The practice owner felt that she knew what to expect and he would not give in. I have also had practice clients that refused to commit to writing certain details about the future or refused to provide certain financial information, and lost candidates for those reasons. The owners of a practice are often very reluctant to share financial information with someone who has not even begun employment. I certainly do not feel a practice should turn over its recent tax returns, financial statements and billing records to every prospective candidate. However, I think the practice should feel comfortable giving a candidate that it sees as viable at least a ballpark idea of the practice's gross collections, overhead and net income of the owners.
Some practices go further than a letter of intent.
Some go even further and provide for the buy-in formula and other details in the contract. Typically, this may occur in larger practices. The resident should certainly examine the deal closely with his or her advisers prior to signing the contract. Although legally-binding on the practice, keep in mind that the practice can typically terminate the physician without cause during the employment period, so it may not be an actual commitment. Regardless of whether a letter of intent or any other writing mentions the future arrangement, the practice should present the associate physician with the co-ownership documents and dollar figures well in advance of the targeted effective date.