Have you ever taken time to review your contract and negotiate terms that are favorable to both you and the team? Just like a pro athlete negotiates for the most favorable contract, you as a superstar physician can to. Every time you renew your contract, you have a chance to get a better deal, especially your 2nd contract as an attending after you’ve proven yourself as an invaluable asset to the team. In today’s episode, we are joined by Health Law Attorney Spencer Licktieg. You deserve to have the right tools and skills to get an equitable contract that aligns with your lifestyle, and indispensable contributions. Tune in to learn how.

To connect with Spencer for a free consult, visit https://shrr.com/our-people/spencer-k-lickteig/

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This recording is for the exclusive use by Financial Residency Podcast and used solely as an educational tool for the limited podcast interview by Spencer Lickteig on April 19, 2024 and any recorded replays of that presentation.  This commentary was not provided with any intent for actual use by individuals or entities and does not reflect the legal opinions or advisement of Spencer Lickteig or Smith, Haughey, Rice, and Roegge.  The information presented in this podcast itself does not, and is not intended to, constitute legal advice.  Instead, all information and content are for the limited informational purposes only.  The receipt or listening of this information does not create an attorney-client relationship, nor does it represent any intention of seeking or providing legal counsel.  No user or listener should act or refrain from acting based on the information provided in this document or presentation without first seeking legal or professional advice from counsel in the relevant jurisdiction.  This presentation does not represent the practice of law pursuant to state licensing authorities.  This interview audio shall not be reproduced by any parties without the express consent of Spencer Lickteig and Smith, Haughey, Rice, and Roegge.

Jon from Contract Diagnostics discusses the impact of hospital and clinic closures on employees, comparing the situation to retail franchise closures like Kmart or Bed Bath & Beyond.

He highlights potential outcomes for physicians, such as reassignment or termination, based on the terms of employment contracts. Jon emphasizes the importance of understanding contract stipulations regarding termination pay, benefits, notice periods, non-compete clauses, and tail insurance.

He advises healthcare professionals to be fully aware of their contract details at signing to prepare for possible closures, terminations, or relocations, ensuring they know their options and risks. 

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value.

They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for those that closed before your home was inspected.

You can reach Doug at Doug.Crouse@BMO.com">Doug.Crouse@BMO.com or go to www.DougCrouse.com.

Budgeting can be a difficult task for physician families, especially when one spouse is a stickler for budgets and the other isn't. But Nate Reineke, CFP with Physician Family Financial Advisors, explains how couples can develop budgets in a nonconfrontational way by discussing their short and long term goals.

He encourages families to pay off debt while saving for kids' college and/or retirement. And most importantly, he doesn't want physicians to miss out on enjoying their lives because they are so focused on saving for retirement. With a little forethought, there can be a happy balance between work and the rest of your life. 

You can learn more about Nate or hear his podcast at www.PhysicianFamily.com.

Ever felt overwhelmed about not knowing what you don’t know as it relates to money?

Perhaps even a bit frustrated that of the hundreds of thousands of dollars you spent and countless hours in training, there was little to no real-world training about money? I have great news, if you’re reading this now, you’re here for a reason. And though your medical school or training program is unlikely to do anything about, we here at Financial Residency are here to help you make sense of your cents. Take the first step by tuning into this episode!

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more.

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Warning: don’t be the richest one in the graveyard. A wise investor named Warren Buffet once quoted “Investing in yourself is the most important investment you’ll ever make in your life. There’s no financial investment that’ll ever match it, because if you develop more skill, more ability, more insight, more capacity, that’s what’s going to really provide economic freedom. It’s those skill sets that really make that happen.” - Warren Buffet, Billionaire American Investor. You’ve already invested hundreds of thousands of dollars into your superpower skillsets as a clinician, what are you doing to invest into yourself now?

Trying to qualify for PSLF and unsure if you’re on track? Get James’s 100% Public Service Loan Forgiveness Checklist and Masterdashboard. Go to https://info.imwealth.com/pslf to learn more. 

Source 2 https://www.cnbc.com/2017/04/07/tony-robbins-and-warren-buffett-recommend-thisinvestment

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

Jon from Contract Diagnostics highlights the risks associated with physician employment contracts, particularly emphasizing a case with a stark imbalance in termination notice periods and the risks during a probationary period. Physicians face unfair termination clauses, such as needing to provide 120 days' notice to leave, while employers can terminate with only 30 days' notice. Additionally, during a six-month probationary period, employers can terminate immediately without cause.

Jon advocates for mutual termination notice periods and suggests that contracts should offer safeguards like severance packages or compensation for unworked notice periods to mitigate the physician's risks. He underscores the importance of reviewing employment contracts carefully to avoid costly nuances and ensure they meet industry standards. 

Contract Diagnostics offers thorough reviews and educational resources to help physicians navigate these complex agreements.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up!

Some banks, including BMO, offer rate modifications for physician loans. What this means is that you can close a loan today with the current market rate, but can later "modify" your loan to a lower rate if rates go down. 

This option is cheaper than refinancing your loan and does not involve the hassle of getting a new appraisal or providing all the documents to get a new loan. 

You can reach Doug at Doug.Crouse@BMO.com">Doug.Crouse@BMO.com or go to www.DougCrouse.com.

Today Jon provides insights into contract breaches, advising caution and adherence to contractual obligations. It outlines potential consequences, including termination, financial liabilities, and legal action, underscoring the importance of seeking legal counsel. Emphasizing the need for understanding contract terms, it encourages individuals to consult Contract Diagnostics for guidance on interpretation and negotiation strategies.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com