Physician Employment Contracts: Top 4 Reasons to Get it Reviewed by an Expert 

For those who have just finished their medical school residency and for seasoned doctors alike, physician contracts fulfill an important role. They contain information about pay rates, bonuses, and even termination clauses. Before signing any employment contract, it is important to have it reviewed by experts such as a physician contract review attorney and a financial planner among others. Here is a list of the top 4 reasons expert review is suggested. 

1. Every Contract is Different

Physician contracts will differ according to specialties, hospital, and even city. The hiring party is the one who will decide the type of contract a physician is offered, as well as the terms within it. Some physicians will be hired as direct employees of the hospital while others may be hired as part of a specialized group, such as surgeons. An expert will be able to help determine the terms under which a physician is hired and ensure that they are adequately compensated.

2. Non-Compete Clause Review

It is common for a physician contract to have a non-compete clause, but the laws differ from state to state. Some states specifically disallow these clauses as well. Most physicians join a hospital or clinic with the intention of long-term employment, but sometimes, better opportunities come along. Also, some contracts have clauses that forbid physicians from working outside of their contract or moonlighting for any reason. An expert can help navigate the various clauses and provisions found in a physician’s contract and ensure that the medical professional is properly informed before they sign. 

3. Contract Negotiation

The character of an employer will determine just how easy or hard it will be to negotiate a physician’s contract. The size of the employer doesn’t really have much to do with how amenable they will be to changes in a physician’s contract. An expert will be able to review the contract and help negotiate various aspects and clauses. For example, bonus amounts, insurance rider coverage, and even time off for unavoidable illnesses can all be negotiated by an expert.

4. Sign-On Bonuses and Taxes

Many physicians will receive bonuses just for signing the contract. In some cases, these bonuses can be quite lucrative. What many fail to realize is that these bonuses are also taxed in the same way as your regular salary. A financial planner or tax expert will be able to help physicians navigate the various aspects of supplement income within their contracts. 

Where to Turn for Help

Instead of running to an expert after the contract has been signed, consider seeking help as soon as an offer has been made. Physicians can turn to an experienced healthcare attorney, their financial planner, and even a tax expert trained in medical tax laws. Most healthcare recruiters will also have a list of resources that they can recommend to physicians looking for a second or third opinion. Keeping these tips in mind, securing a lucrative physician contract will be much easier.

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