Exiting A Contract

Being aware of what is in your contract is more important than ever with 46% of physicians planning to change career paths. 

The time when contract issues tend to cause the most trouble for physicians is when the termination clause is invoked. At Physicians Thrive, we are here to help you understand and negotiate your contract before you sign or when you are ready to exit. 

Submit the form below and a member of our team will reach out to your shortly.

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Get Assistance Exiting

There are many areas of your employment agreement to be aware of as you prepare to leave.  Understanding these clauses in contract can make your transition out of your current job easier.a 

Clarity
Physicians Thrive can review your contract to help you discern what you need to aware of before you terminate your contract.

Fair Pricing
Pricing for these packages varies from person to person. Talk to an advisor to get in touch with a contract attorney

Primary Clauses to Consider
Your entire contract is important as you exit, but these are a few areas that tend to take more attention as you prepare to leave your current position. 

Repayment of Bonuses

Tail Insurance

Non-Compete or Restrictive Covenant

The Right to Terminate

Intellectual Property

Physicians Thrive Reviews

My first time working with Physicians Thrive was for a contract review, and I was really impressed by the expertise of their team. It was obvious Dave (the financial advisor) and Steve Stratman (the attorney) had worked with hundreds of physician contracts, because they were able to identify potential trouble areas quickly and explain how different clauses could negatively affect my work. They also asked me about my professional, financial and personal priorities to help understand my goals for the contract as well as provide me with help after I signed the contract with financial planning services and access to their accounting team for tax reduction strategies. Knowing they can help me with student loan repayment, planning for a new home purchase and retirement planning is so relieving at a time when I'm in transition to my new job and have so many questions about my finances.In terms of salary review, they had amazing data tools to illustrate how the salary offer compared to other doctors with a similar location, experience level, subspecialty, and even productivity levels. There is no way I could have found information with this level of detail on my own.I needed a quick turn-around and they were able to review the contract and give feedback within just a couple of days.The whole process helped me negotiate my contact confidently and strategically, and I ended up getting a better salary offer. I couldn't recommend Dave & Steve Stratman for contract review services more. I also further have a meeting set with Dave to discuss disability insurance and continue our discussion about financial education and planning in the upcoming weeks.
Saurabh Singhal
Saurabh S.
Brilliant owner and staff. A delight to work with!
Amy Grewe
Amy G.
I currently do business with Physicians Thrive and they are by far one of the most stand up, do it right, integrity based organizations I've ever worked with. Their knowledge complimented by their unbeatable follow up is what makes them the best at what they do. Additionally I'm a HUGE fan of their mission to cure blindness... truly noble efforts on that from as well!
Derek Peterson
Derek P.
Extremely professional and passionate about everything they do. High integrity from owner and all staff.
Rick Magill
Rick M.
Great staff and down to earth. Can't say enough about this company and their staff!
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Michael W.
Justin is a Rock Star! Professional, courteous, and an industry leader.
Brian Goracke
Brian G.
5 star service
Ryan Zink
Ryan Z.
Justin is fantastic to work with. He is knowledgeable and really listens. I highly recommend Justin and his team.
Stephen Lichter
Stephen L.
I am really pleased with this entire group. They work hard to keep you engaged and up to date with important aspects of financial stability that we often times put on the back burner given our very busy schedules. They are passionate about their job and they do not use a cookie cutter approach. Each individual or family is unique and they tailor your needs to your specific situation. I have been working with them for 7 years and they have always been very helpful and professional.
Andrew Coughlin
Andrew C.
Justin Nabity of Physicians Thrive has been representing my family for over four years. We could not be happier with the service he provides for us and our financial peace of mind. From helping with my wife's contract negotiations and ensuring we have enough insurance coverage to establishing a living will and trust for our kids, Justin has been instrumental in guiding us through the process of protecting my family's financial future. Thank you, Justin!!!
Robert Terp, Jr.
Robert Terp, J.
My husband and I have been with Justin since my husband was a fellow. He has helped us navigate life insurance, disability insurance and financial planning. Over the years, he has become not only our financial planner but a friend. I recommend Justin and Physicians Thrive to physicians and non physicians anytime someone mentions needing a financial planner!
Amanda Breard
Amanda B.
The team members at Physicians Thrive are highly committed to the success of their clients. They all go above and beyond and exceed client expectations.
steven stratman
steven S.
I have been very pleased with Physician's Thrive. Their representatives are always responsive and helpful. Michaela is pleasant and eager to help. Even if something is outside of her scope, she will talk to her colleagues or do some research to help provide guidance. It is great to have one reliable place to go for a wide range of services. I highly recommend them to anyone who asks.
Ealena Callender
Ealena C.
Great company to work with, helped me set up own occupation disability insurance and were very helpful and great at explaining things along the way.
Nick Peacock
Nick P.
Great people and great company
gifhack
gifhack
What an amazing, honest and successful firm. Thank you!
Derrick Eells
Derrick E.
This firm does a tremendous job for their clients!
Harry Archer
Harry A.
First class perofessionals. Dedicated to doing what is right for their clients.
Guy Baker, PhD, MBA, MSFS
Guy Baker, PhD, MBA, M.
A team that has vision, passion and care for their clients. Appreciate the philanthropic mission in giving back to others.
Jeff Barclay
Jeff B.
Justin is so knowledgeable, professional, and easy to work with. I cannot recommend him and his company highly enough.
Morgan D.
Morgan D.
We've been using these guys for about 7 years now and wouldn't think of going anywhere else. Great people, trustworthy as can be. Just really glad we came across them.And...if you're a pilot they can set you up w/ the right kind of insurance 😉
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Jeremy A.
Justin and his team are top notch and provide a level of specialized service that is not found very often.
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Aaron M.
This is an excellent company that is driven by purpose. I really admire what Justin and his team are doing for Physicians and the community.
Curt Drew
Curt D.
Justin Nabity is an excellent business leader with high integrity and the best interests of his clients front of mind. I have learned a lot about Justin while working with him on the board of the Entrepreneurs Organization
Dan Hemphill
Dan H.
If you are a physician and need an advisory group please check these guys out! They help many make confident financial choices everyday in everything from contracts, insurance to retirement planning. So awesome to have a financial company specialize in a group instead of go for the masses.
Lallenia Birge
Lallenia B.
Very forward thinking company that is client focused with strong community awareness
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Shawn K.
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Parts of a contract to consider before exiting

Employment Contract Review

Repayment of Bonuses

Before you sign a contract, it is necessary for physicians to minimize the amount they may be required to repay for bonuses. 

In the case of exiting a contract, be aware of the requirements to repay sign-on bonuses, residency stipends, relocation reimbursements, or student loan assistance.  There are often constraints built into the contract in order to incentivize the physician to remain at the same practice for a number of months or years. 

Additionally, know when you typically receive salary and RVU or productivity bonuses so that you don’t miss out on receiving this compensation which you have earned before you exit. 

 

Tail Insurance

Tail insurance is a must-have item before you exit your agreement, whether you have it paid through your employer or as an individual policy. Because it is a large expense, many physicians prefer to negotiate it in their employment contract before starting in a new position. As you prepare to leave your job, knowing what that coverage includes after termination is important not only to protect you from any liabilities from your current job but also if you need to secure coverage before starting your next position.

Non-Compete or Restrictive Covenant

During your initial contract negotiation, minimize the distance and time of any non-compete restraints included in the contract. Otherwise, as you exit be aware of any restrictions your current employer may have included within the same city, for an amount of time, or even for practicing in your sub-specialty. Legal action can be taken if you do not follow these guidelines.

The Right to Terminate

The Right to Terminate is a clause that provides guidelines on how to exit the contract. This includes how much time you need to give notice to your employer about your exit along with instructions on how to submit your termination.

Intellectual Property

All physicians, and especially those who are also involved in research, should be aware of any clauses regarding intellectual property rights so that their work, such as inventions, techniques, or research, are considered the property of themselves and not their employer after termination. This part of the contract can be negotiated before signing. If you are not sure what your contract says, it’s important to find out before exiting because these clauses can carry significant restrictions.