Physician Retirement

Physician Tax Planning and Investment Vehicles

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…

Physician Tax Review

Physician Contracts: Termination Provisions

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.
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Fine Print in Physician Contracts

Specialty-Specific Physician Disability Insurance – Beware the Fine Print

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.
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Doctor and businessman

Physician Compensation and Joining a New Practice

When joining a new practice, stop the bleeding before it starts

Whether a physician is launching their career for the first time after training, joining a new practice or becoming a partner, they should make sure they are fully prepared for the transition by considering key areas that can cause financial bleeding or low work satisfaction.

Before joining a new practice, it is imperative to consider many factors and do as much research as possible regarding what the working relationship may entail. Too many physicians accept an offer without digging deeper to find out if the advertisements, interviews and verbal agreements during preliminary negotiations have a high enough probability of actually occurring.

The recruitment process is designed to attract quality candidates and sometimes the opportunity may be advertised to appear stronger than it truly is.
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