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Practice Matters ORTHO TRIBUNE | JUNE & JUly 201010 By David Marks, President and CEO of OrthoSynetics Y our search for the perfect asso- ciate position is finally over. You have managed to find the perfect opportunity: excellent location, a busy practice poised for growth, great compensation and bonus plan and the ability to partner in three years or less. Your future would be all set. Accept the offer. Well, not so fast. There is no guarantee an offer is coming your way. It’s competi- tive out there. There is a surplus of qualified candidates who are all applying for the same great jobs. This glut of orthodontists looking for associate positions is a result of the difficulty in securing practice financing to start your own private practice. Landing that perfect job takes preparation and finesse. Don’t sweat the small stuff and negotiate Advice for landing that perfect opportunity your way out of your ideal opportu- nity. Here are some tips to ensure better success. The basics • Prepare for the interview. During the last 30 years of recruiting and hiring hundreds of practitioners, I perceived one constant recurring theme: Residents interviewing for opportunities don’t often come pre- pared. So stand out from the crowd by doing your homework. Thoroughly review the prac- tice’s website and find out every- thing you can about the practice, its clinicans(s) and market. Once you’ve gathered all information, develop a list of questions you want to ask the owner and bring it with you. Not many things impress a prac- tice owner more than a candidate who took the time to educate him- self or herself about the practice and is prepared to discuss his or her findings. • Personality plus is key. Dur- ing your interview, exhibit confi- dence in your clinical skills, but also remember that you have a lot to learn. In actuality, your skills are secondary during the interview. The practice owner already suspects you have the clinical skills necessary to be a quality orthodontist. It’s why you were called in. He or she now wants to know if your personality and ambitions fit into the practice’s. Explain why you want to live and practice in the area (this is key), why you are attracted to this partic- ular practice and what your profes- sional goals are. Of course, the right fit works both ways. You want to be sure you’ll be happy in this position. Put your best foot forward, but also be yourself. It’s almost like a mar- riage, and neither you nor the prac- tice owner want to suffer through a messy divorce a year later. • Don’t forget the staff. Practice owners have loyal staff members whose opinions they trust. You want to make sure they perceive you feel they are an important part of the practice and your decision. Prepare questions for them and remem- ber that their vote on whether you should be hired carries significant weight. Contract negotiations Congratulations! You’ve impressed the practice owner who now wants to bring you on board. But as the saying goes, “The devil is in the details.” Time to hammer out the particulars, but don’t hammer your- self out of a job. Most clauses in the contract will be standard boilerplate, but a hand- ful of provisions require your close attention. Hire an attorney to repre- sent your interests; the owner has one representing his. Fees should run $1,000 or less. It may seem like a lot of money, but this investment in your career will pay off in the long run. And lastly, only negotiate those matters of importance to you. • Employee vs. independent con- tractor. The practice owner may wish to sign you up as a direct employee. You’ll receive a salary, benefits and a retirement plan such as a 401(k). Basically, it’s similar to being an employee of any other business. Alternatively, your status may be that of an independent contractor. In this situation, instead of a salary you’ll receive a stipend, most likely at a higher dollar figure. But you’ll have to cover your own personal insurance costs and retirement plan contributions (in an IRA for exam- ple). Taxes are not automatically withheld. Instead, you will have to file quarterly taxes and pay into Social Security and Medicaid your- self. Malpractice insurance, which is a required part of your profession, may be provided by the practice. In the end, which arrangement is better — employee or independent contractor? Each has its plusses and minuses. A CPA familiar with the practice’s state law can help you navigate your choices. • Compensation/benefits. What- ever your status, the contract should spell out specific terms under which you will be paid. It should include the total annual compensation for each year of the agreement, how AD (Photo/stock.xchng)