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After months of searching and traveling across the country for interviews, the time has come; an employer has finally presented you with a formal offer and employment contract for you to sign. As you read through the numerous pages, however, you begin to feel a bit of anxiety. “Is this offer fair?” “What exactly does my non-compete entail?” “Is it okay to ask for more money or will I scare them off by doing so?” These are all normal questions every physician finds themselves asking. Afterall, a contract is the framework for your working relationship with your future employer so it’s important that before you sign it, you feel confident that the agreement is mutually beneficial. Understand that negotiating is an important part of the employment process. Before you dive in however, there are a few dos and don’ts you’ll want to be aware of so that you can negotiate confidently, respectfully and effectively.
Don’t: Assume a contract is non-negotiable
Some employers may not be willing to budge on certain aspects of the contract but remember, even in the most boiler-plate contracts, everything is still negotiable. There are a plethora of things you can ask for in your contract so that it suits your professional goals and aspirations such as extra PTO days, a sign-on bonus, the ability to hire your own NP or PA, and much more. When it comes to negotiating, it never hurts to ask for what you want! You may be pleasantly surprised by what the employer says yes to.
Don’t: Forget to do your own research
You can’t possibly know whether the compensation is fair if you don’t do any research on your own first. Try to gain a general idea of what the compensation is for your specialty in this specific region by utilizing online resources such as PayScale and Doximity. In our Analyze and Shape service, we thoroughly examine the compensation data and inform you of what your contract may be lacking that’s standard such as a relocation reimbursement or a CME allowance. We also compare your proposed salary to the MGMA DataDrive Provider Compensation (a service which provides a unique and accurate analysis based on your exact region of employment, specialty and experience) to ensure that an employer isn’t completely off base with their compensation plan.
Don’t: Ignore red flags
Contract negotiation can be a nerve-wracking experience and it’s normal to feel a little anxious over it. However, it’s imperative that you trust your instincts and don’t ignore any red flags that make you feel uneasy about accepting the position. Red flags to be aware of include an employer pressuring you to make a decision that feels rushed, being discouraged from using your own attorney, an employer who is completely unwilling to negotiate or takes great offense to your asking. Always trust your instincts if things feel “off”. It’s much easier to walk away before signing than to try to get out of a contract after the fact.
Do: Be flexible but consider your nonnegotiables
Understand that you may not be able to get everything you want in your contract; employers may have standard language in their contracts that they’re unwilling to budge on and what they’re offering you in terms of benefits and salary may be standard across the board for every physician new to the practice. Though you do need to be flexible on some items, you don’t want to compromise so much so that you feel you’re the one getting the raw end of the deal. Spend some time considering what your nonnegotiables are by making a list of what’s important to you in your employment agreement; is it a flexible schedule, the ability to hire your own NP or PA, loan repayment, etc.? By preparing yourself on what you are and aren’t willing to sacrifice, the better you’ll be able to negotiate and advocate for yourself.
Do: Use an attorney to review your contract
It’s especially important to consult an attorney who is experienced in negotiating the various aspects of the physician contract. Physician attorneys, such as Lauth O’Neill, are experienced in reviewing non-compete clauses, partnerships, buy-ins, etc., and we ensure that your offer is fair based on the location, the specialty and your level of experience. Our contract review services include a thorough phone consultation and an in depth review of your contract with a formal comment letter that includes our easy to understand recommendations. We’ll also help you formulate follow-up emails to your potential employer, negotiate on your behalf and provide a final review of all contract revisions.