PracticeLink Magazine

FALL 2017

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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30 FALL 2017   PracticeLink.com Request the numbers If your compensation arrangement involves anything other than straight salary, such as a bonus or profit-sharing arrangement, ask to see a pro forma. A pro forma is a business document that provides a realistic assessment and projection of how many patients per day you will be able to see, and RVUs for patient encounters based on research and past experience. This will give you an idea of how easy or hard it will be to achieve any incentive-based compensation. ▾ MATT MINGENBACK T HE CON T R AC T S & COMPENSAT ION ISSUE D E P A R T M E N T S Legal Matters Got your employment contract? Now what? 5 steps to take between getting an offer and starting your new practice. JUST AS FINISHING RESIDENCY AND PASSING BOARDS ARE LIKE THE FINAL PAGES OF THE PROLOGUE TO A CAREER IN MEDICINE, receiving a formal offer and the accompanying employment contract from a practice or health system opens the first chapter of what every new physician hopes will be a fairytale career. Knowing the steps new physicians should take before they ever see their first patient is key to a happy beginning. Step 1: Understand what your contract covers A med ica l employ ment contract isn't something to be skimmed before passing it off to a friend who is an attorney to see if anything jumps out. What was promised in the interview and negotiation process doesn't mean anything unless it is in the contract. Every medical employment contract should clearly define three core elements: how to get in, how to get out, and how to get paid. That means a contract should address the expenses the practice will cover and what you will be responsible for, as well as any expectations surrounding your performance, patient volumes and call schedule availability. It may or may not contain a non-compete agreement. The bonus or profit-sharing plan should be spelled out in detail. If the practice situation involves a net-income guarantee, the exact structure should be clear. Any medical employment contract should address malpractice coverage and how settlements are determined/handled. For private practices, there should be a section dealing with the path to partnership, if possible. The agreement also should contain language surrounding leaving the practice, particularly the notice period and separation process. Though many

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