Here are six tips:
1. Understand the potential loss of control. Choosing an employed status means that, should the physician wish to change some aspect of the practice, he or she needs authorization from the organization to make that change.
2. Consider the contract. It is reasonable for physicians to engage legal counsel experienced in healthcare issues. A physician’s hospital employment contract may have a significant impact on a variety of issues, including compensation, rules for practice, job satisfaction and options for practice after termination of agreement.
3. Learn the payment structure and compensation. Physicians need to understand whether they will be paid a set salary or paid under a production-based formula, as well as who will bear the costs of the business expenses, such as malpractice insurance, license fees, continuing medical education and publication in professional journals.
4. Understand local market forces. Once a physician is employed by an organization, their professional and financial status is dependent on the health of the organization. Physicians should take note of the track record of the organization in meeting previous challenges. Typically, contracts last for three to four years.
5. Get involved in decision making. It is important for physicians to try to have a role on important committees to provide some input into administrative decisions. Acquiring a seat on the governing board as part of the employment contract could provide some sense of control. The physician should also have some role in the hiring and firing of staff that he or she will be directly working with during employment.
6. Be aware of administrative considerations. An employed physician has the advantage of billing and contract negotiation expertise. This expertise could allow for a higher income.
More articles on GI & endoscopy:
5 most read GI/endoscopy stories: April 18 – April 22
Risk rate of hepatocellular carcinoma after HCV cure is 0.33% per year: 3 insights
Temple University Hospital names Dr. Benjamin Krevsky GI section chief: 4 notes
