Once you receive a contract, consult a lawyer. A lawyer can help you understand the fine print and implications of various contract clauses, including malpractice coverage and restrictive covenants. They can ensure that your rights are protected and that the terms are fair. Approach negotiations with a positive mindset. Confidence can significantly influence outcomes. Role-playing scenarios can help you feel more comfortable and prepared. Be open to the other party’s perspective. This can lead to creative solutions that satisfy both sides. Discuss the base salary, bonuses, and any potential for raises. Your starting compensation often sets the trajectory for future earnings. A higher starting salary can lead to better raises and bonuses.Know your worth and be prepared to articulate it. Research industry standards to strengthen your position. Understand what malpractice coverage is provided, and whether you need additional insurance. Be aware of any non-compete or non-solicitation clauses that could impact your future employment opportunities. Remember, negotiating is a normal part of the contracting process, and being informed will empower you to advocate for yourself effectively.
Contract Negotiation
The technical process of contract negotiation for a physiatry job is important to know. What follows is some information about that process. During contract negotiation, it is critical to track the revisions made. The representative for the physical medicine and rehabilitation job emails a draft contract to you as a Word document. You should save...
3 Keys to Physiatry Contract Negotiation
One of the most damaging financial threats to your career as a physician is the possibility of inadequate compensation through complex payment formulas or a contract containing legal pitfalls that undermine future income. Low compensation and contract loopholes are two of the main reasons almost 50% of physicians leave their employers, according to the 2013 Physician...
Can I Negotiate a Physiatry Contract?
The answer is yes. Virtually all employers are open to hearing questions and requests for changes within your employment contract. The exception to this would be if the physician has already had extensive back-and-forth or negotiation with the employer. If that has happened, the attorney may be limited in how much more to negotiate. In...
Tail Insurance
Tail insurance is a must-have item before you exit your agreement, whether you have it paid through your employer or as an individual policy. Because it is a large expense, many physicians prefer to negotiate it in their employment contract before starting in a new position. As you prepare to leave your job, knowing what...
Before You Sign That Physiatry Contract – Consider the Repayment of Bonuses
Before you sign a contract, it is necessary for physicians to minimize the amount they may be required to repay for bonuses. In the case of exiting a contract, be aware of the requirements to repay sign-on bonuses, residency stipends, relocation reimbursements, or student loan assistance. There are often constraints built into the contract in...
RVU’s for Physiatry – Should We or Shouldn’t We!
The following advice was provided to the question of whether a practice should use RVU’s as a basis for payment to a new doctor: RVUs correlate to CPT Codes, which correlate to income. RVUs are good for physiatry employees whose PM&R practice has low-reimbursing insurance carriers, like Medicaid. In this case, the lack of reimbursement...