Physician Employment Contracts
Your employment contract and practice ownership agreements play a critical role in determining the direction of your career. These issues are vital at any time but can be most important immediately post-residency or post-fellowship.
Our experienced consultants can protect your interests by reviewing physician employment contracts word-by-word for compliance and determining whether, from a business and practical viewpoint, the provisions of the contract are beneficial to the physician. We highlight all unclear provisions and suggest language that will help in the negotiation process and to obtain a more favorable agreement with the prospective employer. In addition to reviewing your employment contract, we can are competent to negotiate with your potential employer on your behalf.
Some common and complex issues include:
- Term and termination of the agreement. What is the duration of the contract? What notice is required to resign? What notice is required by the employer to end the employment?
- Vague compensation and ill-defined incentive clauses. Coker can complete a full compensation analysis and respond to the appropriateness of both the compensation structure and value
- Inflexible work hours or call schedule
- Scope of work: what will your duties be; billing and collections
- Health insurance, time-off, and other employment benefits
- Non-compete, non-disclosure, and non-solicitation clauses
- Professional insurance requirements and extended reporting coverage
- Transitioning from residency/fellowship to the new employment: sign-on, loan forgiveness, healthcare coverage
- Indemnity Clauses
- Uncertain partnership and buy-in opportunities
An employment agreement defines the legal relationship between the employee and their employer. It must clearly state the parties’ expectations and their rights and responsibilities. It is essential to review your proposed employment agreement before you sign on the dotted line. Most physician contracts are negotiable, and our experienced consultants can help you obtain the best terms possible. Coker has a team of experts who have knowledge and understanding of the healthcare industry and the issues that commonly arise.