Physicians are responsible not only for the health and well-being of their patients but also are expected to run their medical practice as an effective and profitable business. Physicians are faced with the same business decisions as face other business owners. Rent, salaries, and other operating costs must be considered and planned for. At the core of a physician’s responsibility is negotiating an attractive medical contract with hospitals, HMO’s and other patient care facilities where a doctor may provide services.
Physicians may seek hospital employment for the financial benefits and security that working for such an organization can provide. The medical employment contract that a physician negotiates can go a long way to achieving financial security. Patient care facilities will often provide a physician with a boiler-plate contract to sign, offering the minimum amount possible, expecting a negotiated process.
What a doctor may not realize is that each clause within the medical employment contract should be analyzed and potentially negotiated. Simply signing an agreement without negotiating its terms could cost a physician hundreds of thousands of dollars. Standard clauses within a medical employment contract include your compensation i.e., salary, bonuses, profit sharing and the all-important termination clause. You’ll need to know how long you will be employed as well as what actions on your part could cause you to be let go.
Medical contracts are written by experienced business attorneys and you need to have legal representation as well to fight fire with fire. Your educational experience, work experience, and other items like having a clean malpractice history are all factors potentially on your side. The medical contract attorneys at The Law Offices of Rathi and Associates can analyze your employment contract and represent you in your negotiations with the patient care facilities that you are considering working for. Your base compensation, bonuses, profit-sharing, retirement planning as well as termination clauses all should be considered before you sign a thing. We can help you make the best deal possible so that you can concentrate on the business of medically treating your patients.