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.
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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 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
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Parts of a contract to consider before exiting
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 keep 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 that you don’t miss out on a 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.
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.
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.