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EM Physician Contracts

EM Physician Contracts. Borislav Stoev, DO Emergency Department Medical Director St. Peters University Hospital New Brunswick, NJ. FINDING YOUR COMFORT ZONE. A job can’t make you happy, but you can strive to be in an environment that mitigates you from being unhappy. The Why.

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EM Physician Contracts

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  1. EM Physician Contracts • Borislav Stoev, DO • Emergency Department Medical Director • St. Peters University Hospital • New Brunswick, NJ

  2. FINDING YOUR COMFORT ZONE A job can’t make you happy, but you can strive to be in an environment that mitigates you from being unhappy

  3. The Why • You want a job • You want to take care of patients within your comfort zone • You want to begin a chapter in your life/career • You want to be a respected and trusted healthcare professional • You want to get paid

  4. What Physicians Want • Geographic features • Lifestyle amenities • Significant other issues • Salary and benefits

  5. Practice Preferences • Community vs. Academic • Patient type • Volume • Clinical time • Non-clinical time

  6. Group • Size • Leadership • Number • Structure • Career Track

  7. Contract Necessity • Protects the institution/group • Protects the physician • Legal and third party payor requirements

  8. Elements of the Contract • Prerequisites • License, DEA • Board Certification • Medical Staff Membership and Privileges • Special training • Academic appointment

  9. Responsibilities • Clinical Time • Working hours, call time, in-house coverage • Administration • Scheduling, QI, Compliance with policies • Education • Staff, residents, interns • Medical Records completion • Hospital support

  10. Status • Employment • Hospital vs. Group • Independent Contractor

  11. Compensation and Benefits • Salary • Fee for Service Billing • Hourly rate with/without Bonus • Guarantee • Percentage of Gross or Net

  12. Professional Liability Insurance • Claims vs. Occurrence • Tail payments

  13. Loans • Amount • Purpose • Interest rate and terms

  14. Sign-on Bonus • $1000-$10,000 • Moving expenses

  15. Insurance • Health/dental • Life insurance • Disability insurance • Unemployment insurance

  16. Vacation/Time Off • Vacation • Personal Time • Sick Time • Maternity/Paternity Leave • Professional Development Time • Military Leave

  17. Profit Sharing/Bonus/Incentive • Profit sharing criteria • Bonus/incentives • Tied to Performance Evaluations • Objective and Measurable • Timing • Monetary vs. non-monetary

  18. Other Compensation • License and Professional Fees • Medical Journal, Publications etc • CME • Medical Supplies • Car phone, Pager, Meals, etc. • Parking, Lab coats, and cleaning • Retirement Plan

  19. Restrictive Covenants • Non-compete agreement • Time, distance • Clinical vs. non-clinical • Solicitation of employees, patients • Liquidated damages

  20. Term • Fixed term-year • Renewed automatically – “evergreen” • Notification time for termination – 90-120 days • Timing of new contract negotiations – 60-120 days

  21. Termination • Without cause – any time without reason • With cause • Loss or negotiation of license • Loss or restriction of hospital privileges • Professional liability insurance or claims

  22. Termination continued • Impairment • Professional misconduct • Death/disability • Failure to perform • Criminal activity • Breach of contract

  23. Partnerships • Stipulations for the offer • Cost for buy-in • Means to buy-in • Timing • Terms and conditions

  24. Timeframe • The process usually takes approximately two to three months

  25. Summary/Conclusions • Interview • Negotiate terms and conditions • Review document • Sign Agreement • Contract Maintenance

  26. Thank You!

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