New Grad Offer in Interventional Cardiology in Florida

[VLBPAC]

Hi I just received a contract for a solo interventional cardiologist. I would just like to know if this is a fair contract.  Any suggestions or comments are appreciated! Thank you!

 

Compensation - $85,000/ year

Sign on Bonus - $4,000 once agreement is executed

Relocation Fees - $2,500 given on start date

Term - One year

Schedule - Clinic Hours Monday-Friday 8-5; Call - no weekday calls; one weekend every three weeks (stated verbally, but not written in contract)

Liability/Malpractice - Practice purchases claim-insurance 250,000/750,000; tail coverage purchased by practice

PTO - 3 weeks total ; no allocations for CME or sick leave

Non-compete Clause - there are no restrictions once contract terminates

Fringe Benefits

Credentialing, Certification and Licensure Fees The Practice shall pay on behalf of Employee, state licensure renewal fees, certification renewal fees and credentialing fees 

Continuing Medical Education Expenses. The Practice will reimburse Employee, or pay directly, up to $500.00 each calendar year 

Insurance Benefits - Employee receive 100% Health (base plan), Dental Insurance (base plan), Vision Insurance (base plan) $10,00 Life Insurance Policy.  Options are included to buy up to higher plan (HMO vs. PPO) and to add spouse or dependents.  Other benefits offered are subsidized once chosen and are paid by the Employee should they choose the plan.  Other plans that are not paid for by Practice but not optional for employee include Accident Indemnity Plan, Critical Care and Recovery, Short Term Disability, and  Cancer Care Plan

 

The biggest problems I see with the contract are

1) call schedule not clearly defined in contract?

2) the liability/malpractice coverages too low?

3) should PTO be allocated into vacation, sick, CME, etc?

4) didn't see anything about FMLA or maternity leave?

5) CME too low; what is the standard?

6) didn't see if professional memebership fees to societies were included?

7) DEA licensure?

 

 

[AbeTheBabe]

1) Try to get this onto contract.

2) Not sure, I know some docs in Florida don't get insurance as it's not mandatory.

3) No it's better that it's not allocated, that way you can use it whenever you want/need.

4) FMLA is federal law, doesn't need to be in contract. Many places don't have maternity leave policy, FMLA will work.

5) CME is a bit low, but since they pay credentialing/certification/license fees it's not too bad. Unless you go to conferences, CME can be pretty cheap.

6) These usually are not included, can probably pay with your CME money though. You can ask for $1,500 or $2,000 CME and see what they say.

7) Sounds like if they need you to have DEA license they will cover it but you can clarify. I believe it's around $750 for 3 years.

[FSUnoles]

okay for florida. trust me its hard to get into 100k the first couple years

 

but i would be suspect of the hours. what kind of patient volume ? have they had a PA before