The physician contract negotiation is the most crucial part of any physician’s job search. It is also one of the parts of the process that physicians are least excited about or comfortable with. After receiving an offer letter, you might be tempted to sign and accept it and get to work. This, however, is a costly mistake that can lead to the following:
These points can become a factor for you looking for a new job in two to three years. Physician contract negotiation isn’t as complex as the medical billing services (if you get the reference); however, it still requires patience, careful thought, and an overall meticulous approach to weigh in all other factors.
Before a physician contract negotiation even begins, the doctor needs to set up a clear understanding of their main priorities. These priorities can include:
Define which of these (or additional) aspects of the contract are most important to you. Doing so will guide your negotiations. Furthermore, listing down your priorities helps you stay focused on the contract terms that are most important to you and even prevent you from being sidetracked by the less concerning issues.
Physician contract negotiation is incomplete without asking the right questions to clear any ambiguities. You will be a better negotiator if you are well-informed before the talks begin. Take your time, and learn as much as you can about your prospective employer and the position by asking a lot and the right questions.
Top Questions to Ask During Physician Contract Negotiation:
When you are asking for added benefits, more money, or any other kind of special consideration, you must justify why you are asking for it. Your justifications must be more than “Well because that is what I want”. If a doctor/physician asks for an additional $40,000 in compensation, they should be able to justify why it will make sense for the employer to grant their request.
If a doctor is unable to answer this question, then they shouldn’t ask for that $40,000.
Malpractice insurance coverage is a key element of physician contract negotiation. It protects physicians from any financial liability in an instance of a lawsuit. While reviewing the malpractice insurance provisions, you must consider the following:
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