Surgeons have a myriad of choices when it comes to employment arrangements. Whether you are looking to enter a physician employment agreement, medical directorship or professional service agreement with a hospital, knowing the details of your unique agreement is critical. Doing your research on financial arrangements with hospitals can help you avoid potential surprises such as an unrealistic scope of work, restrictive language in your contract or misrepresented compensation offers. Knowing and understanding the details of your employment agreement will help you make the most informed choices that will expedite the achievement of your career and lifestyle goals.
The Basics of Physician Employment Agreements
Physician employment agreements offer a pathway for surgeons to enter a contract with a hospital, or, more specifically, a multispecialty physician group that is part of the hospital system. These types of employment contracts will address employment status (independent contractor, employee or shareholder), scope of work, restrictive covenants such as non-competition clauses, compensation and termination provisions. Comprehensive details should be included in physician employment agreements, such as continuing medical education considerations, insurance responsibilities and time off concessions.
Medical Directorships and Co-Management Arrangements
In a co-management arrangement, one physician from a practice is hired and paid by the hospital to serve as a medical director of a particular service line. Medical directors are responsible for a number of activities related to the delivery of medical care and clinical services and their duties typically involve cost management, utilization reviews, quality assurance and medical protocol development. As a vehicle to assist the hospital in necessary clinical administrative leadership, medical directorships are a popular type of employment arrangement. There are specific guidelines on the drafting of medical directorship contracts that avoid triggering Stark Law violations.
Professional Service Agreements
In a professional service agreement (PSA), a group of private practice specialty surgeons would provide their spectrum of services to a hospital or health system. This would include 24/7 clinical coverage, medical directorship duties and quality assurance. Surgeons wanting to maintain autonomy over working hours and compensation while relinquishing responsibilities for administrative duties, such as billing and collections, may be drawn to PSAs. Keep in mind that PSAs are extremely complex and must carefully heed Stark Law and anti-kickback statutes.
Personalizing your Employment Arrangement
Surgeons looking for ways to focus more on patient care without being weighed down by the burden of administrative responsibilities should consider joining NexGen Surgical. Additionally, as a NexGen surgeon, you will work only two weeks per month and will not be on call during your time off. This allows our surgeons to enjoy a flexible schedule and healthy work–life balance while living wherever they desire. We take care of dealing with insurance companies, handling staff problems and running the back office so our surgeons are able to focus solely on their patients. We use your career goals, scheduling needs and lifestyle preferences to guide us
, in tailoring a position for you that allows you to live your life to its fullest potential.
Increasing your Financial Compensation
Ultimately, financial compensation is a significant factor to consider in any employment arrangement. While medical directorships, co-management arrangements and PSAs may offer higher financial compensation, the broadened scope of work and increased administrative demands must be considered. Meanwhile, surgeons who transition to NexGen Surgical earn higher compensation than they would in their current practices while being free to pursue their desired lifestyle. Surgeons who are experienced, high-performing and have the skillset to lead winning teams are excellent candidates for joining NexGen. Helping surgeons maintain thriving practices while enjoying healthy work–life balances is our top priority.
Learn more about our current job openings today by calling us at 844.592.0802.