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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Page 68 of 95

the CONTRACTS & COMPENSATION issue   FALL 2017 69 leave the company. Claims-based, which is cheaper for the employer, covers you only if a claim is made during your employment. Get occurrence-based insurance, if they'll agree to it," says Sprinkle. If you're offered a claims-based policy, be sure an extended reporting endorsement is included — commonly called an e R e or "tail" insurance. This extends your insurance coverage to include claims that are filed after you've left an employer, but arise from work you performed while you were employed. Tail coverage is quite expensive — calculated at 50 to 250 percent of your overall insurance premium, according to the American Academy of Medical Management. "Ideally, have the employer pay for the tail if they will agree," recommends Sprinkle. Negotiati ng a 5 0 -5 0 a r ra ngement is another option. If you are responsible for all or a portion of the payment, be sure you understand the terms. Usually the employer will collect it at the end of your employment period by withholding enough of your final paychecks to cover the cost. To physicians early in their careers, this loss of income can yield a significant financial blow. When negotiating a new position at the end of his residency at the University of Virginia, Prenshaw ran into some concerns with the tail coverage. "The original wording in the employment contract was that I was responsible for tail coverage, no matter what the circumstance," says Prenshaw. This meant that if he was p Before solidifying his contract, Harry Salinas, M.D., consulted with other physicians in his network to develop language specific to his future goals. · Photo by Kevin Day See this issue's physicians in exclusive video interviews at PracticeLink

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