PracticeLink Magazine

FALL 2018

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 60 of 91

Practice l F A ll 2018 61 the C ontra C ts & C ompensation issue remain compassionate, and focus on what initially drew you into medicine. Paid time off includes sick time, disability and family leave. Offerings vary greatly based on type of employer and their benefits package. Be sure you understand how these items are calculated and accrue, and how they are treated if unused at year's end. Also consider how your personal priorities may change within the time span of your contract; what is agreeable today may change over time. Vacation time and continuing medical education ( c M e ) are two important areas of paid time off. Vacation is time to use as you wish — key to maintaining a healthy outlook. CM e is time intended for you to further your medical education b y a t t e n d i n g conferences, taking a class, or another educational event. C M e is t y pica l ly requ i red both by your employer and to maintain your medical license. "The contract should stipulate the number of weeks of (paid) vacation time and CM e time," says Chamberlin, adding that each should be broken out specifically. "For example, two weeks CM e and four weeks vacation. You usually can't extend the total, but may be able to negotiate the combination." Reimbursement of CME expenses Whether you fly to a conference, register for an online course or drive to a lecture at a local university, there are always some expenses involved with CM e . If your employer has offered to contribute toward c M e expense, look for a dollar amount you have available. Planning the end of your employment It may seem strange to be thinking ahead to when you terminate this employment, but an unexpected or poorly planned exit could have detrimental consequences on your finances, career and professional standing. Get the details spelled out now so you'll know what to do if the situation arises. One area is assignability. It's common for hospitals and practices to undergo acquisition, consolidation, or mergers, but what's important is how this would impact you. If your contract is defined as assignable, your employment would continue uninterrupted under the new ownership. If it is non-assignable, your contract is terminated upon the change of ownership — meaning you're either in need of finding new employment or negotiating a new contract with the new owner. If you're signing a non - a ssig n a ble contract, consider wh at wou ld ea se the tu rmoil of an unexpected loss of employ ment. T he A merican College of Physicians suggests negotiating for the inclusion of a cash settlement, or adding language that would release you from any restrictive covenant. Termination notice defines the amount of time both you and your employer must provide prior to ending the employment relationship. This should be fair and equal for both sides; you shouldn't be required to provide 120 days of notice while your employer only has to give you 60. When Stacy had her attorney review her contract, this was one area he adjusted. "[He extended] the time frame for contract termination, and removed wording that would allow immediate termination by the employer in certain circumstances," she recalls. Most contracts also specify that an employment can be terminated either "for cause" or "without cause." A "for cause" termination points to a specific reason for the termination. "Without cause" is much more open-ended; you are free to give notice without It's common for hospitals and practices to undergo acquisition, consolidation or mergers, but what's important is how this would impact you.

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