Career and Life Planning Guidebook for Medical Residents

Family Leave Policy: While not specifically part of an agreement, you should review and understand your employer’s family leave policy. In some cases, you will be required to exhaust paid sick days and vacation and then take unpaid leave for the balance while other policies may permit you to retain some paid time off for the balance of a year and otherwise take unpaid leave if you choose. Leave laws vary by state and usually there is a small employer exception such as the federal act which generally does not apply to groups with less than 50 employees. Paid Time Off Policy: Paid time off (PTO) is a policy in which the employer pools sick days, vacation days, and personal days for employees to use as they need or desire. In addition, it’s common for employers to provide additional time off for CME, along with a stipend. Expenses: Your reimbursements for expenses associated with various certifications, exams, memberships, work related travel and other qualifying expenditures should be covered in your agreement. Make sure you understand and have listed the expenses you expect you may incur and that such are discussed and included in your agreement to the extent possible. Malpractice Insurance Coverage Limits and Types of Coverage: Insurance brokers often recommend coverage limits of at least $300,000 per occurrence and $1,000,000 in the aggregate. Occurrence coverage applies to any event which occurs during the policy period whether or not the claim is made during the policy period. Such coverage is more expensive than the other type of coverage, known as “claims-made” coverage, which only provides coverage for claims actually made during the policy period. If your employer has claims-made coverage, you will need to obtain a tail insurance policy when you leave the group. As the name implies, tail insurance covers claims after the policy period and even after you have left employment by the group. Again, tail insurance is imperative upon leaving a group with claims- made coverage and should be negotiated in your employment agreement. Responsibility for Tail: You should generally only be responsible to pay for tail coverage if you quit prior to the end of your contract term or you are terminated for “due cause” as defined in your agreement. Contract Termination: Contract termination is the end of your contract and can happen automatically at the end of a stated term or can occur upon delivery of notice as may be provided in the agreement. Relevant Notice Procedures: The parties to an agreement may need to provide written notices to one another to satisfy provisions of the agreement. For instance, a contract may automatically extend for an additional period of time without written notice. Notices would also generally be required to memorialize a default by a party giving rise to a damage claim by the other party. The contract will indicate the method by which notice is considered effective and will include the addresses and emails of the parties and often, the address of counsel for the parties who would receive a copy of any such formal notice. SECTION III: T MINUS ONE YEAR CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 318