Successful contract negotiation involves preparation to arm yourself with compensation, benefits and negotiations information. You may wish to seek the assistance of financial advisors, legal counsel or practice consultants. Here are some tips to try to ensure contract negotiations go as smoothly as
possible.
Compensation Figures
Average compensation figures are difficult to obtain. Most figures are not cur-rent and are based on a small sampling of physiatrists. The variation in arrangements, such as employee or independent contractor, and benefits makes it very difficult to arrive at an average compensation or to compare compensations. Make every effort to learn of compensation figures through peers, recruiters, and advertisements.
Benefits
Benefits vary based on the arrangement between the physiatrist and the em-ployer. Employee arrangements generally have a traditional benefits package to include insurances for health and malpractice, license fees and
continuing education monies.
Negotiable benefits include professional dues, travel allowances, relocation, life and disability insurances.
Perks include journal subscriptions, extra vacation days, and phone. Extra benefits include auto allowances, health club/country club memberships, and sabbaticals. Independent contractor arrangements typically offer fewer benefits. They may include relocation, an income guarantee and an administrative stipend.
Financial and Legal Implications
There are financial and legal implications to the various compensation and benefits arrangements. For example, there are federal fraud and abuse statute regulations which relate to Medicare and Medicaid programs.
They define safe harbors as acceptable hospital and doctor business
arrangements that are not subject to civil or criminal enforcement actions.