Physician Contract Review & Negotiation: Make the Money Useful

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If you're rounding out your physician job search and have been offered a physician employment contract, congratulations! At this time of year, many physicians are signing their physician employment agreements and looking forward to beginning work. Maybe you've had your physician contract reviewed by a physician lawyer, and you're confident that it's just the way you want it. Maybe you haven't taken the step of having a physician lawyer review your contract, but you'd still like some helpful tips anyway. One particular dilemma that especially comes to light this time of year is the "payment gap". You're finishing up your residency or fellowship, and you'll start your new job maybe sometime in August or September- maybe you're taking a few well-deserved weeks off before you begin. Well-deserved, they may be, but we all know they come at a price. Where is your income going to come from during your time off before you start your job?

If you enlist the help of a physician contract lawyer, they will likely readily assist you with this dilemma. While each and every physician employment contract is different and all circumstances and possible outcomes are unique, it may be possible to maneuver the salary offered to you to help you out as you finish up training. Even if you were not offered a signing bonus or moving expenses reimbursement, it may be possible to adjust your salary in such a way to offer you some initial compensation up front.

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Residents and Fellows Looking for Next Job Location: Look for a Doctor Loan

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When residents and fellows finally finish up their medical training and start to look for their first physician job, one of the many things they look forward to is purchasing a house in the city they'll call home. Whether this will be their first home purchase, or one of many previous purchases, the prospect of settling down into that first post-training home is an exciting one. What many physicians are remiss to consider, however, is how the home loan options in a given city can make that city more or less attractive than an alternative city they may be considering. What the different banks in each prospective city are willing to do for young doctors can make a world of difference when it comes down to actually committing to a job in any given location.

On this blog, I have previously discussed how physicians should pay close attention to cost-of-living differences when they weigh their job options between different cities, but the notion of a "doctor loan" is somewhat of a newer concept in some areas of the country, and can have a huge impact on your budget and how your first paychecks will be spent. A "doctor loan" is a home mortgage loan offered by some banks to physicians upon proof of a written physician job contract. Such loans are often offered with very high purchase limits, require zero money down on the home purchase, and come with the same low interest rates that the rest of home buyers these days are enjoying. If you have access to a zero-down home mortgage loan, and with a low interest rate, it is entirely possible that the impact of this favorable loan can overcome any shortcoming you may perceive in a lower salary offer as compared to a higher salary offer in a city where no doctor loans are offered. Additionally, having access to a doctor loan with very favorable terms and a low interest rate can make student loan repayment much faster.

To learn more about effectively weighing the various pros and cons in your physician job search and selecting the employment arrangement that is best for you, contact Leigh Ann O'Neill at 317-989-4833 or loneill@lauthoneill.com.

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Isn't Job Searching Too Personal To Have An Agent Do It?

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This is a question I sometimes hear mumbled when I discuss what I do with others. They wonder if the job search process might be too personal to have someone else involved in it, let alone take the reigns and head it up. And I always say, "yes, physician job searching is certainly very personal. But that is where our strengths come in." The bottom line is that physicians don't want to embark on their job search all on their own. When done properly, it's too time consuming and burdensome, and involves too many tedious tasks. Not to mention, physicians understand that a physician agent has the experience necessary to put the physician on a level playing field with the employers in terms of getting the benefits, salary, and other forms of compensation they deserve.  After all, physician agents have experience with negotiating contract terms and they understand the various physician compensation models and how to make sure physicians get the best deal out of their next employment arrangement.

So while the job search process is, of course, highly personal, we make it our duty to ensure we know all about what you want out of your next job. We talk with you to find out what sort of practice you envision yourself having, in what part of the country you would like it to be, and what aspects of life outside of work are important to you and your family. Of course we don't stop at that- we gain a thorough understanding of what details you expect from your employment- be that your physician salary, particular benefits, time away from work, and any other special features you would like. While some clients have already been contacted by potential employers or have heard about possible job openings from colleagues, we not only assist you in pursuing those jobs, but we also go a step farther. We help you explore all other potential jobs so that you can rest easy knowing all viable options have been unveiled and you are not missing out on a job that may be a better match for you. In addition to seeking out all potential physician employment options, we follow through on every critical step of the physician job search process- from keeping in touch with potential employers and scheduling your interviews, to providing a detailed legal analysis of all contract offers you receive and suggesting favorable changes.

To learn more about how we can assist you in this very personal, and important process, contact Leigh Ann at 317-989-4833 or loneill@lauthoneill.com.

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The Physician Job Search: Why the Mixed Numbers?

In a survey completed by WebMD in 2012, physicians fessed up to their dissatisfaction in their current jobs.  In fact, only 23% of surveyed physicians said, if they had to do it all over again, they would return to their current practice setting.  What's more, almost half of surveyed physicians said they feel their compensation is unfair.  I personally found these results to be somewhat surprising.  I was surprised by these numbers because, in my mind, physicians, of all professionals, seem to be in the best position to choose the job they want, and to receive the compensation they feel is fair.  After all, we often hear that there are gaping physician shortages, especially in certain regions of the country.  So why then are more physicians not able to say they are happy in their current jobs and with their current pay? One possible explanation is that physicians are often hasty in accepting their first job offer.  Not only are physicians typically under immense pressure to pay off incredible student loan debt, but they are also often hesitant about delving into the contract negotiation process.  These reasons sometimes lead to premature acceptance of a job that will certainly pay the bills, but may not offer exactly what the physician truly wants out of his or her job.

A second explanation is that when young physicians enter the world of practicing, they have not yet been exposed to various practice settings or certain employment arrangement possibilities.  After all, they've been slaving away as residents and fellows for the past few years, and pretty much any employment arrangement is going to look better than what they're used to. So it's easy to see why young physicians are quick to accept any job offer that includes a salary with 6 numbers.

While it might be comfortable for young physicians to accept a job in the same practice setting they're used to after their training, or it might seem to make the most sense to accept a job in the completely opposite practice setting (i.e., going from academic to private), I would encourage residents and fellows to take a broad look at the various different practice settings available before choosing one.  It may end up that the same academic setting they're used to is a great match for them, or shifting to a smaller setting may be the right move, but it's impossible to know until you get a feel for the variety.  It is also hugely important to have a detailed legal review completed of your contract.  Given that most physicians are entering an employment setting with an employer they have not yet worked for, it is important to be sure that you have the maximum legal protection in case the job doesn't turn out as hoped.

For more information on how a physician agent can assist in the physician job search process, please visit us at www.lauthoneill.com.

Physician Contract Negotiation Tip #2: Know What You Want Out of Your Job

Many physicians, especially those fresh out of training, are hasty about accepting the first job offer that comes their way because they have enormous student loans to pay off, and they haven't yet endured a horrific employment experience that has taught them to tread carefully into any given employment arrangement.  After all, when you're out there looking for your first job, the potential employers are great salespeople- reassuring you that your wants and needs will be met. It's hard to make sure your wants and needs are going to be met when you're unsure about what they are exactly.  It is not uncommon for young physicians to feel that they don't have much wiggle room in terms of defining their employment arrangement.  To most, it seems as though you should just take what is offered, and don't rock the boat.  It is hard to know what you truly want from your employment when you've never been asked to define your ideal job.

But as a newly practicing physician, you have many more options than you think, and so it's important that you carefully consider what aspects of your employment are most important to you.  Maybe you have hundreds of thousands of dollars of student loans to pay off, so the highest salary possible, or even employer-funded repayment of the loans, is most important to you.  Or maybe you're into research, and so funding for your research work, and maybe even having one research day per week are important to you.  Or maybe you have a family, or want to have one soon, so a more flexible schedule is paramount to whatever salary is offered.  With employers growing more and more progressive in terms of flexible employment arrangements, it is important for physicians in their job search to carefully craft what their ideal employment opportunity will look like.  Knowing this crucial information up front will save you and your potential employer time and money down the road by ensuring that you will be happy in your employment arrangement, thereby limiting the possibility of needing to change jobs later.

Working with a physician agent in your job search process helps ensure that you have vetted all potential opportunities, and especially ensures that the employment arrangement you accept has been carefully shaped and molded to meet your needs and secure your financial and legal interests.  Contact Lauth O'Neill Physician Agency today to see how we can provide you valuable services, without you paying a dime until you start getting paid.  317-989-4833 or loneill@lauthoneill.com.

Physicians, Pro Athletes, & Musicians Alike- All Benefit From an Agent

I founded Lauth O'Neill Physician Agency because my professional and personal experiences taught me there is a need for physician agents.  Not only do physicians benefit from having someone in their corner, looking out for their interests, but they also need a "go to" person who can take on many of the tedious tasks that come in searching for a new job.

In my experience as a health care attorney, and combined with being married to a physician, I have naturally crossed paths with many physicians.  Many of them are at the beginning of their careers, and once they receive a job offer, they often ask me if it is necessary to have a lawyer look at the employment agreement.  My answer is always a resounding "YES!" And often times, I perform the legal analysis myself.  I have worked on both sides of physician employment.  And after serving hospitals and other group practices as my clients, I am acutely aware of what employers do to make a physician employment contract extremely favorable to themselves.  This, of course, often means the contract is unfavorable to the physician in certain ways.  Not to mention, they almost never offer compensation and benefits at the levels trained physicians can expect based on national benchmark data. So yes, the need for physicians to have their employment offers reviewed by a lawyer has always been very clear to me.

What I had not experienced until recently was the immense amount of time and effort that goes into finding and securing a physician's ideal employment arrangement.  In assisting my husband in his recent job search, I gained an intimate understanding of numerous steps that go into a successful physician job search.  First, locating the opportunities that fit your professional desires, then communicating with the potential employers to let them know you're interested and qualified, and interviewing multiple times with the same folks- this is only the beginning of the process.  Once an offer is made, then the hours spent on this task really start to climb.  Physicians not only need a legal review of each offer completed, but they must also endure what seems to be endless back-and-forth with the potential employers to ensure they receive the compensation, benefits, and terms they have earned.

In talking with my husband's colleagues about the trials and tribulations of their job search processes, the rhetorical question has often been posed: "Can't I just pay someone to do this for me?"  I only had to hear that question once before I recognized the need for physician agents.

As a physician agent, it is my goal to do all that is necessary to make my clients' job search not only successful, but as little of a burden to them as possible.  Therefore, I provide our Premier Opportunity service so that physicians can simply tell me what sort of job they are looking for, and in what region, and I will go to work finding their options.  Seeing the physician's job search process through to the end, the Premier Opportunity service includes every crucial step that allows physicians to find and shape their ideal employment arrangement.  I am excited to make each next clients' success my priority.