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When physicians receive an employment offer, it is common for the physician to wish for increases in certain forms of compensation, or to have additional benefits added into the employment package. For physicians coming out of training, one very common desire is to have some amount of student loans paid off upfront. While this may or may not be a real possibility for any given physician, depending on how in-demand he or she is, one thing to think about is creative ways to move the money around.
The employer may be offering a handsome base salary, but no signing bonus. Or the employer may be offering a signing bonus outright, with no obligation to repay the bonus under any circumstances. When looking at negotiating your physician employment contract, it is important to consider what you are willing to "give" and what you think the employer might be most interested in getting. For instance, some physician employment offers include a free-and-clear signing bonus, with no strings attached. For physicians who want to the signing bonus amount increased in order to put toward student loan repayment, sometime employers will agree to increase the amount of the bonus, in exchange for having the bonus constructed as a forgivable loan. Forgivable loans make the employers happy because they ensure the physician stays in the position for a certain length of time in order to "pay off" the signing bonus. This is merely one possible example of how money can be moved around in an agreement. Another example is adjusting the base compensation over the year downward and getting a free-and-clear signing bonus up front. The employer may be better able to offer this capital amount up front, which can help young physicians who may have high-interest rate student loans which are better paid off as soon as possible.
For more information about a legal review of your physician employment contract and assistance with negotiating the various terms, contact Leigh Ann O'Neill at 317-989-4833 or loneill@lauthoneill.com.
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