As an emergency medicine doctor, you will likely have a number of contracts throughout your career, maybe even many contracts that are active at once. Understanding and negotiating contract conditions is crucial, whether you’re a resident nearing graduation or a seasoned ED doctor. Ask these eight essential questions to steer clear of contract negotiation services traps that might get you into trouble.
Negotiating your first contract may be worth millions, whether it is with a large group, a private practice, a hospital, an outpatient facility, or an urgent care facility. A professional or a dependable senior physician advisor should review your contract before you negotiate and sign on the dotted line because there are an infinite number of different terms and conditions that could be harmful to the success of your career. This is why it is crucial for new physicians to have their contracts reviewed before they negotiate and sign.
What’s the condition?
Numerous aspects of your contract may be impacted by your status. Make sure you are aware of the category you belong in. Are you a capital contributor, buy-in partner, limited liability partner, independent contractor, or employee? Your status affects a variety of things, including your compensation and benefits, taxes, and how active you are in practice management.
Must Read : Why gold is best for investment
2. Who is going to pay for my credentialing costs?
Find out who will pay for the cost of licensing, certification, and credentials. In addition to your own existing license requirements for each state, there are frequently staff application fees, certification requirements, and other restrictions. Additionally, if you need to go from one state to another, find out if the organization or hospital will pay for your expenses.
3. Is there a non-compete provision in this agreement?
Keep an eye out for non-compete clauses in all contracts. You won’t be restricted from accepting shifts or a full-time position at another ED in your neighborhood if there is no non-compete provision. Additionally, you might not be able to continue working at the hospital if the emergency department’s administration changes due to a non-compete provision.
4. What kind of malpractice insurance is available?
To check the reputation of the malpractice insurance provider, do some research. Demand an insurance coverage that covers any incident that occurs while you are employed, regardless of when a claim is made. Be aware of the coverage you have— claims made, a tail, or an event-based claim.
5. How long does my notice period last?
The normal duration is 90 days. Strive for a 120-day termination time
6. What obligations do I have? What rights do I have?
When discussing the specifics of your contract, don’t hold back. What, if any, supervisory duties would you be expected to perform? If the group is democratic, will you be able to vote? What are the hours you need? In other words, make sure you are aware of the expectations.
7. What kind of expert guidance do I require?
Consult with tax, investment, and legal advisors to help you make informed contract selections. The process of contract review may be intimidating. Remember that you have more negotiating power than you might think. You are in high demand as an emergency medicine physician. Never consent to a contract before reading it from cover to cover.
8. Could you please guide me through my pay and benefits?
Make sure you are knowledgeable about the benefits you will experience. Make sure, when you sign, that you are fully aware of the terms of your compensation, including how it will be paid, who will pay it, and whether incentive pay will affect your pay.
Get health insurance contract negotiations and maximize the revenue.