PracticeLink Magazine

FALL 2014

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 31 of 103

32 | FALL 2014 W hen you're considering an employ- ment opportunity, look at the whole package; do not focus exclusively on compensation. Factors such as the practice's reputation, benefts offered, malpractice cover- age, your day-to-day duties, and shareholder eligibility should be considered as well. Ambiguous or vaguely worded provisions can create problems down the road. Pay particular attention to provisions such as "in the employer's sole discretion" or "in the employer's sole judg- ment." Remember, "the devil is in the details." If the contract refers to another document, such as corporate bylaws, practice policy or a retire- ment plan, obtain a copy and be sure it is dated. COMPENSATION Base salary. If there is a base salary, it needs to be stated clearly, including the frequency with which disbursements will be made (e.g. monthly or biweekly). To avoid any misunder- standing, it should be clear that unless employ- ment ends, the base salary is guaranteed and is not subject to any reduction and only specifed deduction (e.g. ordinary payroll deduc- tions, such as federal and state wage tax). Productivity-based salary. These arrangements are not recommended for young physicians. This is because the level of profciency required to gener- ate reimbursements at levels necessary to make this model fnancially rewarding is rarely acquired fresh out of fellowship or residency. Further, if you are employed to establish a new practice or staff a new satellite offce, your compensation may suffer as the practice's patient volume is established. Productivity bonus. Be crystal clear on how your productivity bonus will be calculated. Eligibility for a productivity bonus usually begins when you have generated between two and three times the value of your base salary. This allows the employer to cover your salary, expenses, share of overhead, and realize a degree of proft from your practice before sharing surplus profts with you. Pre-employment compensation. Pre-employment compensation, such as sign-on bonuses, payment Legal Matters Advice for physicians from an attorney By RODERICK J. HOLLOMAN Your guide to your employment contract Keep these key considerations in mind when you're evaluating a contract. 2014 ANNUAL Contracts & Compensation ISSUE Continued on page 34

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