The 3 Most Important Aspects of a Physician Contract with Michael Johnson Legal

Physician contracts are explored as a critical component of financial literacy for doctors. The discussion centers on the "contract trinity": work obligations, compensation, and exit strategy, which significantly impact a physician's income, autonomy, and career mobility. Employers use contracts to protect against the high costs of physician turnover, which can reach up to three times a physician's annual salary. The hosts emphasize the importance of understanding contract clauses related to non-competes, termination rights, and financial penalties, such as clawbacks for signing bonuses, which can have substantial financial implications if a physician leaves before a specified period. The conversation highlights that contracts are often negotiable, despite initial claims of being "standard" or "boilerplate."