Career and Life Planning Guidebook for Medical Residents

Recommended Tool THE ART OF PHYSICIAN NEGOTIATION – Your Guide to Negotiate Compensation with Ease and Confidence This tool will help you negotiate the best compensation package possible without jeopardizing the opportunity. http://md.careers/E-27A Terms of an Offer Letter or LOI May Include: Starting salary Production formula, if applicable Signing bonus, if applicable Loan repayment, if applicable Residency stipend, if applicable Retention bonus, if applicable Contract term, i.e. one year, two years… Relocation allowance, if applicable Paid time off Reimbursement of expenses, including fees for Continued Medical Education (CME) Offer letters and LOIs are often accompanied by a deadline of anywhere from 48 hours to 30 days. Because the offer letter/LOI is often as short as a two-page document, the deadlines are often closer to 48 hours than the 30-day mark. You can always ask for additional time, but keep in mind the risk of your prospective employer saying no and moving on to another candidate. Executable Employed Contract The employment agreement is the traditional document used in relationships between em- ployees and employers for laying out the rights, responsibilities, and obligations of both parties during the employment period. 1 Timeframe: Some employerswill place a deadline on the contract and some employers will not. With employers who do place a deadline, they typically allow seven to 30 days for contract review. Again, your position is not secured until the employer counter signs and returns the fully executed agreement to you. Even if there is not a deadline, creating a plan to sign the agreement using seven to ten day timeframe should provide you with enough time to review the agreement, ask questions/clarifications, and eliminate most of the risk of losing the position to another candidate. The job is NOT secured until the employment contract is a fully executed agreement between the employer and physician. Employment Law For Physicians 313 WWW.PHYSICIANCAREERPLANNING.COM