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

1. They don't have an experienced contracthave little to compare your contract to. All
lawyer evaluate their contract.Do not entrustyou know is that when you leave residency
your physician employment contract to youryou'll be making a tremendous jump in salary
local general practitioner. While there areas an attending physician. That's good, but
some similarities to general contracts andthat's only part of the equation. You need to
physician contracts, you should have anknow much more.How do you learn more? By
attorney who has extensive experiencereading books written by attorneys who have
reviewing physician contracts. There are moreexperience in this area. Learn all you can
differences than similarities and anabout your contract and physician employment
experienced lawyer will be able to spot themcontracts. Have your attorney give you a
and correct them before they cause harm.Youcrash course on contracts and negotiation. I
wouldn't want a family practitionerguarantee you it'll be the best money you
performing coronary artery bypass surgery onever spend. An experienced lawyer should know
you unless that physician has had years ofwhat the going rate is for your specialty in
training and fellowship in that field ofyour geographic area. He (or she) should know
medicine. The same holds true for lawyers.2.whether the other benefits you're getting are
A young doctor is money-conscious and isconsistent with other competing groups. You
afraid to spend money to hire a lawyer.Themust ask lots of questions.5. The young
common thinking is that if they can save adoctor fails to do research about the group
few dollars by not having to pay a lawyer,or hospital he is joining.This is vital. You
then they're ahead of the game. Wrong. That'smust investigate your group. Ask your
what you call 'penny-wise and pound foolish'.colleagues about their reputation, their
By spending money for a good lawyer now youethics, their surgical or non-surgical
will be protecting yourself for years to comeabilities. Speak to members who have left the
knowing that you have fought for everythinggroup if possible. The more information you
you can possibly get in yourhave about the group, the better informed
contract.Remember, your contract will guideyou'll be, and you'll be able to make
you for many years. If you make mistakes atjudgment calls knowing full well what your
the begining by not knowing and not being anoptions are.CONCLUSIONBe informed, do your
informed consumer, you will regret it forresearch, read your contract, and then hire
years to come. Believe me, I've seenan experienced contract lawyer who
physicians kick themselves for not havingspecializes in doctors contracts.Attorney
their contracts reviewed by an experiencedOginski has been in practice for 17 years as
lawyer before signing it.3. The young doctora trial lawyer practicing exclusively in the
is afraid to make waves with his new group orState of New York. He has recently published
hospital.You've just been hired. "You got thea book that will help every doctor in
job!" But, once you see the contract youresidency and every doctor changing jobs
realize that all is not rosy. However, withunderstand their employment contract. Take a
good counsel, you can learn to negotiate, andlook at his useful website, for more
you can have your lawyer be the bad guy andinformation.Over the last eleven years, Gerry
negotiate for you.It never hurts to say, "Myhas developed a specialized practice helping
lawyer felt this was inappropriate...", "Myresidents and physicians who have been
lawyer advised me to have this re-worded...",offered jobs or are changing jobs. He
"My lawyer felt this was unfair and needs toevaluates and negotiates their physician
be removed." Let your lawyer be the bad guy.employment contracts. Gerry can be reached at
Do you think the groups' lawyer is looking, or 516-487-8207. All inquiries are free and
out for your interests? Never.4. The grouptotally confidential.
wants to give you as little as possible. You



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