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Terminating a physician’s employment is not anything anyone wants to do, but if it becomes necessary to part ways, some well-constructed Employment Contracts and Partnership Agreements can make this as smooth as possible. If they are not well constructed, you are leaving yourself open for all kinds of unnecessary expense and complication.

In short, admitting someone to your business’ partnership is a bit like getting married. You want to be sure you’ve spent enough time together to know that you are philosophically aligned and that you get along. You may not always agree, but you should have a relationship that is based upon mutual trust and respect, and you should be okay “agreeing to disagree” from time to time.

Unlike an employment contract, a partnership agreement governs how you will own the business together. It will call out things like ownership percentages, vesting schedules and profit distributions. It will also make very clear what happens if a partner leaves the group. It will address any buy in provisions and amounts or buyouts, and a well-constructed agreement will also be clear on how decisions are made, and how ties are broken when an issue comes up for a vote.

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Episode 28: Physician Contracts - Codifying How We Work Together

Medical Money Matters with Jill Arena