Take advantage of tax benefits from investment vehicles
Physicians who have signed new physician contracts, are close to or have even started with their new employer or business partner(s) should begin preparing for the various tax management strategies with their investment opportunities.
Whether this means working at a practice for the first time or transferring to a new one, the non-medical aspects of becoming established can seem like unfamiliar territory.
One area of new territory is a physician’s employment benefits. Continue reading…
Pros and Cons of Without Cause Termination Provisions
Go into physician contract negotiations with a healthy perspective on the “without cause” termination provision and protect your practice with counsel from attorneys who specialize in physician contract review and negotiation.
Most employers have physician employment agreements (physician contracts) drafted with a provision in them that allow “without cause” termination. This means that employees can be fired or leave at any time for any reason.
The following is a short introduction to this provision.
Definition of Disability –“Own Occupation” vs. “Any Occupation”
Beware the different definitions of disability found within disability insurance contracts. Some masquerade as if they provide true “own occupation” when in fact they do not. Make sure you get the most out of what you are paying for.
Doctors have varying degrees of understanding when it comes to the definition of disability found in a disability insurance contract (a.k.a. policy).
As the saying goes, “the devil is in the details”, so is the quality of disability insurance is found in the fine print.
For example, some insurance companies have plans that include language such as “full benefits are paid when unable to work in your own occupation” while others promise to only pay full benefits when “unable to work in any occupation.”
What does “own occupation” mean to a physician?
It means that if a physician is unable to work in the occupation of their specialty, regardless of whether or not they could work in a different occupation in medicine, teach, do research or something else outside of medicine, that they still can collect full benefits.