Contracts are legal-speak; they are sometimes hard to understand. As such, some doctors may hire a physician contract lawyer just so they guarantee that the contract is favorable.
You can do the same, but we have some advice for you. Today, we will show you several tips n how to review a job offer contract.
The first thing you must review is the compensation. There must be a part of the document that says how much you will earn. The compensation part is what you need to know because it can help you in managing your personal finance.
The compensation part of the document must:
- Tell you how much you earn
- Indicate how often you will get paid
- Show the amount in figures and what currency
If the compensation package is different from what you have been told during the interview, feel free to ask the company representatives to change it.
Review the part of your contract that stipulates your job. Are you signing for a night shift? Is it a 12-hour job?
Many hospitals do not put details around this area because as a physician, you are expected to be on call. If there is anything you want to clarify, do it now before signing. What really matters is that you understand what is expected of you.
Benefits refer to your sick leaves, vacation leaves, and other benefits that you can get as an employee. Most of these are already mandated by the law.
Some companies may give you stock options, profit sharing, etc. Take note of whether or not these benefits fall within your legal rights or if they are privileges. As a physician and employee, there surely are benefits mandated by the government that your employer cannot skip.
Doctors need insurance policies, too. This type of insurance does not have to be life insurance but rather something that will protect you from lawsuits.
If there is no insurance in your compensation package, you might as well ask for it. Hospitals must offer you general liability insurance, along with disability insurance policies.
Sadly, if the hospital’s stance on this is that you must pay for this insurance out of your pocket, then you really have no choice.
The last thing you must look for is the security of tenure. Does the hospital employ at will? Do you have to go through a probation period?
Sometimes, this policy is not in the contract but in the company handbook. What matters, really, is that the contract must stipulate that you are a full-time or regular employee, not a contractual worker who will only work there for a few months.
Be patient when reviewing a job offer. It is an exciting time in our life, but then you need to guarantee that you are entering a contract that is favorable to you.
If there is anything about the contract that you do not understand, consult a contract lawyer, or ask the leaders of the company for some time to discuss your concerns.