KNOW THE VALUE OF YOUR BENEFITS PACKAGE
DECIDE WHAT MATTERS MOST TO YOU
i IMPORTANT TIP:
i IMPORTANT TIP:
LSMS has partnered with the law firm of Butler Snow LLP to offer LSMS members their expertise in contract review and negotiations. For more information on special rates exclusively offered to LSMS members, contact LSMS Vice President of Administration & Member Services, Terri Watson at terri@lsms.org.
Benefits can add substantially to both your base compensation and how content you are in your new position. Learning what benefits are included in your compensation is an important step in understanding your employment contract. Examples of benefits include payment of your licensing fees and dues to professional societies, time off, funding to complete Continuing Medical Education requirements, liability insurance, disability insurance and payment of student loans. It is important to understand how these benefits work and what may be required of you to access them. For example, in return for your employer paying your student loans, are you expected to live within the geographical area for a certain number of years? Another example is liability insurance—is it part of your benefits package, and what are the terms of the coverage?
For some physicians, compensation is the top factor to consider and for others, location is all that matters. There are so many factors to consider and you need to prioritize your practice “wish list” to assess opportunities that arise.
If you aren’t 100 percent sure on what factors are important to you, consider becoming part of a travel team to explore different practice settings. This will allow you to narrow down what you want in your career, as well as what you do not.
There are many factors to consider – some include:
• Geographic location
• Practice setting – single specialty group, multi-specialty group, hospital/clinic
CONSULT AN EXPERT
• Employment model – W-2 vs 1099
While hiring a lawyer to review a contract is an added cost, the consequences of signing a long-term contract you don’t understand can be much more taxing on your career and your pocketbook. An experienced health care attorney in the state in which you plan to work can help you identify and resolve problematic contract provisions before they become an issue. Pay particular attention to any noncompete provisions which may apply upon termination of your employment, forcing you to leave your community. Employers may be willing to negotiate such contract terms. You can also find a physician mentor who has been through this process. Their perspective may help you avoid common pitfalls.
• Compensation
• Schedule / flexibility
• Opportunities for career growth
• Personal development opportunities
• CME provisions
LIFE INSURANCE
• Hospital size
Everyone needs life insurance and no less so a new-to-practice physician. If you should die, you want to make sure your family is provided for financially, especially if you are leaving themwith large educational loans for which they’d be responsible. The amount of life insurance and the type you need depend on your individual circumstances. It’s best to consult with a financial advisor to help you calculate life insurance into your overall estate plan.
• Subspecialty support
• Documentation system
• Malpractice insurance – Is it provided?
PERSONAL ASSESSMENT
HEALTH INSURANCE
At last you are ready to start looking for a job, right? Not so fast! There is one more step that will help prepare for your search. You, your significant other and/or family members should sit down and determine what you are really looking for in a practice and community. This will allow you to identify your needs and your wants so you can stay focused during your search and help you to be more articulate with potential employers. EMPLOYMENT CONTRACTS Employment compensation and contracts canbedifficult tounderstand. Remembering a few basics can help you in the process whether you are a new or experienced physician.
If you become an employed physician or part of a group practice, health insurance will likely be part of your total compensation package. If not, you will need to find suitable coverage for yourself and your family. Options range from traditional indemnity insurance to Health Maintenance Organizations (HMOs) and Preferred Provider Organization (PPOs). You will want to evaluate cost versus flexibility and choose the plan that best suits your needs.
UNDERSTAND YOUR COMPENSATION
You should fully understand and be comfortable with how your compensation is structured. If not, ask someone to walk through it with you using numeric examples. Before you agree to an employment contract, you should be familiar with the median salary range for a physician in your specialty in that geographic location. If you don’t knowwhat your skills areworth in the local market, youwon’t know if the compensation offered by the practice or employer is fair.
18 La State Med Soc NEW PHYSICIAN’S GUIDE
La State Med Soc NEW PHYSICIAN’S GUIDE 19
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