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The next entry in this latest series of blog posts is dedicated to the physicians who have been negotiating their contract terms for months already, and are finally about to receive the written agreement in its full form for the first time. Often physicians receive, in advance of the actual employment contract, a letter of intent or some other type of term sheet that outlines the "big ticket" items in their physician employment arrangement. Such a document might spell out the base salary, mention some additional type of production compensation, list a signing bonus, moving expenses reimbursement, and maybe the number of vacation days promised. And many times, clients I work with ask if they should just get these "major terms" hammered out first, and then ask for the full written agreement once they are ready to sign it. I never agree with this suggestion, because reviewing the full contract in its entirety is the only way to be even remotely sure that you are in agreement with the job as it is offered. Of course, the salary, bonuses, and other benefits offered are important in any physician job search, but one can imagine the surprise of finally receiving their contract only to find out it is written severely, or even unfairly, in favor of the employer, and fails to ensure any sort of protection for the physician employee.
This possibility also brings to mind the scenario that often occurs between employers and physician employees, where the two parties have been talking over the details of the physician's job for months, and then the physician finally receives the written employment agreement to find that many of the specific terms are no where to be found in writing. If you look carefully at the contract, you are more than likely to find a provision that states something to the effect of "The terms of this Agreement represent the full understanding and agreement between the parties, and all other previous agreements, whether written or verbal, are of no force or effect." In other words- all of those times the employer may have assured you that they will buy you the equipment you need to do you job, and will make sure you have appropriate nursing and administrative support, really mean nothing at all if they are not clearly set forth in the agreement. Of course, it may turn out that all of the verbal promises are met at the end of the day, but you only have legal rights to the terms spelled out in the written agreement.
It cannot be overstated- the importance of carefully, and thoroughly reviewing your physician employment contract in its entirety is of utmost importance!
For more information on how we can help make sure your interests are protected, and your next physician employment arrangement is truly as it has been advertised, contact Leigh Ann O'Neill at 317-989-4833 or loneill@lauthoneill.com.
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