PracticeLink Magazine

SUM 2018

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 29 of 87

30 S UMMER 2018 ▼ T HE I N T E rv IE W ISSUE D E P A R T M E N T S Legal Matters B r UC e A r MO n Before you leave… Current practice not working out as you'd hoped? Consider these before you start a job search. MOS t PHYSICIA n S DO n O t en JOY S w I t CHI n G JOBS. The entire process can be disruptive personally and professionally— and the new opportunity may not turn out to be a better job after all. Beyond those considerations, there are important business and legal issues that should be part of your evaluation process before you make a change. Are you confident about your professional liability insurance? If your current employer provides your professional liability insurance, it's imperative to confirm the end date of the policy and the type of policy provided. Your employer should be able to provide a "face sheet" that confirms the start and end date of your coverage. If your current employer provides an occurrence policy or participates in a slot policy, you should be covered for every professional liability incident that occurs while you worked for the employer, regardless of when a suit is commenced. If the employer provides a claims-type policy, you or some combination of you and the employer will be required to purchase a so-called "tail" insurance policy upon the termination of your employment. The tail policy provides professional liability coverage for incidents that occurred while you worked for the employer — but for which a suit was not filed until after you no longer worked there. Tail insurance can be expensive and unexpected. A primary care physician's tail insurance policy could cost a low five figures; a specialist's could cost in excess of six figures. The insurance company expects payment of the tail policy upon the date of your termination of employment, though it may allow for a months-long payment plan. Before you switch jobs, review your employment contract to confirm whether your current employer provides occurrence or claims-type policies. A claims- type policy will likely require the purchase of a tail policy. Ideally, you negotiated payment of the tail into your signed employment agreement. If this issue was not addressed, then you and your current employer should execute an amendment that defines respective responsibilities. If you're not able to agree on the terms of the tail insurance payment, ask your potential new employer if it will pay for your tail insurance for your work for your soon-to-be-former employer. Payment may be made directly by the new employer or as part of a loan that is worked off in sweat equity. Alternatively, the new employer may purchase what is often referred to as "nose" coverage. Nose coverage effectively back-dates the new employer's professional liability coverage to cover the physician's work for the

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