Physicians: Find the Right Job & Negotiate a Better Contract
- 2.5 hours on-demand video
- 30 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- After completing this course you will be ready to negotiate a favorable contract for a job that satisfies your key career issues.
Whether you are a resident or fellow, or an early-, mid- or late career physician, this course will help you answer questions like:
- What are my key career issues?
- How can I find jobs that might satisfy my key career issues?
- How can I evaluate jobs during interviews and visits?
- What are my duties and schedule?
- Is the compensation fair?
- How can I leave the job?
- How health care market consolidation affects your career
- The decline of the voluntary medical staff model
- Accountable Care Organizations
- Health system employment
- Physician-owned independent private practice
- Career costs of family
- Take charge of your job search
- Recruiters, networking, and other job sources
- Learning about the job and community
- Visiting the practice and community
- Physician-owned practice: Joining, buying (into), and starting
- Physician-owned practice: Hospital loan agreement
- Good and poor employment contracts
- Duties, schedule, location, and workload
- Compensation models
- Term and termination of employment
- Professional liability (malpractice) insurance
- Restrictive covenants
- Path to becoming a shareholder in a physician-owned practice
- Negotiating strategies and techniques
- Physicians considering new jobs and other career decisions.
Whether you are evaluating your first employment contract, considering a mid-career change, or approaching retirement, this Introduction explains why this is the course for you.
In the 1980s, physicians who owned their practices served on hospitals’ voluntary medical staffs.
Since then, continuing changes in reimbursement have driven hospitals to employ physicians.
Employed physicians perform hospital functions formerly performed by the voluntary medical staff.
Before 1985, local health care markets were fragmented.
Changing reimbursement drives market consolidation.
In many markets today, a few health systems employ most physicians.
Accountable Care Organizations promote higher quality and lower costs; and may drive market consolidation.
Plan your job search 18 months in advance, Start looking 12 months in advance, Start negotiating 6 months in advance.
Practice your elevator pitch.
Make your curriculum vitae an easy-to-read chronology of your experience and qualifications.
Plan your visit
Observe organizational culture: Positive? Negative?
Shadow your prospective colleagues
Compensation, benefits, obligations
Employee vs. Independent Contractor
Local market conditions strongly influence compensation
Base salary may be reduced/eliminated after 1 - 3 years
Incentive compensation = Work Units above Threshold x Rate
Correlation between work and pay
- strong: wRVUs
- moderate: Collections
- weak: Profits
Each CPT code has 3 Relative Value Units (RVUs)
- Physician’s work effort (wRVU)
- Practice expenses
- Malpractice insurance expenses
wRVU Threshold ~= same percentile as guaranteed compensation
wRVU Rate = Guaranteed compensation/wRVU Threshold ~= median wRVU rate for specialty