Another Contract Overview and Question

[toastayy]

Graduating FM residency and looking at a couple job offers, 3 so far. Started a little late in the game but that's on me. I'm more interested in my 3rd offer but I'll provide the compensation scheme for the other 2 just for comparison. I'm wondering if it's worth it to get a lawyer to review the contract and maybe ask for more? I'm struggling since this is the highest offer rive gotten so far. As below
1. Rural clinic NY. 200k base with 120k loan repayment over 6 years. 10k relocation. Population not an exact fit for what I'm looking for.

2. FQHC in MD. 176k offer (I felt disrespected by this tbh) no loan repayment, some relo 10k bonus

3. What I'm interested in. Large expanding hospital group. 215k base + 50k bonus over 2 yes (25k each yr). 18k relo (not using most of this); No loan repayment but there is loan repayment through the state. WRVU 46.00 above 4700, capped at 60k/year. 18k "quality bonus" based on their own set goals.
I was thinking of just signing the 3rd because it's the best offer I've gotten..but knowing better I should probably negotiate more? I'm tentative because I have no better offer to compare. The contract seemed simple enough to me, but I'm wondering if it's worth to hire a lawyer to review?
Anyone care to explain if the wRVU makes sense?
This located in the NE as well. Strictly outpatient.

Thanks

[PecanPie]

Its always worth it to hire a lawyer, especially you as you are fresh out of residency. Mistake to not hire one.

[Jokdoc]

You might be a smart doctor but you are not capable of correctly interpreting a contract. Huge mistake not to hire a lawyer!!! And not just the first name that pops up on Google. This is just one of those things you can’t cheap out on.

Monetarily 3rd offer seems best although it’s a big mistake to think it’s all about the money. Can’t really decide which is best based on the information you’ve provided as there is potential for so many other pitfalls in a contract besides just the compensation. For example, what does your termination clause look like? If the job is BS and you determine you need to leave are you on the hook for any of that “repayment”? Personally when I see the loan repayment things I’m asking myself, why don’t they just pay you enough to comfortably cover the loans yourself? Serious question. A highly experienced lawyer, one that you can be aggressive and go back and forth with, would help.

[Tim]

1. You need a contract review. A review service (see WCI vendors) or a health attorney in the state that does contract reviews
2 . Comp is more than pay. Retirement plans, employer contributions, health insurance, malpractice (be careful of tail coverage), CME (time and money) licensing and credentials, vacation, call, non competes, termination with or without cause and many others. Many of the above cost money at the start, during or EXIT. Pay attention to the exit.
3. Comp, job, and location. 2 out of 3 is likely.
4. Your first contract is a learning process. Read every section carefully, let the reviewer be your tutor.
Possible points of negotiation, comp range, production and reasonableness of base and incentives. Everything is negotiable until it’s not. Licensing and credentialing can take 6 months.
Once you get the total comp, the job and location figured out for all three, then you are ready to make a choice. At that time, get the contract reviewed. An offer letter is not a contract. That needs to be reviewed prior to responding. Negotiations start prior to responding. How long is the contract for and when is the next? Just simple questions. BTW, You can use good points of Home and Forum to request improvements in Main Forum It’s not all or none and negotiations can be requests, not an ultimatum. They can decline and you accept.
https://www.whitecoatinvestor.com/co...on-and-review/
Four midway down.
Do you have MGMA? Every reviewer should have that. My understanding is Contract Diagnostics has some their own data as well.
Get moving and good luck.

[Otolith]

1. Find out current FPs WRVU totals to make sure 4700 is even obtainable
2. You need to know particulars of mal practice
3. How long do you have to stay in order to not pay back the sign on bonus/relocation
4. How long do you have to stay in order to have tail coverage payed for
5. What are the terms of termination
6. What about payed admin/education time?


You should only ask for a salary that you think you could ultimately support via productivity. If you see yourself only doing 4700 wRVUs a year asking for a higher base is unfair and just moves the wRVU quota higher.

Know what you are worth and how busy you intend to be then have that be your salary. If you want to negotiate more pay perhaps negotiate scheduled admin time or a higher sign on bonus.

Tale as old as time: New grad sees large salary base/bonus offer and gets blinders. New grad works for a year and realizes they will never be able to support that productivity/salary in the current practice model. Not a big deal if you had a good contract...

Summary
Negotiate everything yourself. Have them put in writing the things they say. If it's "not a big deal" then they wont mind writing it in the contract. Once you have a contract that makes you happy, just before you sign have a contract lawyer review it and give you critique. Then pick and choose what changes you will want to make from their critique. You can do it yourself or pay them to do it.

[Random1]

6. What about payed admin/education time?

When you see this in a contract when you income depends upon wRVUs , most of the time it does not matter, Basically if you don't work , you dont get paid.

A concern , but not necessarily contract breaker , is the amount of "work" you need to do that is not wRVU generating , like mandatory meetings or 1/2 day administrative day or time. That means you get to go into work for free on an otherwise day off.

You should also look at a job, because you will like the area and stay for a while. Nothing like going to an area you hate to do your time for the next 3 years. It might be unbearable for your significant other , and if you dont have one, good luck.

[Savedfpdoc]

Yes u need a lawyer. The wci has recommendations, one of them is a lawyer who can also get comps in pay for your area…recommend that.

im fm, 4 yrs out.
i signed w a large corporation…I’d recommend not doing that. Instead look for small to medium private practices(those owned by a doc or group of docs) , not an fhqc or a big medical corporation..the corporate headaches will be terrible. Esp anything tied to quality…you’ll have managers w a masters degree telling you your patients a1cs are too high etc…
don’t do it.
when graduated my offers began at 210..now they should be more like 220k+ Guaranteed for 2 yrs then based on production.