Hiring an associate eye care provider can be one of the most exciting chapters in the life of a private practice. Will the new practitioner bring new ideas and energy? Do they represent an exit strategy for you? Are you looking for a partner to help drive the business?
All things considered, some very specific issues need to be considered before you begin contract negotiations with a new employee. A well-crafted employment agreement will address all of these issues and more:
- Employment and Duties
- Hours worked
- Days worked
- Management duties
- Extra duties
- Exclusive Service
- Devote full working time and attention or
- Render services to another practice?
- Term of Contract
- Number of months or years
- Continuation after original term
- Potential buy-in option?
- Predetermined price?
- Compensation
- Base salary and pay schedule
- Bonus calculation
- Fringe Benefits
- Vacation days / Personal days
- CE allowance / Travel
- Entertainment allowance
- Administrative and management compensation
- Health insurance
- Auto mileage for multiple offices
- Life / Disability insurance
- 401K or retirement plan
- Malpractice Insurance
- Payment of malpractice insurance premium
- Office Records
- Ownership of records upon termination
- Vacation and Personal Time
- Number of vacation days / Personal time
- How is time accrued
- Advance notice needed for vacation scheduling
- Limitations of vacation leave schedule
- Ending the Agreement
- Termination of agreement
- Compensation
- Benefits
- Covenant not to Compete
- Miles
- Time
- Penalty
- Termination (immediate)
- Employee Death
- Employee Disability
- Definition of Disability
- Employee disqualification to practice optometry
- Employer’s business discontinued
- Employees failure to diligently perform duties of the employment
Professional Vision Group has helped successfully place hundreds of eye doctors in private eye care practices since 1989. There is no need to reinvent the wheel when you enlist the help of the experts of “PVG.” Save time, money and headaches later by getting quality, experienced guidance now.