Contract Analyzer
complete
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Aalap Shah
Contract should stipulate interval for notice to cure, deference to contract details in case medical staff bylaws change, and make it clear that the hospital should not be the settling party in case there is a potential lawsuit, because they can make a decision that may not be on your best interest
Kanav Jain (CEO, Andwise)
complete
Closing this - closed beta users have the ability to send contracts into our secure email vault and receive back a highlighted contract based on the hazardous terms detected
We haven't yet addressed all of the use cases laid out in the comments; opening https://feedback.andwise.net/contract-analyzer-features so that people can submit and track individual changes to the contract analyzer
Also in progress is reference content that explains each of the types of detected clauses/terms - our Compliance/Contracts lead Glen McClain (JD, MS3) will oversee that for us
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Jennifer Bepple
I think this is a good list. Adding a couple of thoughts:
-Path to partnership is really important to understand (especially if you're joining a group that is already PE backed and there is likely a buy-in, rather than just sweat equity). For groups who aren't PE-backed and are in hot areas of consolidation (optho, orhto, gi, gyn, uro,...), what if the group sells right before you partner?
-CME reimbursement
-maternity leave
Kanav Jain (CEO, Andwise)
List of things we want to be able to detect, highlight, and educate on:
-Indemnity provision
-Tail coverage requirement
-Severance clause
-Non-compete radius; Non-compete duration; Non-compete similarity (i.e. type of practice you can do after leaving)
-Call coverage requirements
-Fixed versus variable compensation; Financial incentives or penalties based on certain performance metrics
-Paid vs unpaid time off
-Recourse if employer breaches contract
Does this seem right?
Joseph Saveika
Kanav Jain (CEO, Andwise):
- Definitions: Credentials, disability, etc
- Employment and Responsibilities: If it isn't your job, you get paid extra to do it, right? Coverage when physician is off should be provided by the system so the doc doesn't have to pay their own locums.
- Compensation and the metrics it is based on: to be fair, use MGMA or another metric. Administrative duties (would be unusual for our target audience to get many, if any) are a separate contract. PTO and benefits should be covered under compensation. Base, incentive, and productivity compensation should all be specified via metric. Basic call and any call pay should also be in here. Extra call above specialty average=extra $.
- Term and Termination: Mutual agreement, automatic, with cause and without cause for both physician and system should be spelled out.
- Tail coverage: one of the benefits of employment is that usually the system covers tail for their own liability. It's easy enough to specify that they do.
- Indemnity provision: agree with that one
- Severance clause: I always write mine so the entire contract is terminated. I personally would reevaluate employment if they write a contract so bad it has illegal or unenforceable covenants. Personal taste.
- Noncompetes: as above. May soon be illegal anyway, we'll see. I've never signed one, and I work in a state where they are illegal. In the pursuit of FIRE, I recommend people work in a locality where they are irreplaceable, so nobody puts them in the contracts. Personal taste, again.
Peter Alperin
Would also tune to detect: severance, non compete duration, non compete similarity (i.e. type of practice you can do), agree with coverage comment below
Kanav Jain (CEO, Andwise)
Tome.com recently launched; offers a useful legal framework for data-powered contract analysis
Joseph Saveika
Kanav Jain (CEO, Andwise): Indeed. Hopefully the AI can be adapted from venture deals to physician contracting.
Joseph Saveika
Very important. Consider coverage of call when the employed physician is off. I've seen people have to hire their own locums. Ouch.
Kanav Jain (CEO, Andwise)
in progress