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Practice FAQs
Q: I'm a new doctor and am just starting out. What should I keep in mind when negotiating a contract with a potential employer?
A: You'll want to keep 6 things in mind when negotiating a third party contract: duration, compensations, relationship of parties, duties, buy-in and termination.
Q: I want to attract top-notch physicians for my new office. What type of benefits should I offer them?
A: As a basis for your benefits package, consider the following trends in healthcare:
93% provide a vacation during the first year
90% provide health insurance
85% pay for medical society dues
64% offer retirement plan benefits
61% pay for disability insurance
61% include restrictive convenants
41% offer 10 to 20 sick days per year
26% pay automobile expenses
Q: Why is practice management important? I just want to be a doctor
A: Often compensation or bonuses are based on collections, so you'll need to have a handle on this. If you're buying into a practice, you'll need to know its financial stability. Finally, you never know what the future holds. It's possible that at some point you will be in a position of actually running the practice, and you'll want to be aware of the entire operation.
