You've Been Hired! 5 Reasons Young Doctors Lose Money on Their First Employment Contract

1. They don't have an experienced contract lawyerto compare your contract to. All you know is that
evaluate their contract.Do not entrust your physicianwhen you leave residency you'll be making a
employment contract to your local generaltremendous jump in salary as an attending physician.
practitioner. While there are some similarities toThat's good, but that's only part of the equation. You
general contracts and physician contracts, you shouldneed to know much more.How do you learn more?
have an attorney who has extensive experienceBy reading books written by attorneys who have
reviewing physician contracts. There are moreexperience in this area. Learn all you can about your
differences than similarities and an experiencedcontract and physician employment contracts. Have
lawyer will be able to spot them and correct themyour attorney give you a crash course on contracts
before they cause harm.You wouldn't want a familyand negotiation. I guarantee you it'll be the best
practitioner performing coronary artery bypassmoney you ever spend. An experienced lawyer
surgery on you unless that physician has had yearsshould know what the going rate is for your specialty
of training and fellowship in that field of medicine. Thein your geographic area. He (or she) should know
same holds true for lawyers.2. A young doctor iswhether the other benefits you're getting are
money-conscious and is afraid to spend money toconsistent with other competing groups. You must
hire a lawyer.The common thinking is that if they canask lots of questions.5. The young doctor fails to do
save a few dollars by not having to pay a lawyer,research about the group or hospital he is joining.This
then they're ahead of the game. Wrong. That's whatis vital. You must investigate your group. Ask your
you call 'penny-wise and pound foolish'. By spendingcolleagues about their reputation, their ethics, their
money for a good lawyer now you will be protectingsurgical or non-surgical abilities. Speak to members
yourself for years to come knowing that you havewho have left the group if possible. The more
fought for everything you can possibly get in yourinformation you have about the group, the better
contract.Remember, your contract will guide you forinformed you'll be, and you'll be able to make
many years. If you make mistakes at the begining byjudgment calls knowing full well what your options
not knowing and not being an informed consumer,are.CONCLUSIONBe informed, do your research, read
you will regret it for years to come. Believe me, I'veyour contract, and then hire an experienced contract
seen physicians kick themselves for not having theirlawyer who specializes in doctors contracts.Attorney
contracts reviewed by an experienced lawyer beforeOginski has been in practice for 17 years as a trial
signing it.3. The young doctor is afraid to makelawyer practicing exclusively in the State of New
waves with his new group or hospital.You've justYork. He has recently published a book that will help
been hired. "You got the job!" But, once you see theevery doctor in residency and every doctor changing
contract you realize that all is not rosy. However,jobs understand their employment contract. Take a
with good counsel, you can learn to negotiate, andlook at his useful website, for more information.Over
you can have your lawyer be the bad guy andthe last eleven years, Gerry has developed a
negotiate for you.It never hurts to say, "My lawyerspecialized practice helping residents and physicians
felt this was inappropriate...", "My lawyer advised mewho have been offered jobs or are changing jobs.
to have this re-worded...", "My lawyer felt this wasHe evaluates and negotiates their physician
unfair and needs to be removed." Let your lawyer beemployment contracts. Gerry can be reached at , or
the bad guy. Do you think the groups' lawyer is516-487-8207. All inquiries are free and totally
looking out for your interests? Never.4. The groupconfidential.
wants to give you as little as possible. You have little