Employment Contract Review for Physicians

Aug 17, 2023
Author:MDconsultants

Categories: Career in healthcare & physician employment

MDconsultants is a predominantly physician network of talented consultants who solve diverse and challenging problems in various specialties across Canada and the United States. Our company is led by 3 physician partners who graduated from the University of Toronto and is supported professionally by a full-time managerial staff. Our current range of capabilities include healthcare & startup consulting, health services delivery, providing professional second opinions, and occupational & organizational health.

Receiving your first offer as a physician after years of schooling and training will probably be one of the most exciting moments in your career! As a fully trained physician, you now have the opportunity to choose your next work environment and position – and with that comes bargaining power.

In today’s blog, we’re guiding you through reviewing your contract before starting your career in healthcare:

Hire a contract lawyer: An attorney will help identify any traps, legal jargon, or acronyms that you may not be familiar with.They will take you through the entire contract to ensure you understand all the terms and conditions from beginning to end.

Contact HR: Don’t be afraid to ask the hospitals or private practices human resources department questions regarding any detail in your contract. If you’re asking for clarifications, always request the answers in writing.

Understand your contract term: This informs you the length of your contract and whether it is renewable. Make sure your salary expectations meet your needs in terms of cost of living increases during the contract.

Check the end of the contract for the employer’s defined terms: Anything that is bolded or italicized will appear at the end of the contract with written definitions. You want to be sure that you’re fully aware of how the provisions are defined.

Decide if the conditions of employment are right for you: Make sure that you are happy with the obligations of the job. Some opportunities require more administrative work in addition to patient care. Being fully aware of the conditions allows you to negotiate a change or continue searching for an opportunity that better aligns with your physician employment needs.

Understand every aspect of the compensation: Other than your base salary, it is important to include bonuses, benefits, performance reviews, etc. in your reviewing process before coming to a decision for your career in healthcare.

Be aware of the non-compete clause: Understand that you may run into complications if you ignore a non-compete clause in a contract should you ever decide to leave the employer. Some employers may create barriers for doctors to work for competing companies or specific geographic regions for a certain period of time post-employment.