A competitive and attractive compensation plan acknowledges the professional value of your expertise and your contribution to the practice. A fair compensation plan has several key features:
■■ It is part of a written and mutually agreed-to employment contract
■■ It has a market-competitive base salary guarantee
■■ It describes the expectations for performance and the expected compensation level
■■ It provides a clear understanding of how production is measured and the formula used to compute compensation
■■ It recognizes work performed by the PA, regardless of whether the work generates direct income to the practice.
■■ It provides for a shared understanding of the liabilities of employment
Professional contracts need expert development, based on solid communications and a clear understanding of commonly negotiated terms. The contract should be comprehensive enough to clarify all expectations of both the practice and the physician assistant. The contract should include the following components:
■■ Define the scope of practice and the job
■■ Describe the standard of care, philosophy of care delivery and standard of conduct
■■ Recognition of the PA’s contribution to the practice
■■ Licensure and credentialing requirements
■■ Compliance with the practice’s policies and procedures
■■ Expected work hours, practice locations
■■ Personal and professional fringe benefits
■■ Days of continued medical education (CME and the amount of CME funding
■■ Vacation
■■ Sick leave
■■ Professional liability insurance
■■ Term life and disability insurance
■■ Health insurance coverage for PA and PA’s family
■■ Criteria and process for incentive bonus
■■ Description of the compensation/salary plan
■■ Definitions of benchmarks and measurements
■■ Evaluation process, both performance and compensation review
■■ Exit plan with termination clauses