Filing the final tax returns is not enough when officially closing a medical practice. Your attorney must also file documents with the Department of State.
Without cause termination in physician employment contracts can be stressful for the physician, but there are beneficial aspects that can be exploited.
Selling Your Medical Practice and Relying on the Hospital Fairies: Physician Compensation after Sale of Practice
Covenants not to compete in medical practice sales protect the hospital’s “very valuable assets,” for which the hospital paid the physician next to nothing.
Once you have had your physician employment agreement reviewed, it’s important that you take full advantage of the analysis.
The bottom line on physician covenants not to compete is that the market will enforce the covenant as written, even if a court probably wouldn’t.