How to negotiate a contract?

[LUCPM]

Any advice on how to negotiate a contract? Is there anything for a new grad to avoid and be careful with?

What kind of things are generally negotiable?

Any advice would be greatly appreciated.

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[JonMonkey]

According to my formal program director....everything is negotiable.

 

[FrustratedFamDoc]

Key points:

Go in with the expectation that even as sweet as their offer may seem, it will be in their favor, because in all likelihood, it will be.

1. Salary, both guaranteed and production. How long will the guarantee last before you're expected to make hay. What will the adjusted salary be after the guarantee is over? If you leave before the contract is over, are you responsible for paying back any bonuses?
2. Restrictive covenant. If you decide you hate the place, how far do you have to move to practice elsewhere?
3. Tail coverage. Do they pay full tail coverage after x amt of years?
4. CME
5. Days off
6. State/DEA license costs
7. Discounts with hospital/hospital system. This one is neat for family members as well. You're a practicing doc in the community. Many independent docs who want/appreciate your referrals will discount/no charge procedures. My family has seen ENT, ophthal, neuro and GI (independent guys) here with no copay. I get ZERO discount with my corporate hospital system. Older docs in the area who were here before me have a literal 'green card' that they pull out. They don't pay a penny.

 

[deleted87716]

Go in with the expectation that even as sweet as their offer may seem, it will be in their favor, because in all likelihood, it will be.

Pretty much. If it's a decent-sized private medical group, there's a good chance that the only negotiable point will be starting salary (within a narrow range, in part dependent upon workload and support from other institutions). Most groups stick to pretty standard contracts for everything else. If it's a good group and a good opportunity, don't be greedy. Bear in mind that this same approach will help protect you once you're a partner.

 

[W19]

@Blue Dog What does it mean becoming a partner in the FM world? Does that increase your salary substantially?

 

[deleted87716]

@Blue Dog What does it mean becoming a partner in the FM world? Does that increase your salary substantially?

There is likely no "salary" (Google it) in private practice, so...no, but you will likely make more. It depends on the group. Our group has access to ancillary income and bonuses. Other groups may do it differently.

 

[W19]

There is likely no "salary" (Google it) in private practice, so...no, but you will likely make more. It depends on the group. Our group has access to ancillary income and bonuses. Other groups may do it differently.

I should have used the word 'income' instead of salary... Thanks for answering!

 

[chicagochildpsych]

1) Get your hands on the MGMA data for your specialty in your region.

2) Find out how much they are reimbursing per wRVU.

3) Don't accept an offer under the median MGMA compensation.

4) Prepare to walk away from several deals.

5) Be very aware that you have a unique skill set that others are trying to exploit for financial gain, make sure that you aren't being taken advantage of.

6) leverage several offers against the job you really want.




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[dman1234]

Thanks for the advice Chicagochildpsych!