Thinking about having a physician contract review by a pro? It’s more than just a good idea – it’s crucial. Having your physician contract professionally reviewed ensures you’re crystal clear on what you’re signing up for before putting pen to paper. Let’s dive into why getting a contract review upfront can save you from headaches down the road.

Why you should have your physician employment contract reviewed

It’s a must for all physicians. While your future employer has their interests covered in the contract, having an expert in your corner ensures your interests are protected, too.

Here are some things an expert can catch:

  • Your time: A detailed review and discussion with a contract review expert can ensure the details of your work hours, call schedule, vacation time and paid time off are what you expect them to be. Without careful review, details about administrative and clinical hours may also be missed.
  • Noncompete clauses: Don’t limit future opportunities! Many physician contracts contain language that includes a noncompete or no-solicitation clause. Agreeing to these types of clauses can significantly limit your future work opportunities if you were to decide to leave the position or desire to start your own practice one day. With expert eyes and guidance, you can have perspective on what to ask for, whom to ask and how to broach the conversation .
  • Unclear language: An expert can help you identify language that may need to be clarified or spelled out in greater detail. For example, the compensation package may mention “bonus opportunities” but not detail how and when those bonuses will be calculated and earned. Knowing how detailed or how vague something should be is vital when setting expectations in terms of your compensation or your time.
  • Liability and malpractice: An expert review can help you understand the legal coverage the contract includes, ensuring you are not unwittingly provided inadequate malpractice coverage that could put you at risk in the event of a lawsuit. Having the appropriate coverage during the term is extremely important – but understanding your coverage and responsibility after is also crucial. Remember that one simple word missed in this section alone could cost you hundreds of thousands in the future.
  • Compensation package: A physician contract review by an expert can provide insights into the complete compensation package value and whether any potential benefits, bonuses, or productivity restrictions could be optimized. Paying attention to the details regarding compensation and payment policies can be extremely complicated. Missing something in this vital section could cost you a significant amount of compensation you worked hard to earn.
  • Termination provisions: Without getting a detailed expert review, you may not have a clear picture of the terms and conditions for terminating the contract, whether by you or your employer. This section will ensure you understand how to get out of the deal if the position is not what you expected – or a better opportunity arises. Planning in advance will identify and mitigate any costs to you if this occurs.
  • Advancement opportunities: In many cases, the physician contract will outline opportunities for partnership (including potential ownership or equity) or opportunities to advance in academic appointments. These should be reviewed in detail to make sure they align with your career goals.

When you should get your contract reviewed

Get your contract reviewed anytime you are:

  • Entering into, renewing or renegotiating a contract
  • Terminating a contract
  • Considering partnership or starting your own practice
  • Receiving an update or addendum

Remember, once you sign, changes can be tough to make.

Understanding physician contracts

Types of Contracts:

There are different types of physician contracts, including employment agreements, independent contractor agreements and partnership agreements. Knowing which fits your goals is key. An expert in physician contracts can ensure the contract type you are being offered is in line with your expectations.

Depending on your specific career goals and type of employment you desire, the type of contract you are being offered may not be a fit and the expert reviewer can help you determine which type is right for you. Knowing when NOT to sign can be a true benefit of having all documents reviewed. This process could save years of your career and hundreds of thousands of dollars in wages.

Key components of a physician contract

Make sure to carefully check:

  • Call coverage
  • Work hours
  • Salary and bonuses
  • Location specifics
  • Noncompete clauses
  • Malpractice insurance
  • Contract termination details
  • Other benefits
  • Start and end dates

Negotiation strategies

A physician contract expert can help you negotiate effectively by:

  • Providing more than just a quick redline review. A contract review should include a detailed conversation with the reviewer, understanding your goals and the details of the position. Discuss expectations up front to ensure your contract review company will do more than just email you a marked-up copy of the agreement.
  • Providing market standards data. A seasoned physician contract reviewer will have a deep understanding of the standards in physician compensation, benefits and contract terms. This will help ensure you have a competitive but realistic expectation for negotiations.
  • Highlighting your value. The expert can help you to not only identify but also clearly communicate your value to the employer. This might include emphasizing your clinical experience, experience with a particular population or procedure, research experience or potential for adding valuable new expertise to their organization.
  • Identifying values and non-negotiables. By helping you identify your main priorities and deal-breakers, the expert can help negotiate the best contract for your specific needs. For some, this may be things like more weeks of vacation time, fewer calls or a higher base salary.
  • Leveraging alternative offers. If you are fortunate enough to have other job offers, you can use these to your advantage. An expert negotiator can help compare and contrast the offers to identify potential weaknesses in the contract you prefer to pursue and leverage those shortcomings to negotiate better terms.
  • Strategizing negotiations based on current trends. An expert reviewer will understand granular details like timing and market trends during your negotiations. They can advise on points like requesting specific perks or benefits based on the employer’s current dynamics and priorities.
  • Creative strategies. Someone with years of experience and thousands of physician contract reviews will easily be able to help you navigate toward a contract that meets your individual needs.

Financial considerations in a physician contract

Compensation packages

Compensation can include things like your base salary or hourly rate, bonuses, productivity-based payments, retirement plans, health insurance and more. Having an expert review your contract will allow you to clearly understand the compensation structure and ensure it meets your expectations. Failing to carefully scrutinize the compensation can lead to lower-than-expected compensation due to things like bonus milestones or productivity milestones that are unrealistic.

Evaluating bonuses and incentives

An expert can help you understand the true value of the bonuses and other incentives offered in the contract. In some cases, incentives can make up for a lower base salary and in other cases, they may not be adequate. Essentially, an expert can evaluate and make sure they’re worth it.

After the contract is signed

Even long after a contract is signed, an expert can help with any compliance issues, disputes, renegotiations, amendments and transitions.

Final thoughts on physician contract review

  • Know your worth: Understand your value now and in the future. Revisit your contract every two to three years to ensure your compensation is still market appropriate.
  • Read and understand the contract: Get clarity on all details.
  • Document everything: Keep records of all communication.
  • Revisit and revise as needed: Contracts can be amended. Reach out to your expert reviewer regularly to determine if changes or updates are needed.

Leverage physician contract experts to protect your interests and set yourself up for success. Just like you’d rely on a medical specialist for health matters, a contract expert can provide insights based on years of experience that might otherwise be missed. With their guidance, you’re ensuring a smooth journey toward a long, successful career.