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ORTHO TRIBUNE | JUNE & JUly 2010 Practice Matters 11 often salary or stipend payments are made, the hours and days you are expected to work, and detailed infor- mation about any bonuses. In addi- tion, the agreement should outline insurance coverage (health, life, dis- ability and malpractice), relocation costs, professional dues and other benefits if any are provided. • Full time or part time. If the agreement limits the number of hours or days you work, you may propose to remove from the contract any restrictions that prevent you from working at another practice. In response, the practice owner will probably make concessions to bring you on full time or accept that you need to supplement your income elsewhere. • Term of agreement. During negotiations, you may wish to push for a contract that locks you in for three years or more. While a long- term agreement may appeal to your desire for security, in the end, it will not matter much. Most agreements include a section stating that either party may terminate the agreement without any cause whatsoever as long as written notice is provided to the other party 90 days in advance. Make sure whatever terms are outlined in the contract are equiva- lent for both parties. For you, a situ- ation that looked great at the outset may sour. You will want the option to end the relationship as well. • Restrictive covenant. The prac- tice owner may include a restrictive covenant section in the contract that limits your options about where you can practice if your relationship ends. It will prevent you from work- ing for typically one to three years within a certain radius from your former employer. Contrary to what you may have heard, restrictive covenant clauses can indeed be legally enforced. Ask a lawyer to help you understand the particulars. Keep in mind, however, that by including a restrictive cov- enant section, practice owners are simply trying to protect the busi- nesses that they have spent so much time and effort building. • Future equity. Are you on a track to move up from associate to partner or even full owner? While the contract may include a clause addressing partnership potential, it will most likely be vague and non- committal. That’s OK. Your first several years as an associate should be spent proving yourself worthy of becom- ing a partner; nothing is a given. But if your negotiations raise the expectation of an eventual partner- ship, it is reasonable that you be kept apprised of your status. One suggestion is to ask for the con- tract to include an obligation for the practice owner to notify you at least six months prior to the scheduled termination date of your contract as to whether an ownership interest is in the cards. That way, you will have plenty of time to negotiate a deal or make a decision to move on. Have options It may take a little time to find the position that’s right for you. Because of the recession, many older ortho- dontists are retiring later than they planned, making it harder for new ones to establish themselves. And you’re competing with a glut of other young, hungry orthodontists also looking for associate positions. Many want to live in the same met- ropolitan areas, making competi- tion there even more fierce. But if you keep an open mind about where you want to practice and the terms of your position, you’ll be straightening teeth and improving smiles soon enough. Good luck! OT AD David Marks is the president and CEO for OrthoSynetics, Inc. (OSI), a business service company in the orthodontic industry that assists orthodontic practices by utilizing a full-service, turnkey management approach to address all non-clini- cal practice functions to gain better efficiencies and profitability. He has more than 30 years experience in the health-care industry including the recruitment and hiring of health-care professionals. The OrthoSynetics’ recruitment department has assisted a countless number of orthodontists with locating their ideal practice opportunity. For more information on available oppor- tunities with OSI client practices, call Rhonda Autrey, recruitment manag- er, at (817) 416-7408, ext. 1122, or visit the “Practice Opportunities” list- ings at www.orthoopportunity.com. About the authorOT