Your First Contract as a Healthcare Provider: What You Don’t Know Can Hurt You

Don’t Sign That Contract Yet! Here’s What You Need to Know First

You’ve worked hard, earned your credentials, and now you’re being offered your first professional contract as a healthcare provider. It’s an exciting moment—but also one of the most critical financial and professional decisions you’ll ever make.

Unfortunately, most healthcare professionals make a crucial mistake: they don’t have their contract professionally reviewed. In fact, over 90% of physicians, nurse practitioners, and physician assistants assume that if the salary looks fair, the rest of the contract must be fine. That assumption can cost you thousands of dollars and even jeopardize your career.

Case Study: A New Nurse Practitioner’s Eye-Opening Experience

I recently started mentoring a new nurse practitioner at my locum position. She had been working PRN for the past month when the hospital offered her a full-time contract. She was thrilled but admitted something to me:

“They just gave me the contract. I have never seen a professional contract before, and I guess I should get a lawyer to look at it. Right?”

She was absolutely right. I told her that one of the biggest mistakes healthcare providers make is not having a professional review their contract. I then introduced her to Contract Diagnostics, a firm specializing in contract reviews for healthcare professionals.

What I love about Contract Diagnostics is that they don’t just review the fine print—they also conduct a fair market compensation analysis to ensure you’re being paid what you deserve. It’s a less than $1,000 investment that can protect you from signing something that could cost you thousands (or worse, lock you into an unfavorable position for years).

Why You Need a Professional Contract Review

Signing a contract without professional review is like playing a game of poker without knowing the rules—you might think you have a good hand, but the house always wins. Here’s why a contract review is essential:

1. Compensation Is Just One Piece of the Puzzle

A contract may offer a competitive salary, but what about the fine print? Are you protected if you need to leave? Are there hidden costs? Are you agreeing to a non-compete that could limit your future opportunities? A contract review ensures you’re looking at the whole picture—not just your paycheck.

2. Restrictive Covenants Could Trap You

Many contracts include non-compete clauses that can restrict where you can work if you ever decide to leave. I’ve seen providers sign contracts only to find out later they can’t work within a 50-mile radius for two years! Contract Diagnostics can help you understand these restrictions and negotiate better terms.

3. Your Termination Clause Matters More Than You Think

What happens if your new employer decides to terminate your contract early? Many providers don’t realize they could be left without income and still be liable for repayment of bonuses, training costs, or other expenses. Understanding your termination clause is critical.

4. Your Malpractice Coverage Might Not Be What You Expect

Some contracts include malpractice insurance, but does it include tail coverage? If not, you could be responsible for paying tens of thousands of dollars in coverage once you leave. A contract review ensures you understand what’s covered and what’s not.

Invest in Your Future—Don’t Make the Mistake 90% of Providers Do

The truth is, a surprising number of healthcare providers bypass the crucial step of having their contracts reviewed by legal experts. This oversight often stems from the assumption that all contracts are created equal—fair and standardized across the board.

However, this couldn't be further from the truth! Unfortunately, it's only after signing on the dotted line that many realize they're trapped in agreements riddled with hidden pitfalls and costly mistakes.

But here's an exciting opportunity: you have the chance to steer clear of these common missteps. Be proactive, seek expert advice, and ensure your contractual agreements truly serve your best interests. Don't be one of those who discover too late that they've overlooked critical details—empower yourself with knowledge and safeguard your future!

Before you sign anything, have Contract Diagnostics review your contract. It’s a small investment for a massive return in security and peace of mind.

Take Control of Your Career with SimpliMD

At SimpliMD, we believe in helping healthcare professionals take control of their careers—beyond just contract negotiations. If you’re considering working independently, launching a side business, or transitioning to self-employment, we offer specialized resources to help you succeed.

🔹 SimpliMD Business Coaching ($2,000) Receive 1:1 holistic coaching tailored to small business growth, with flexible monthly or quarterly programs to fit your needs.

🔹 Creating a Practice Without Walls Course ($199) Discover how to launch your own virtual micro-corporation and thrive in the expanding healthcare marketplace.

🔹 1:1 Micro-Business Consultation ($99) Work directly with me to evaluate your professional life and explore how a micro-corporation can elevate your career.

Final Thoughts: Your Contract Is the Foundation of Your Career

Your first professional contract is more than just a job offer—it’s the foundation of your career. Making sure it’s fair, competitive, and legally sound is one of the most important things you can do for yourself.

Don’t make the same mistake that 90% of providers do. Get your contract reviewed, understand every clause, and set yourself up for success. Start your contract review now.

Here’s to a strong, empowered start to your career!