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Physician Contract from Recruitment to Retirement
- 1. Phoenix Physician Services “PhysicianContract Negotiations – From Recruitment to Retirement” Presented by Rochelle Glassman, President and CEO 3610 N. 44th St. Ste 100 Phoenix, AZ 85018 602-685-9500 info@pps247.com www.pps247.com
- 2. Rochelle Glassman Bio •Rochelle Glassman is the founding partner of Phoenix Physician Services, Inc. and a nationally recognized healthcare consultant. Rochelle brings years of high-level experience in the healthcare field to our clients – experience that has generated millions in revenue. Trained as an RN, Ms. Glassman became CEO of a private practice in Beverly Hills that grew from three physicians to more than 150 and became a nationally recognized integrated multi-specialty practice. • Ms. Glassman has achieved significant success stories within the healthcare industry. She created a new line of business for one of California’s largest HMO’s in workers compensation/occupational medicine that increased market share and revenue by $50 million. • For Anthem Health in Indianapolis, then the largest healthcare provider in the United States, she developed the first capitalized specialty network in the country. • Ms Glassman also spearheaded the Healthy Baby program for CIGNA Healthcare, which reduced the cost of pre-term deliveries across the country and was an enormous marketing success.
- 3. Steps for aSuccessful Hire Prior to the recruiting process: Identify practice need Identify type of Physician Full or Part time Expectations of new Physician Salary, benefits, bonus structure Employment and/or Partnership Partnership with Hospital
- 4. Identify Practice Need Completea needs analysis Discuss at Annual Strategic Planning meeting (with partners) Cost of bringing on a Physician Partner(s) approval
- 5. Physician Recruitment Process Oneyear hiring process from identification to start date Negotiate contractual terms Legal review Licensing Healthplan credentialing and contracting Hospital privileges Hospital EMR training
- 6. Type of Physician& Hiring needs Specialty American or Foreign trained Board Certified or Board Eligible Full-time/ Part-time status Numbers of days, patient hours, weekends and call rotation per month Office setting office and/or hospital
- 7. Physician Expectations Number ofpatients seen Number of hours per work day Number of work days per month On-call schedule (emergency, hospital, telephone) Typical schedule Patient charting, reading and signing off Attire (business, scrubs, casual) Administration requirements Hospital Practice
- 8. Practice Expectations Provide office/dictationstation Lab coats Clinical mentor for first year Staff Do they get their own MA?
- 9. Salary, Benefits, andBonus Base pay, who is paying; the practice or the hospital? Benefits Medical, dental, vision 401k Cell phone/pager/internet Gas/mileage reimbursement License, dues and publications CME Relocation Vacation Bonus - type of bonus structure?
- 10. Employment or Partnership? EmploymentTerm Partnership Criteria for Partnership Buy-in Terms
- 11. Employment Agreement fora Partner Similar to employed (non-owner) Physician May have additional benefits Must have same conditions as bylaws of Corporation
- 12. Partnership with Hospital Basedon community needs Recruitment assistance Hospital allowance Salary guarantee Forgiven loan Service area Length of contract 2 years; 3 years; 4 years
- 13. Managing the EmploymentProcess Organization is key, remember the candidate is interviewing you as well Establish interview process Identification of potential candidates The interview Candidate selection
- 14. Employment Contract Information toinclude: Licensing requirements for State What type of medicine Type of employment Facilities expected to work in Term of contract (prior to start date) State licensing requirements Hospital privileges Participation in at least 80% of insurance plans employer participates in
- 15. Term of EmploymentContract…. Contract term Is the contract self renewing? Termination notice “not for cause” Termination notice “for cause” Payment through last day of notice Disciplinary board action-limiting scope of practice Notice period (90 days;120 days;180 days, etc)
- 16. Term of EmploymentContract…. Base pay and bonus program Revenues Medical records Expenses Termination pay Nature and extent of services Working facilities Vacation Insurance
- 17. Term of EmploymentContract…. Tail insurance Non-solicitation/non-compete Future relationship of parties Assignment of agreement Binding Representation by council Severability Venue- practicing state Governing law
- 18. Partnership What does thismean? Define partnership Define responsibilities Partnership eligibility 1 year review period, extend employment if not meeting expectations
- 19. Partnership – frequentlyasked questions What are the costs? What is being purchased (goodwill, depreciated assets) The buy-in (examine debt and liability) What decision making authority will I have as a Partner?
- 20. Contracts related toPartnership Buy/sell agreement Bylaws of the Corporation Articles of Organization May have different contracts for LLCs Employment agreement – terms of employment
- 21. Buy/Sell Agreement This agreementdetails the terms for buying and selling the shares of the practice. Purchasing of the stock What is the Practice worth? What are we buying? Is there a payment plan? Sale of the stock
- 22. Terminating Events Death Disability orInsanity Divorce Conflict of interest Suspension of shareholders license Expulsion of shareholder Retirement How to handle payments? (purchase price upon termination, death of simultaneous partners, deferred payment terms)
- 23. Bylaw Agreement These arethe formal Corporate policies required to run a corporation. Who are the officers? Shareholder meetings List of shareholders, number of their shares they hold, and entitlement to vote Notice of special meetings of shareholders Quorum and Adjournment Ability to vote by proxy
- 24. Bylaw Agreement Shareholder checksigning authority What are the policies? One signature or two signatures based on the amount Indemnification Insurance Ownership of policies Duties of Trustee
- 25. Bylaws…. Majority vote requiredusually to terminate a partner Voting – Each shareholder usually has one vote Elections - Annual Officers (Chairman, Secretary, Treasurer , Vice Chair)
- 26. Retirement- Exit Strategy GroupPractice Provide one year written notice to Partners in order to provide for replacement physician. Sale of stock Sale of ownership in building (separate LLC) Sale of stock in equipment (leasing company) Solo Practice Sell Practice Hire employed Physician for a one year period with expectations of selling practice. Hire Physician as employee/management, stay on as Medical Director and collect income Sale of building (separate LLC) Sale of leasing company equipment
- 27. Thank you foryour time today. If you have any questions please feel free to stop by the Phoenix Physician Service’s Booth “Helping You Profit From Your Success”
Editor's Notes
- #4 Know what your strengths are and how you can impact these 5 competencies.
- #5 From the ACMPE (American College of Medical Practice Executives): Self-Assessment
- #7 Know what the classification of the position. Salaries vary by position.
- #9 Healthcare Management job descriptions should include these factors
- #11 Information taken from the MGMA Compensation Survey for 2005