Initial Job contract

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drzeus777

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I am an interventional cardiology fellow now currently looking for a job. I am interviewing with this solo practitioner who is also an interventional cardiologist. He has associated with a hospital who will be paying me my first year salary as an “income guarantee” which essentially is a loan to me and in return I have to work in the area for 4 years. The issue is the private practice cardiologist will not be sharing any of the revenue that I bill for him the first year and in the second year will give me a base salary plus 205 of billed revenue. My worry is that if after 1 year I decide to leave the practice, then I have essentially racked up a debt from the hospital income guarantee aka “loan” that they have given me, as well as I have worked for free for this cardiologist. Is this normal? Or should I ask him to be responsible to pay back the hospital if I should leave before the promised 4 years.
Thank you

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Get a lawyer to read it and dont sign any contracts you are not comfortable signing. Ideally look for a group with the smallest non compete radius and one willing to pay yr tail insurance...easier to do for IM but cards may have fewer groups to choose from??
 
1. I am not sure that this is a good contract to get into.
2. You are saying there is a 4 year requirement but are not specifying a guarantee past two years.
3. The work agreement really should only be for 2 years. After that, you can see your own success and negotiate from there or consider options.
4. Any bonus structure/additional salary etc should be based on revenues not billings. 50:50 above differential costs is a common formulation for example.
5. The contract should demo the equation used in the calculation for sure.
6. The first year hospital guarantee is fine. It protects the doctor from having a first year loss.
7. Stark Law prohibits use of a restrictive covenant by the employing doctor if the hospital supports you via his practice monetarily.

Good luck!
 
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