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In most cases, negotiating a contract is completely unfamiliar territory. It is important that you find a lawyer who specializes in employment contracts, whether or not you have knowledge on the subject.
Salary can be handled in two different ways. It is important that you can distinguish between them and understand how you are being paid.
For a salaried position, the physician will receive a set salary from the employer. In this case, the physician has no fiduciary responsibility toward the organization paying his or her salary.
As an alternative to a salaried position, a hospital will sometimes offer an income guarantee to lessen the risk of opening a practice. While this method guarantees a certain income level for a set amount of time, the physician must take on fiduciary responsibility to repay the money later.
Your contract should include verbiage about a bonus: when it starts, how it is paid out (quarterly, biannually, etc.), and how much the bonus is. Do your best to get a rough estimate.
Below are things benefits that should be discussed in your contract, although it is important to remember that some are offered on a case-by-case basis.
As of 2021, the average relocation allowance for physicians was $10,634. Below are two ways that your relocation allowance can be paid out.
Lump Sum — The company will give you the full amount before your move so you are able to cover your expenses. This will be counted as taxable income unless you itemize and account for all of your expenses on your tax forms.
Expense Reimbursement — You will cover your own moving expenses during relocation and the company will reimburse you later on.
Join the Physician Ambassador Program to earn additional income during training;
Create your free PracticeMatch profile so you can apply for jobs with a click of a button;
Download the Career Fair List so you can save the dates.
Physician Ambassador Program
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