By Scott Bradford and Chris Renner

In our roles as Senior Medical Recruiter and Benefits Director at Vituity, we’ve spoken with thousands of physician job seekers over the years. We’ve seen the good, the bad, and the ugly when it comes to employment situations.

Even in today’s excellent job market, aggressive recruiting tactics, attractive sign-on bonuses, and hefty student loan obligations may tempt you to accept an offer from the highest bidder. Failing to consider more than just starting salary can set you up for problems later.

To help you avoid these kinds of surprises, here are seven areas to be aware of as you evaluate potential employers.

1. Non-compete agreements

These often take physicians by surprise because the clauses are buried in the contract between the hospital and the management group. This can make it tough to escape a bad work situation without uprooting your life and family. Ask about non-competes and either avoid them or negotiate the narrowest scope possible.

2. Tail coverage

These days, most practices carry long-tail liability policies that cover both current and former physicians. However, it’s worth asking about this when evaluating a benefits package. This is especially true if you’re considering a smaller independent practice or locum tenens employment.

3. Financial solvency

Take time to understand the health of the group’s finances. The organization should be fully transparent about its financial health, where the money goes, and how it’s preparing for a rainy day.

4. Contract stability

Hospital contracts can change hands between physician management companies. The last thing you want is for your hospital site to sever ties with your physician group just as you’re getting started. Make sure you’re entering into a situation where the hospital and physician group have a strong, stable relationship.

5. Support for disciplinary actions and malpractice claims

Whether it’s a poor clinical outcome or a disgruntled patient, investigations happen and can be a black mark on your permanent record. Some physician groups choose to settle lower-cost claims rather than defend them. It’s important to find out how aggressive a prospective employer is when it comes to defending its physicians.

6. Vision for the future

The healthcare industry continues to evolve at a dizzying pace. Does the organization have a plan to stay competitive in an increasingly difficult market?

7. Retirement and benefits

When evaluating an employment opportunity, you must consider the full benefits package, not simply the salary. Many millennial job seekers are drawn to physician employment, lured by the idea of a predictable schedule and a steady paycheck, but the employment model you choose can have a significant impact on your retirement.

For example, while corporations can cover some expenses like healthcare and continuing education, they do not allow you to take any tax deductions outside of a 401(k). Partnerships permit you to deduct expenses such as CME, health plan premiums, home office expenses, and business-related costs.

Close the Deal on Your Future

When conducting a job search, do your homework on potential employers. Prepare a list of questions to ask during each interview. Take advantage of financial planning resources the prospective organization offers to help you understand how the company’s benefits compare to the competition.

Be objective about the salary and bonuses and consider the tax implications of the employment arrangement. Think about what will be the best choice for you in a decade or when you are preparing to send your kids to college. Farther down the road, will you be able to scale back your workload or retire when you’d like?

Physician contracts are not “take it or leave it” propositions. There is room to negotiate on things like salary, loan forgiveness, and non-compete clauses. Remember to get everything in writing, because handshake deals are not legally binding. If you don’t like a contract provision, and there is no reasonable way to change the terms, then that is a strong signal to walk away.

So there you have them: our best tips for physician job seekers. Remember, the market is in your favor right now. Take your time, do your homework, and don’t be afraid to stand up for your interests. Good luck with your search!

You can ask us career or finance questions in person at FIX18, or at booth #1035 during the ACEP Scientific Assembly. In the meantime, visit our website to learn how to build a rewarding, long-term career with Vituity.