Practitioners who are close to completing their residency or fellowship often have many questions about their first employment contract and the various clauses within it. I regularly provide educational seminars to residents and fellows at metropolitan hospitals in numerous specialty departments about what to expect when interviewing for that first job and what will be included in the written agreement.
Statistically, practitioners do not stay with their initial employer for the entirety of their career. This is why it is so important to truly understand the terms of the employment contract. Here are three (3) main areas of concern and some questions to ask:
- Compensation Model: Is there a base salary or is the salary a percentage of the net collections or revenue? Additionally, is there a bonus structure or incentive plan to allow the practitioner to earn more?
- Benefits: What expenses will the employer cover, such as moving, CME/CDE, license and DEA fees? Does the employer provide an occurrence or claims-made malpractice policy?
- Restrictive Covenants: One of the most pertinent issues of the contract is the non-compete clause. The geographical restriction must be reasonable and the practitioner must be able to earn a living after he/she leaves the employment.
Depending on the language in this first employment agreement, it may impact the ability of the practitioner from moving on to the next step in their career.
Only by asking the right questions will the practitioner be able to make an informed decision and accept a job that is beneficial to both their present and future positions.
To learn more about this topic or to schedule a presentation, contact me at email@example.com.
Stephanie J. Rodin, Esq.
Rodin Legal, P.C.
Tel: (917) 345-8972
Fax: (917) 591-4428