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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FALL 2014 | 67 required to cover you after leaving the practice —is included. Does the employer pay, or does that fnancial burden of premiums remain yours? Tail coverage premiums can set an uninformed doctor back fnancially as much as one-third of a year's salary, according to Hursh. First, you need to ascertain whether or not you need tail coverage, then negotiate responsibility for payment of tail coverage premiums. Even if you are offered a package with occurrence malpractice insurance, what if it's dropped in favor of a claims-made policy later on? A knowledgeable employ- ment law attorney can help you explore scenarios that might cause problems down the line. 8 Ownership/partnership Guarantees of ownership are rarely, if ever, set forth in an employment contract. Instead you'll see a provision about "X" number of years until you may be considered for ownership interest. The nice thing about private practice is that you get to choose your work colleagues. Clinical abilities, while important, only provide one leg of the three-legged stool of partnership decision. The other legs are personality (being a "good ft") and strong fnancial performance. Ownership interest can be calculated in several different ways: fxed dollar amount, fair market value or book value. Variations can occur within all of these calculations. As indicated in The Final Hurdle, there are "nearly endless variations on how practices bring in new partners." According to the book, an attorney can ensure that your contract and any potential for owner- ship are legally sound and may include the following: • A provision in the agreement that discusses your potential ownership in the practice • A provision that sets forth a method for the At Allina Health, we're here to care for the millions of patients we see each year throughout Minnesota and western Wisconsin. From downtown locations to rural settings, you'll fnd a primary care practice and community and that is right for you, with: 1-800-248-4921 (toll-free) | Apply today at Make a difference. Join our primary care team. • ideal staff support and the widest range of clinical practice options • physician leadership opportunities • competitive salary, comprehensive benefts, relocation allowance, malpractice insurance and more. 18821 0814 ©2014 ALLINA HEALTH SYSTEM. TM - A TRADEMARK OF ALLINA HEALTH SYSTEM. EOE/AA/Vet/Disabled Employer Continued Difering views on lifestyle expectations between the generations is something to be cognizant of during contract negotiations.

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