productivity rate for you and less incentive.
Many programs include metrics of performance based on compliance with protocol, attendance, patient experience, etc.
How are the metrics rated?
They should clearly outline the answer to this question in the contract before you accept this physician compensation model.
Student Loan Repayment
Many employers understand that medical school student loans are a heavy financial burden for physicians.
Your new employer may be willing to pay a lump sum or annual installments to help you pay down your loan as part of the compensation package they offer.
On-Call Pay
Physicians can often boost their income by being on-call. The rates of on-call payment vary greatly depending on the location of the hospital or private practice and on the specialization of the physician.
There are diverse methods of payment for on-call pay. They may offer you a daily stipend, an annual stipend, per shift stipend, or simply an hourly rate.
The rate and/or stipend for on-call payment can be negotiated in your physician contract.
Benefits
When your contract includes some great benefits, you have gained much more than a simple paycheck. Benefits can include paid leave (for illness, vacation, or CME), health insurance, and malpractice insurance coverage (as well as tail coverage).
Additional Income
As a physician, opportunities may arise for you to make some extra income on the side. Don’t sign away your rights to earned income from outside sources like published articles, patents, and lectures.
Your contract should plainly state your right to additional earned income.
Areas of Special Attention
There is so much more to a contract than numbers.
Many physicians would agree that several of the topics below are equal in importance to your compensation.
In fact, much of your market value and preferred compensation method will depend on the negotiation of these terms.
Conditions of Employment
When negotiating your physician contract, you should visualize your expectations of a normal work week with this employer. Discuss topics such as the hours of patient appointments, what your hospital rounds will be, and if you will be on call for the ER.
You should also discuss your expected office duties and how many nurses and support staff will be available to aid your patients.
Termination and Coterminous Clauses
A termination clause will deal with how termination should be determined or handled. A termination clause in your favor will have a healthy severance package and a longer notice requirement.
Moreover, a termination clause is specifically related to instances when a physician is fired.
A coterminous clause will deal with what rights or privileges will remain with you after the contract is null.
Will you be able to continue practicing in that health system once your contract has been terminated or expires? Is there a geographical restrictive clause attached to this coterminous clause?
A coterminous clause could go into effect whether a physician is fired or quits.
This is often an area that isn’t addressed or uses vague wording in the description.
Have a contract negotiation specialist review this area of the contract to ensure that the terms are not all to the employer’s benefit.
Restrictive Covenants and Non-Competition Clauses
Something can use these two terms interchangeably to define the clause in a contract that states that the applying physician agrees not to open up their own medical practice in competition to the said employer.
When negotiating this, as a new physician, you may not consider this important. But some of these clauses can be excessive.
Review the length of the clause. If your contract includes a non-compete clause for 5 years, that could greatly diminish your opportunities as a doctor in the future.
Other aspects of a non-compete clause to look into is the geographical distance included (usually defined by a certain mile radius) and the exception of the terms.
Code of Conduct and Conflict-of-Interest Policies
These policies cover ethical and professional conduct that the employer deems a necessity to follow and how a breach of this code of conduct is handled.
They will also cover what they would consider as a conflict of interest and what would happen if a conflict of interest arises.
Having these policies in place can protect both your assets and professional future, as well as the employer’s.
Make sure you read over and understand these policies before signing a contract.
Locum Tenens
Locum tenens gives a physician the ability to experience what it might be like to practice in that area right out of residency. Even older doctors get to experience a variety of work in different areas before settling on the one they desire.
Locum tenens is also a great opportunity for moonlighting and making a second income. Could your contract include some terms that allow you to pursue this avenue of work?
Reasons to Hire a Physician Contract Lawyer
The details seem easy enough to read through, right?
Wrong.
Physician employment contracts aren’t as easy to understand as our summaries above. They’re often coded in complex legal jargon. Anyone who hasn’t spent time in law school will have difficulty sifting through the contract language.
Hiring a physician contract lawyer is a way to ensure that you understand every term in the agreement. It’s also a way to make sure you get a fair deal
If you’ve never reviewed one of these documents, we recommend that you find a law firm to look through it before you sign off.
Here are the five main reasons why you should hire a physician contract attorney to do a physician contract review:
1. A Physician Contract Lawyer Knows What Contracts Should Include
The healthcare industry is highly regulated. That means that physician contracts include things that other employment agreements don’t. A lawyer will tell you what should or shouldn’t be in your physician contract.
If it’s missing something important, a lawyer can spot it right away. And if there are any unnecessary clauses or provisions that impose unwanted limitations, they’ll find those as well.
They’ll also explain which contract terms are negotiable and which are non-negotiable. Ultimately, this helps you to get the best possible deal out of signing.
2. An Attorney May Negotiate For You
Experienced contract attorneys have seen a lot of data. They’ll provide complete legal advice so you know your contractor agreements and compensation are fair.
Don’t make the mistake of selling yourself short. Don’t agree to a salary that’s lower than you deserve. Hire someone who understands where your salary should be at this point in your career.
A contract specialist may even have reviewed contracts from your new employer in the past. They may have even more insight than you know. If they’ve seen agreements from this employer before, they’ll know whether you’re getting a fair deal.
3. A Physician Contract Lawyer Can Protect You Against Inflation
Large hospital groups have standardized salaries. So, negotiation might be impossible if that’s where you’re seeking employment.
However, you can ask your lawyer to add an inflation rider to the contract. Essentially, this clause ensures that your compensation rises as United States inflation occurs.
If you plan on working as a physician until retirement (which you probably do), this is an important clause. The cost of housing, gas, and food is going to rise throughout your career. An inflation cause helps you to maintain the same standard of living even as life gets more expensive.
4. Your Physician Contract Lawyer Will Review Non-Compete Clauses.
Employers draft contracts with their best interest in mind – not yours. If yours includes unreasonable restrictions, your career could suffer.
If they include a non-compete clause, for example, you could face legal issues and have trouble getting a job if you ever leave the practice.
Some non-competes stipulate that you can’t work for a certain period after the contract ends. Others specify that you can’t seek employment within a certain radius of their facility. A good lawyer ensures that any non-competition clauses offer you a fair opportunity to work elsewhere when you leave the job.
To keep your career on track when you leave this employer, you’ll need to have as few limitations as possible. Make sure the contract doesn’t prohibit you from starting your own private medical practice or joining another group in the future.
A contract specialist will know what the standard practices are in your state and what your employer can get away with.
5. An Attorney Will Make Sure It’s All in Writing
A comprehensive contract is one that documents every aspect of the job in writing. Don’t rely on verbal promises made to you during the interview process or letter of intent. If you know people that already work there, do not assume that you’ll see the same benefits they do.
From schedule to salary, the document should outline every aspect of the job. A lawyer that specializes in physicians will ensure that everything that needs to be in the contract is there.
If there are important items that you discussed with your prospective employer during interviews but don’t see in your agreement document, let the lawyer know. They have no way of knowing what you discussed in an interview unless you bring it to their attention.
How to Choose a Physician Contract Lawyer
When it comes time to review your contract, don’t hire just any attorney. You need a reputable physician contract lawyer.
Just like doctors specialize in certain types of medicine, attorneys specialize in specific types of law. Don’t hire a lawyer unless they have specific experience in reviewing physician employment contracts.
It’s also critical to find an experienced attorney who is available immediately. Most contracts include a two-week signing deadline. If they can’t review it within the week, look for someone else.
Start lawyer shopping before you even enter the negotiation phase. That way, they’ll review the terms and start negotiating as soon as you receive a job offer with a healthcare provider.
Keep in mind that some legal professionals charge by the hour and others charge a flat fee.
Their billing method isn’t an indication of their level of expertise. But, it could make a big difference in the overall cost. Find someone who will do the work at a price you can afford.
Ask friends or colleagues in your industry for referrals. You’ll also find reviews online. The sooner you start looking, the sooner you’ll find an attorney that meets your needs.
