1 / 26

EM Physician Contracts

Discover the key elements of physician contracts, from practice preferences to compensation and benefits, to help you find your ideal work environment. Learn about contract necessity, responsibilities, compensation details, termination clauses, and more.

jwoodley
Download Presentation

EM Physician Contracts

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. EM Physician Contracts • Borislav Stoev, DO • Emergency Department Medical Director • St. Peters University Hospital • New Brunswick, NJ

  2. FINDING YOUR COMFORT ZONE A job can’t make you happy, but you can strive to be in an environment that mitigates you from being unhappy

  3. The Why • You want a job • You want to take care of patients within your comfort zone • You want to begin a chapter in your life/career • You want to be a respected and trusted healthcare professional • You want to get paid

  4. What Physicians Want • Geographic features • Lifestyle amenities • Significant other issues • Salary and benefits

  5. Practice Preferences • Community vs. Academic • Patient type • Volume • Clinical time • Non-clinical time

  6. Group • Size • Leadership • Number • Structure • Career Track

  7. Contract Necessity • Protects the institution/group • Protects the physician • Legal and third party payor requirements

  8. Elements of the Contract • Prerequisites • License, DEA • Board Certification • Medical Staff Membership and Privileges • Special training • Academic appointment

  9. Responsibilities • Clinical Time • Working hours, call time, in-house coverage • Administration • Scheduling, QI, Compliance with policies • Education • Staff, residents, interns • Medical Records completion • Hospital support

  10. Status • Employment • Hospital vs. Group • Independent Contractor

  11. Compensation and Benefits • Salary • Fee for Service Billing • Hourly rate with/without Bonus • Guarantee • Percentage of Gross or Net

  12. Professional Liability Insurance • Claims vs. Occurrence • Tail payments

  13. Loans • Amount • Purpose • Interest rate and terms

  14. Sign-on Bonus • $1000-$10,000 • Moving expenses

  15. Insurance • Health/dental • Life insurance • Disability insurance • Unemployment insurance

  16. Vacation/Time Off • Vacation • Personal Time • Sick Time • Maternity/Paternity Leave • Professional Development Time • Military Leave

  17. Profit Sharing/Bonus/Incentive • Profit sharing criteria • Bonus/incentives • Tied to Performance Evaluations • Objective and Measurable • Timing • Monetary vs. non-monetary

  18. Other Compensation • License and Professional Fees • Medical Journal, Publications etc • CME • Medical Supplies • Car phone, Pager, Meals, etc. • Parking, Lab coats, and cleaning • Retirement Plan

  19. Restrictive Covenants • Non-compete agreement • Time, distance • Clinical vs. non-clinical • Solicitation of employees, patients • Liquidated damages

  20. Term • Fixed term-year • Renewed automatically – “evergreen” • Notification time for termination – 90-120 days • Timing of new contract negotiations – 60-120 days

  21. Termination • Without cause – any time without reason • With cause • Loss or negotiation of license • Loss or restriction of hospital privileges • Professional liability insurance or claims

  22. Termination continued • Impairment • Professional misconduct • Death/disability • Failure to perform • Criminal activity • Breach of contract

  23. Partnerships • Stipulations for the offer • Cost for buy-in • Means to buy-in • Timing • Terms and conditions

  24. Timeframe • The process usually takes approximately two to three months

  25. Summary/Conclusions • Interview • Negotiate terms and conditions • Review document • Sign Agreement • Contract Maintenance

  26. Thank You!

More Related