Employment agreement: what every doctor (junior and senior) needs to know--Part 3.
The final article in a three-part series, this article covers what should and should not be included in an employment agreement. For new recruits and hiring physicians alike, it provides a step-by-step guide to the key issues involved in contract negotiations. Four main topics are addressed: compensation, working conditions, termination provisions, and buy-in provisions. Contractual compensation issues include, among others, salary, bonus, insurance premiums, pension, moving costs, and loans. Contractual working condition issues include the term of the contract, vacation policy, call coverage, governance, CME policy, permissible outside activities, office hours, degree of physician autonomy, physical and human resources, and sick leave. Contractual termination provision issues include rights to termination, covenants not to compete, medical record ownership, and assignment. Contractual buy-in provision issues include probationary periods, the assets being purchased, valuation formula and financing.
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Karen Zupko & Associates, Inc., 625 N. Michigan Avenue, Suite 702, Chicago, IL 60611, USA. Karenzupko@aol.com
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