PracticeLink Magazine

WINTER 2015

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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16 PracticeLink.com winter 2015 PH OTO BY TO M S E AW E L L LegalMatters Advice for physicians from an attorney I n the absence of an income guarantee or base salary, it is not easy for physicians—particu- larly those whom are the breadwinners for their families—to strike an acceptable balance between dedicated personal and professional time. But both are vital to achieving a reasonable quality of life. Indeed, this inability to strike such a balance leads many physicians to terminate their private practice employment, where they had initial aspirations of becoming a shareholder or partner, to favor hospital- based employment. However, even in hospital-based employment models, productivity-based compensation models are gaining popularity —so much so that in the near future (i.e., three years), productivity models will be universal. The traditional model Under what is now the "traditional compensation model," physician employees receive a guaranteed income in the form of a base salary so long as they are employed. (Subject, of course, to renegotiation in light of either party's ability to terminate at any time without cause upon requisite and agreed-upon advance written notice.) At its heart, the practice of medicine is a service business. As with any service business, compensa- tion is a direct byproduct of the time spent providing the services that the business provides. For physi- cians, this has been known to lead to uncompensated call coverage, extended evening clinic hours and BY RODERICK J. HOLLOMAN Striking the right balance Understa nd how your compensation model a ffects your efforts at ba la ncing work a nd life. At its heart, the practice of medicine is a service business. As with any service business, compensation is a direct byproduct of the time spent providing the services that the business provides.

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