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Physician Contracting 101 – Rickard & Associates

Physician contracts are often complicated and have unique terms. We help our clients understand the terms and negotiate their contracts.

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Many of our clients are physicians who are negotiating or renegotiating their employment contracts with their employers. Sometimes these are with health systems, hospitals, or small physician offices.

We also have clients come to us with issues after they negotiated their own contracts.

Physician contracts are unique, as they have standard employment terms, healthcare terms, and a variety of terms from the employer related to the employer, the specialty, productivity and more.

When reviewing your physician contract, make sure that you fully understand the following:

  1. Termination provisions. How can your employer terminate your agreement and how much notice are you entitled to? 90 days? more? It is essential that you know how you can be terminated and what other provisions are then invoked. If you are terminated, does that trigger repayment or non-compete provisions? Make sure you fully understand all potential consequences of termination.
  2. Breach provisions. Some physician contracts spell out a variety of breach remedies that are in addition to the remedies under the law. We have seen some extreme remedies, such as specific performance and paying liquidated damages. It is essential that you know of any potential remedies that they have.
  3. Repayment provisions. Upon expiration or termination of the agreement, are you required to repay anything? Sometimes there are requirements to repay moving bonuses, signing bonuses, etc. This could be a large amount that is due very quickly. Make sure that you know and plan for any potential repayments.
  4. Non-compete provisions. We always caution physicians against entering into agreements with non-compete provisions. While this isn’t always possible, non-compete provisions can impact your ability to work in the future. You need to know what triggers a non-compete, if there is anything you can do to work around the non-compete, and how broad the non-compete is.
  5. Compensation provisions. Compensation is often the most important provision for our clients. However, these sections are often muddled and confusing. Sometimes contracts are even silent as to how compensation will be determined in future years of the contract. Other physician contracts have productivity based compensation, which can be concerning as it leaves a lot of discretion to the employer. We recommend getting a guaranteed compensation amount for as long as possible, depending on your circumstances.

And more.

We have seen a trend of physician contracts becoming more and more complex and burdensome on the physicians.

It is essential that you negotiate your contract fully before you start work and that you fully understand your agreement.

We recommend working with an experienced healthcare attorney so that you do not tarnish your relationship with the employer and so that you are made aware of any potential pitfalls.

If you need help reviewing or negotiating your physician agreement, we can help. Contact Rickard & Associates today.

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Do you need help updating your Business Associate Agreement or negotiating contracts with third-party vendors? We can help. To contact us about your Business Associate Agreement, your vendor contracts or your other legal needs, call us today.

Lyft gears up to make ‘significant’ layoffs under new CEO – Business News

Lyft is preparing to lay off hundreds of employees just days after new CEO David Risher began steering the ride-hailing service with an eye toward driving down costs to help bring its fares more in line with its biggest rival, Uber.

Risher, a former Amazon executive, informed Lyft’s workforce of more than 4,000 employees in an email posted online Friday that a “significant” number of them would lose their jobs. It came at the end of his first week as Lyft’s CEO.

The note didn’t specify how many people would be jettisoned, but The Wall Street Journal reported that at least 1,200 employees would be laid off. The report cited unidentified people familiar with the cost-cutting plans.

San Francisco-based Lyft didn’t immediately respond to a request for comment.

Risher, who had been a Lyft board member before being recruited to replace co-founder Logan Green, cited expense control as one of his top priorities during an interview with The Associated Press shortly after his hiring was announced. By ensuring Lyft is “super efficient,” Risher said the company would be in a better position to lower its fares to lure back passengers who had shifted to use Uber more frequently because that service was offering lower prices for the same trips.

It was a theme Risher emphasized again in his Friday email explaining why he decided to slash the payroll, which doesn’t include Lyft’s drivers — a group that is classified as independent contractors.

“We need to bring our costs down to deliver affordable rides, compelling earnings for drivers, and profitable growth,” wrote Risher.

Lyft intends to start notifying employees who will be laid off on Thursday when the company plans to close its offices.

It will mark the second round of recent job cuts for Lyft after shedding 700 workers last year.

Recurring waves of layoffs are emerging as a new phenomenon in the tech industry, reversing more than a decade of mostly unbridled growth.

Both Facebook owner Meta Platforms and e-commerce giant Amazon have gone through two rounds of major layoffs during the past year, in part because the pandemic fueled booming demand for digital services and products that resulted in hiring sprees that they and other tech companies began to regret as the COVID-19 threat waned and growth tapered off.

The pandemic initially walloped Lyft by drying up demand for ride-hailing services, a blow Uber was able to soften through an aggressive expansion in food delivery. That gave people a reason to continue using Uber’s app even when they were stuck at home while Lyft fell out of favour.

During the past year, it has become even clearer that consumers fell out of the Lyft habit as Uber’s ridership bounced back to pre-pandemic levels and Lyft’s losses mounted. Those struggles have caused Lyft’s stock price to plunge 69% during the past year, prompting the decision to bring in a new CEO to shake things up.

Lyft’s shares surged 6% after news of its cost-cutting plans came out to close Friday at $10.44.

I Don’t Have an Estate Plan…Right?

Whether or not you have a written estate plan, you do have an estate plan. The laws of the state in which you reside will make decisions about your estate if you do not have a written plan.

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If you don’t have a written estate plan, it is essential to know what the intestacy laws of your state are so that you know what will happen to your assets if you die.

Most people prefer to make their own choices about their assets than let the state decide for them.

Why should you have a written estate plan?

Even if you do not have significant assets, you might want documents in place to protect your wishes, in the event you are incapacitated.

Medical Powers of Attorney will allow you to select the person you want to make decisions on your behalf if you need medical care, but are not competent.

Financial Powers of Attorney allow you to select the person who can make financial decisions on your behalf, if you are incapacitated.

If you have minor children, we recommend having a written estate plan that dictates who will care for your children if something should happen to you.

Drafting these documents while you are healthy allows you to pick people who you know would act in your best interest. Appointing one person also protects your family members from potential disputes, in the event they disagree on your medical care, finances, or children.

Estate planning also allows an opportunity to memorialize your wishes for end of life care.

A well-drafted estate plan also protects the assets that you do have, such as a home, insurance policies, or a bank account. Many people have more significant assets than they realize.

You can also create a personal property memorandum to pass certain personal items to loved ones.

We help our clients pick the estate plan that works best for them, given their assets, concerns and interests. Having a written estate plan in place can help your loved ones avoid going through probate.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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Contact us today with all your legal needs!

Swedbank Q1 Profits Beats Expectations on Better Deposit Margins

STOCKHOLM (Reuters) -Swedish bank Swedbank reported first-quarter net profit above market expectations on Thursday and said higher deposit margins had boosted results, although credit impairments also rose.

The rivals of Handelsbanken, SEB and Nordea said net profit totaled 7.56 billion Swedish crowns ($733.24 million) versus a year-ago 4.48 billion, topping a mean forecast of 6.62 billion, according to analyst estimates provided by the company.

CEO Jens Henriksson said Swedbank had a strong start to the year.

“The driving factor was higher net interest income, which strengthened thanks to higher deposit margins,” he told a news conference.

Higher interest rates have meant that Swedish banks have increased margins on their loan business. The Riksbank raised interest rates to 3.5% on Wednesday, up from zero just over a year ago, and said a further hike was likely.

Swedbank, Sweden’s biggest mortgage bank, said its net interest income, which includes revenue from mortgages, rose by 77% to 11.94 billion from a year-ago 6.76 billion, above the 11.37 billion expected by analysts.

Commission income rose to 3.66 billion crowns from a year ago 3.55 billion, above the mean forecast of 3.48 billion, while the bank made a profit on financial transactions, including hedging instruments, of 916 million compared to 139 million a year earlier.

Swedbank said its credit impairments rose to 777 million crowns from 158 million a year ago, above the 386 million seen by analysts.

(Reporting by Johan Ahlander, editing by Terje Solsvik)

Copyright 2023 Thomson Reuters.

Trends of lab made diamonds

Lab made diamonds, also known as synthetic or man-made diamonds, have been gaining popularity in recent years as consumers become more interested in sustainable and ethical jewellery options.

Here are a few trends in lab-made diamonds:

  1. Rising demand – The market for lab-made diamonds has been growing rapidly in recent years, with consumers seeking more sustainable and affordable alternatives to natural diamonds.
  2. Increasing availability – Lab-made diamonds are becoming more widely available, with more jewellers and retailers offering them in their collections.
  3. Growing size and quality – Advances in diamond-growing technology have made it possible to produce larger and higher-quality lab-made diamonds than ever before.
  4. Range of colours – Lab-made diamonds can be produced in a range of colours, from traditional white to fancy colours such as pink, yellow, and blue.
  5. Bridal jewellery – Lab-made diamonds are increasingly popular in engagement rings and wedding bands, as consumers seek ethical and sustainable options for these important pieces.
  6. Celebrity endorsements – Celebrities such as Emma Watson, Meghan Markle, and Leonardo DiCaprio have publicly endorsed lab-made diamonds, helping to raise awareness and interest in this alternative to natural diamonds.
  7. Ethical and sustainable jewellery: Consumers are increasingly concerned about the ethical and environmental impact of their purchases, including jewellery. Lab-grown diamonds offer a more sustainable and ethical alternative to natural diamonds, as they are produced using renewable energy and do not contribute to environmental damage or human rights violations.
  8. Cost-effectiveness: Lab-grown diamonds are typically more affordable than natural diamonds, making them a popular choice for consumers who want the look of a diamond without the high price tag.
  9. Customization options: Because lab-grown diamonds can be produced in a controlled environment, they can be made in a variety of shapes, sizes, and colours. This allows consumers to customise their jewellery and create unique pieces that reflect their personal style.
  10. Technology advancements: Advances in technology have made it easier and more cost-effective to produce lab-grown diamonds, leading to an increase in supply and a wider range of options for consumers.

Lab-made diamonds are becoming increasingly popular as consumers seek more sustainable and ethical options in the jewellery industry. As technology continues to advance and more designers and retailers embrace this trend, we can expect to see even more growth in the market for lab-made diamonds in the coming years. They can be produced in a variety of styles and shapes, just like natural diamonds.

Here are some of the most popular styles of lab-made diamonds:

  1. Round Brilliant: This classic diamond shape is the most popular and features 57 or 58 facets that maximise the diamond’s sparkle and brilliance.
  2. Princess Cut: This square or rectangular-shaped diamond has pointed corners and is the second most popular diamond shape.
  3. Cushion Cut: This square or rectangular-shaped diamond has rounded corners and a soft, cushing-like appearance.
  4. Oval Cut: This elongated diamond shape is similar to the round brilliant cut, but with an oval shape.
  5. Emerald Cut: This rectangular-shaped diamond has a step-cut design that creates a unique, vintage look.
  6. Pear Cut: This teardrop-shaped diamond is a combination of the round brilliant and marquise cut, with a pointed end and rounded side.
  7. Marquise Cut: This diamond shape is elongated with pointed ends, creating a unique and dramatic look.
  8. Radiant Cut: This square or rectangular-shaped diamond has rounded corners and a brilliant cut, giving it a unique combination of sparkle and angular lines.
  9. Asscher Cut: This square-shaped diamond has a step-cut design and cropped corners, creating a unique and vintage look.
  10. Heart Cut: This heart-shaped diamond is a romantic and unique diamond shape that symbolises love and affection.

Overall, lab-made diamonds can be produced in a variety of styles and shapes, making them a versatile and customizable option for consumers along with being an ethical and environmentally friendly choice in fashion.

What is Probate?

What is Probate?

Probate is a court process that your estate will go through after you pass away. The probate court will distribute your estate and make decisions regarding your estate.

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Many of our clients come to us without an understanding of probate or having had a bad experience with the probate court and wanting to keep their estate out of probate.

If you die without a written estate plan, your estate must go through probate before your money can be distributed to your heirs. Where will your money go? It will follow the intestacy laws of your state.

If you die with a will, your estate will also go through probate.

The only way to avoid probate is to have a trust and fully fund your trust. This means that you need to put all of your assets into your trust during your lifetime.

While probate will make decisions and divide your assets, many people wish to avoid probate because it can take years to complete and the attorney fees and court costs can take a sizeable chunk out of your estate.

Probate proceedings are also publicwhich means that anyone can view your assets and your decisions set out in your will.

We help our clients look at all of their options regarding their estate plan. Because of the issues associated with probate, many of our clients opt to utilize a Living Trust for their estate plan.

If you have questions about which estate plan is the right choice for you and your family, contact us today.

We can walk you through the differences between the laws of the state, a will and a trust.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

We publish vital information every Wednesday and Friday. To get this important information delivered directly to your mailbox,

Contact us today with all your legal needs!

The post What is Probate? appeared first on Rickard & Associates.

Recession could be just what the doctor ordered for the economy

Scotiabank chief economist says downturn could jostle the economy into a more normal, productive future

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Published April 21, 2023 • 3 minute read

Scotiabank chief economist Jean-François Perrault says that while the central banks won't come out and say it, a recession seems to be just what the doctor ordered.
Scotiabank chief economist Jean-François Perrault says that while the central banks won’t come out and say it, a recession seems to be just what the doctor ordered. Photo by Peter J Thompson/National Post/File Photo

We may be in for some rocky months, but a recession later this year could ultimately help jostle the economy back to a state of normalcy, the Bank of Nova Scotia’s chief economist said this week.

Speaking at the Canadian Fintech Summit in Toronto on April 19, Jean-François Perrault made the case that the past decade-plus has been anything but normal, in economic terms.

Central banks first kept interest rates at historic lows following the global financial crisis in 2008 and then boosted them rapidly in the post-pandemic period to stamp out high inflation. That has created economic imbalances.

But the recycling capital that takes place during a recession — and Perrault, like a number of other leading economists, expects one this year — could reset things.

“(A recession) does create conditions for a different perspective on risk appetite, a different perspective on where capital comes from, and despite the fact that things are slowing down, to some extent, the greater diversification of where capital is going into the economy ,” Perrault said. “And that, I think, ultimately is a very positive thing. It actually sets the stage for rebound after the recession.”

Some firms will not survive the economic accounting, of course.

“But as those firms fail, as firms exit certain sectors, it creates opportunities for others or allows capital to move from one part of the economy where it’s less productive, to another part of the economy where it’s more productive,” he said.

In a more normalized environment, he sees the Bank of Canada leaving interest rates in the two to three per cent range, which would be in line with the central bank’s neutral rate range, which is meant to neither contribute to nor hinder economic growth. In this return to normal, Perrault also expects that risk appetite will grow.

To get to that two to three per cent range, the bank will have to reverse course and start cutting interest rates.

For the past two monetary policy decisions, it has kept rates on hold to assess how the cumulative 4.25 per cent increase since early 2022 has affected the economy. Rate increases have a lagging impact and many economists believe the full brunt of the rate increases has not been felt.

“We are at a point now where the conversation is much more about when are central banks going to cut rates and how low do they go once they start cutting,” Perrault said. “And this is where history is a little bit of a tricky thing. We think, for example, the Bank of Canada and the Fed will start cutting rates early next year.”

The Bank of Canada expects it will reach its goal of bringing inflation down to its two per cent target from the March reading of 4.3 per cent by 2024. It’s not clear whether the central bank will cut rates in that same timeframe, but it appears to be what markets are pricing in and what economists are expecting. However, governor Tiff Macklem said it was too soon to be talking about rate cuts right now.

Perrault said that while the central banks won’t come out and say it, a recession seems to be just what the doctor ordered.

“Central banks are a little bit late to the game, so they are tightening a little bit too slowly and as a result, they have to raise rates more than we anticipated,” Perrault said. “Now, they’re not going to go out there and say ‘We want to create a recession’ — of course not. But the reality is that when the central bank has historically tightened a lot, and there are a few episodes of this, they tend to trigger recessions.”

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Is Your Compliance Plan Protecting You?

Healthcare compliance plans are essential to ensure your practice is following the law. Your compliance plan can keep your practice out of trouble.

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A recent enforcement action highlights the need for an effective and updated compliance plan.

A physician in Arkansas has been sentenced to 102 months of prison time and to pay over $4.63 million in restitution. Following release from prison, he will have three (3) years of supervised release. He also was fined $2,200 for a special assessment.

The physician was found guilty of signing prescriptions for patients that he did not know or treat.

The physician was then found guilty of lying about his actions to the FBI. He claimed he only signed prescriptions for those he evaluated and denied receiving any kickbacks.

In response to a subpoena, he only turned over a small portion of records. He also fabricated medical records.

The Arkansas physician’s actions serve as a grave reminder that it is essential to follow your compliance plan. Once a bad act has been discovered, your compliance plan needs to be followed to repair and remedy any issues.

Your practice should have a thorough compliance plan in place and action plans in the event you find any issues.

Your staff should also be trained as to how to respond in the event of an investigation.

If you need help updating, auditing or enforcing your compliance plan, call our office today.

If you need help protecting your patient data, we can help. Contact Rickard & Associates today.

We know you’re busy. Subscribe to our blog to get updates and news sent directly to your inbox!

We publish vital information on health law topics and news every Wednesday and Friday. To get this important information delivered directly to your mailbox, subscribe today!

Do you need help updating your Business Associate Agreement or negotiating contracts with third-party vendors? We can help. To contact us about your Business Associate Agreement, your vendor contracts or your other legal needs, call us today.