Career Launch Course-Overview of Terms & Conditions Found in Employment Contracts; Presented by James Kelso, JD, LLM

Video Transcription

Video Summary

In this video presentation, Jim Kelso discusses evaluating potential employment offers and employment contracts in the field of dermatology. He emphasizes the importance of contracts in defining and managing the risks, as well as the relationship between parties. Kelso explains that contracts should be binding and enforceable and that consideration, such as compensation, is necessary for a contract to exist. He highlights that contracts are also essential for managing the end of relationships. <br /><br />Kelso then delves into the topic of compensation in dermatology, discussing general compensation data and factors affecting it, such as patient volume and location. He explains how private equity has impacted compensation in the industry, with traditional models giving way to lower compensation rates. The speaker discusses private equity's goal of taking a share of the money generated by a physician's labor and its effects on compensation, overhead, and the need to supervise mid-level practitioners. <br /><br />Kelso also explores different types of entities physicians can join, such as sole proprietorships, business entities, partnerships, and practices owned by private equity. He discusses the advantages of ownership, the alleged benefits of private equity ownership, as well as concerns surrounding it. The presenter addresses various issues related to contracts, including restrictive covenants, relocation allowances, benefits, retirement accounts, and malpractice coverage. He further provides insights into compensation models, bonuses, and incentive structures.<br /><br />Throughout the presentation, Kelso highlights red flags in contracts, including liquidated damages, cost shifts, unilateral changes to compensation and practice location, long-term commitments, and non-discrimination based on payment. He encourages candidates to negotiate contracts and hire professionals who can provide guidance and expertise. Finally, he addresses recent issues related to the COVID-19 pandemic and offers to discuss further concerns in an upcoming Zoom meeting.

Keywords

employment contracts

compensation in dermatology

private equity impact

physician ownership

restrictive covenants

compensation models

COVID-19 pandemic