The most important questions that a medical professional asks potential partners are
- What is it you want to do in three to five years?
- Do you want to spend time with your family and/or friends?
- How much time do you want to spend working?
- Do you want to learn how to manage a practice and manage others?
Medical professionals will want you to express how you envision spending your time for the next three to five years. This is because most contracts, if you work for a larger partnership or even a hospital, typically last three to five years.
You’ve Committed Yourself For Three To Five Years
Once you’ve signed a contract, you’ve committed not just to that job at that hospital, but also to any of the legal limitations of that contract, whether it’s non-compete, a non-circumvent, confidentiality, and/or not owning anything you create.
In some regards, the most important element of the agreement is the schedule. Some specialties require long surgeries. Some hospital specialties require a high volume of patients. You need to decide what kind of lifestyle you want during the timeframe of the contract.
What Might Your Life Over These Three To Five Years Look Like?
You should take the time to play out the next three to five years in your head. What might your life look like? If you can get a good idea of where you think you are going to be, try to think about what has changed and where you want to be the year after your contract ends. Do you still want to be working for someone else four to six years from now or do you see yourself getting along with this person or these other partners in this practice five years from now?
The Family Dynamic
Of course, you’ll consider your family dynamic. Most physicians are married, so there’s a partner. Consider whether your partner works. Do they have a career? If there’s a change and they have to move, what would it be like to start over? Some physicians have plans to move and already know they’re going to start over in three years. The options for them may be clear, but it’s only because they already have thought through a tentative plan.
Don’t Forget About Medical School Debt
As a physician, you also graduate medical school with a significant amount of debt. You may take a job or the first couple of jobs because you want to pay that debt off.
Another item to consider is your finances and debt. Do you have someone that can explain to you where you might be financially in the next three to five years? Are you getting good financial advice on taxes and how to spend your money?
Popular Questions As An Experienced Business Law Attorney
I get the same questions from clients who are either an employee working for another company or a partner who is trying to join a partnership. The most asked questions are:
- “Should I sign this partnership agreement?”
- “What happens if I leave the partnership, can they fire me?”
- “What if I invent something? Do they own it?”
- “How do I get out of this contract if I change my mind?”
Owners or employees also ask, “Should I become a partner? What risk and liability may I have if I start up my own practice or join one?”
The Best Time To Consult With A Business Law Attorney
If you’re considering joining a partnership but haven’t taken any steps toward it or spoken to anyone about it, the best time to contact a business law attorney about your options would be before you do so.
If you’re trying to leave a practice, you need to speak to an attorney before you take any actions to leave it. This is based on the limitations of the contract you signed and can be enforced against you. If you don’t have a contract, the answer is the same. Speak with an experienced business law attorney.
You should seek an attorney long before you tell the partner, the owner, your employer, and your colleagues that you’re considering leaving.
You should spend months in advance with an attorney to review whether you need to get a contract with your vendors if you’re starting your own practice, but also to estimate the cost of employing other medical assistants, buying technology, and business-related devices.
For more information Business Law in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (813) 367-6874 today.
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