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Hospital buyout

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I've been working as a subspecialist in sleep medicine with a group of 4 MDs who ran the place. A couple new docs joined. One part time. One full. PA joined and got fired. They've kept me "happy." Until the local hospital bought us out. I am now treated as staff. No contract. Is this the norm? And specifically, I had these guys allowing me to take one day a month off without it counting as a vacation day...they take off every Friday afternoon. Do most of you working in specialties have time off during the week? Do you have to keep track of your hours worked?

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