2022 Physician Compensation Report Download Your Free PDF!
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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.
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There are many areas of your employment agreement to be aware of as you prepare to leave. Understanding these clauses in your contract can make your transition out of your current job easier
Physicians Thrive can review your contract to help you discern what you need to aware of before you terminate your contract.
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
Non-Compete or Restrictive Covenant
The Right to Terminate
Terms and termination clause navigation
Non-compete and restrictive covenant risk assessment
Malpractice insurance review and risk mitigation
Introduction to job search
Physicians Thrive Contract Review Guarantee
Physicians Thrive is proud to be the only provider with multiple guarantees, including: turn around and price matching. Ask your advisor or click here for more details.
Justin Nabity and his team are excellent resources for innumerable facets of financial planning with their superb knowledge, honest and straightforward advice combined with an astounding breadth of resources to help you along your journey. .
I was very impressed by the level of services this company provides. I think every physician should consider legal and professional advise when being hired at the new position. While working with this company I realized how many mistakes I could’ve made if not being aware of very small but extremely important details of the contract.
Physicians Thrive is an excellent organization that has provided prompt, outstanding service to me on multiple contracts. I remain thoroughly impressed with the quality of service I received and plan to use them any time I have a new contract in the foreseeable future.
I have nothing but good things to say about Justin Nabity and the staff. He guided me through the process of establishing myself with another practice that aligns with my future growth. He listened intently to my goals and really cares about achieving what is best for the client.
They accommodated to my schedule, were very familiar with the review of a contract of a J1 waiver physician. They reviewed the contract thoroughly, took the time to explain me everything, answered all my questions and helped me negotiate important changes to the contract. I highly recommend them.
The Physicians Thrive team was phenomenal - organized, professional, personable, and able to answer all of my questions!
Physicians Thrive has been the perfect aide through Contract Review, Disability Insurance, and now Financial Planning--all facets with which I was fairly unfamiliar. Physicians Thrive has been an amazing tool to build a financial future while doing what I love.
My physician contract was reviewed quickly and professionally. Two-part review includes legal review with attorney and financial review with financial advisor. Would use again.
Very friendly, professional and comprehensive contract review. Well worth it for peace of mind.
Check out our guarantee included with every Physicians Thrive contract review.
Before you sign a contract, it is necessary to minimize the amount you 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 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.
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 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.
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.
Whether you’re entering a new contract or exiting an old one, renegotiating, or transitioning into a partnership, the experts at Physicians Thrive can take care of your review.