Considering an academic appointment? Understand the unique aspects of academic contracts with these points before signing.
- Sparse Provisions: Academic physician employment agreements are usually concise, often spanning just a few pages. Unlike typical clinical or hospital agreements, they are not as robust and may lack detailed provisions regarding scope of duties, responsibilities, benefits, and other aspects, often referencing external policies and procedures.
- Salary Negotiation: Institutions often present a fixed compensation for each faculty rank, but there’s usually a salary range. Your initial offer may be at the lower range which allows for negotiation. Compare your offer with those of other academic centers in the same or nearby geographical area.
- Signing Bonus and Relocation Reimbursement: While institutions may present standard pay packages, signing bonuses can often be negotiated. Departments may have budget flexibility to enhance the bonus, and institutions can structure payments post-agreement execution to avoid additional documentation. Relocation reimbursement is often offered for physicians located outside the city or state. Reimbursement can be as high as $25,000 for cross-country relocation.
- Administrative Time: Academic agreements typically allocate time for research, teaching, and administrative duties. In academic settings, physicians usually receive lower compensation compared to their counterparts in private practice or non-academic hospitals. Therefore, negotiating for a substantial amount of non-clinical time is crucial. This opportunity to be away from direct patient care is a key advantage of academic medicine and should be actively pursued by physicians. It allows them to capitalize on this valuable “free” time for research, teaching, and administrative responsibilities.
- True Academic Position: Verify that your agreement genuinely reflects an academic physician role. Some agreements with academic institutions might resemble clinical positions, lacking academic titles and adequate administrative time. If you are 100% clinical, then your compensation should be similar to physicians outside of academia who are also 100% clinical. You should not receive lower compensation like truly academic physicians who spend less clinical time in return for more research and teaching time.
In pursuing academic appointments, physicians should prioritize fair treatment and protection. Academic positions offer unique benefits, but understanding and negotiating terms ensures a rewarding experience. For comprehensive review and negotiation assistance, please feel free to contact the Physician Contract Lawyer.