Medical school is extremely difficult and only the smartest individuals succeed. Despite being smart, physicians also make regrettable mistakes when it comes to their employment contracts. This is in no part due to any failures from the physicians. It’s just that medical school does not teach sufficiently about legal contracts. Here are five legal mistakes to watch out for in your first employment contract.
1. Not consulting a physician contract lawyer
Being smart as a physician certainly has its advantages. However, the one disadvantage of being smart is that you may feel like you don’t need any help when it comes to your employment contract. This is the mistake most physicians make. They struggle to read through the contract and end up skipping the legal jargon they don’t understand. It is important for every physician to consult a contract lawyer before signing an employment contract. A physician contract lawyer has sufficient experience to spot ambiguities that may be unfavorable to you.
2. Signing a one-sided agreement
In the desperation to get a new job, some physicians may sign a one-sided contract. For example, the employer may have the right to terminate the job at will or the notice period may be unreasonably long. Physicians should always remember that this is not the last and only job they will have. They should also remember that negotiating with the employer before signing the contract will not lose them the job. They should negotiate to the point where they are comfortable. An employer who will push a one-sided contract to you is probably not one you want to work for.
3. Not asking questions about the employer and employment situation
Sometimes the excitement of the possibility of a first job blinds physicians. They begin to daydream about how much they will earn and where they will work. Physicians should actually spend more time researching the employer and their credentials. They should also ask questions about the job itself. For example, their duties, pay structure, on-call times, and the facilities they are expected to operate from. Finding out the turnover numbers and the reasons can provide interesting insights about the employer. Even before starting employment in any practice, physicians should find out everything about the employer.
3. Not getting something discussed in writing
It’s very common in employment situations to have some issues discussed verbally. Verbal agreements are difficult to enforce in a court of law. Physicians should always ensure that any verbal discussions are also captured in the employment contract.
5. Contracts without Malpractice Insurance
Nowadays, malpractice insurance is extremely expensive. Physicians should ensure that their contracts have malpractice insurance covers at the employer’s expense.
The most ideal time to negotiate for your physician contract is before signing it. Always ensure that you review your contract with a physician contract lawyer. The lawyer is more likely to identify areas that may be unfavorable to you. He will also negotiate with the employer for the best possible terms. A great contract will propel you to the financial independence you’ve always aimed for.
AUTHORED BY:
Naomi Olson [Website • Twitter • Headshot]
I am a CFP® (Certified Financial Planner).
I have a severe phobia of bridges and dirty balance sheets.
Hobbies: blogging, meditation, and loving Bull Market (my dog).
