If you're a physician considering negotiating a contract, here's a rundown of some of the most important points to consider.
Before You Negotiate
1. Know what you want and what you are worth
2. Have a realistic idea of what the other side wants
3. Do your research
4. Be prepared
Ask the Right Questions
When negotiating a contract, it is important to ask the right questions. The following are some questions that may be helpful.
-What is the expected length of the contract?
-What are the physician's hours of availability?
-What are the physician's rates?
-What are the physician's qualifications?
-What are the physician's responsibilities?
-What are the hospital's responsibilities?
-What are the expectations for the physician's performance?
-What are the consequences for the physician's failure to meet the expectations?
-What is the termination policy?
-What are the benefits associated with the contract?
Determine If the Offer is Competitive
The first step in negotiating a physician contract is to determine if the offer is competitive. Physician contracts include a list of factors to consider when comparing offers, such as salary, benefits, and malpractice insurance.
If the offer is not competitive, you may want to consider negotiating a higher salary or additional benefits. You may also want to ask for a signing bonus or other financial incentive.
Understand the Negotiation Process
Before you begin negotiating, it is important to understand the negotiation process. The negotiation process typically includes the following steps:
1. Establishing the bargaining range
2. Making initial offers and counter-offers
3. Reaching an agreement
It is important to be patient and willing to compromise during the negotiation process. Remember that both parties want to reach an agreement that is beneficial to both sides.
Be Prepared
Before you begin negotiating, be prepared. This includes knowing what you want and what you are willing to compromise on. It is also helpful to know the other party's bargaining range and what they are likely to accept.
What to Negotiate
This is a question that can be difficult to answer. In general, anything that is not specifically spelled out in the contract is negotiable. However, there are some things that are more difficult to negotiate, such as salary.
Here are some tips for negotiating a physician contract:
1. Know what is negotiable.
2. Come to the table with a realistic idea of what you want.
3. Remain flexible.
4. Be prepared to compromise.
5. Know your worth.
6. Do your research.
7. Stay organized.
8. Have a good understanding of the contract.
9. Be professional.
10. Don't be afraid to ask for help.
Reviewing the Contract
1. It is important to review the entire contract and ask questions about anything that is unclear.
2. The contract should include a description of the services that will be provided.
3. The contract should specify the duration of the contract.
5. The contract should include a section on termination of the contract.
After Signing a Contract
1. Physicians should make sure they understand the contract before they sign it.
2. Physicians should have an attorney review the contract before they sign it.
3. Physicians should make sure they have a copy of the contract.
4. Physicians should keep a copy of the contract for their records.
5. Physicians should read the contract carefully and ask questions if they do not understand something.
6. Physicians should make sure the contract reflects the agreements that were made.
7. Physicians should make sure the contract includes any special provisions they may have requested, such as vacation time, CME time, or reimbursement for expenses.
8. Physicians should make sure the contract specifies the length of the contract.
9. Physicians should make sure the contract specifies the amount of the signing bonus, and whether it is payable upfront or overtime.