Things You Need To Know About The Physician Employment Agreement
Employment contracts and compensation can sometimes be difficult to understand. So whether seeking employment at an academic medical center, hospital, group practice, or in some other setting, you must fully understand your physician employment agreement to negotiate alternatives or discuss different options. Below are a few important things that you must understand before signing your employment contract. Understand the Compensation Model It is crucial for you to understand the compensation model. Generally, a contract can have two types of compensation models, which are as follows: Variable Compensation Model: When determining salary, this model uses specific formulas to explain a physician’s performance. Physicians who are more experienced get this type of compensation. Fixed Compensation Model: This type of model focuses on a set salary and does not depend upon a physician’s performance. The fixed compensation model is mostly designed for new physicians. ...