By: Chase Howard
Many young dental professionals are presented with the opportunity to join a practice after graduation. Making an informed decision and negotiating a fair contract can be difficult but will ultimately pay dividends for years to come. Here are some items to consider when reviewing and negotiating your employment contract.
- Compensation – Can you increase your base salary or bonus compensation? What about bonuses on sales of products or services? What happens in the event of an early termination; is your compensation or production bonus paid to you on a pro-rated basis?
- Duties –Are you responsible for any administrative or management duties? Are you responsible for supervising other providers? Finding out what is required of you, and if you’re compensated additionally, should be a consideration before accepting an offer.
- Ownership Tracks – Privately owned practices are either held until retirement, or sold to maximize profits (aka retirement). When you join a practice, will you have an opportunity to buy in? What about if you help expand a practice and its sold; are you going to benefit as an employee for the hard work you put forth?