Nearly 90% of physician employment contracts include noncompete agreements, clauses that prevent an individual from leaving for a competitor or starting a competing business within a prescribed geographic region for a defined time after their employment ends. The Federal Trade Commission (FTC) proposed a ban on noncompete clauses in January 2023. If accepted, this will have immediate, far-reaching impacts for healthcare employers of every ilk.An FTC ban will markedly change the way in which physicians and healthcare employers interact. The FTC states that a non-compete clause suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses. Furthermore, unless you re willing to move hundreds of miles away or take a huge pay cut to restart your career from scratch, a noncompete can effectively lock you into a job. Banning noncompete clauses will have major implications for health systems that seek to consolidate providers in their markets, a practice that thus far has resulted in higher prices while not improving patient access.Healthcare employers, from large systems to individual practices, invest significant resources in physician hires, often totaling $100,000 or more per physician recruit. Losing these physicians to local or regional competitors represents a significant loss in return on capital invested for health systems and practices.What might the implications of this proposed FTC ban be for otolaryngology practices? Will this help or hurt surgeons? How might it change our approach to recruitment and retention? And most critically, how will this impact patients?
- Provider:American Academy of Otolaryngology – Head & Neck Surgery Foundation
- Activity Link: http://media.mycrowdwisdom.com.s3.amazonaws.com/aao-hnsf/2023_Annual_Meeting_Webcasts/23AMW2410166.mp4
- Start Date: 2023-10-01 05:00:00
- End Date: 2023-10-01 05:00:00
- Credit Details: AMA PRA Category 1 Credit™️: 1.0 hours
- MOC Credit Details: ABOHNS - 1.0 Point; Credit Type(s): Self-Assessment (ABOHNS)
- Commercial Support: No
- Activity Type: Enduring Material
- CME Finder Type: Online Learning
- Fee to Participate: Yes
- Measured Outcome: Community/Population Health, Learner Competence, Learner Knowledge, Learner Performance, Patient Health
- Provider Ship: Directly Provided
- Registration: Open to all
- Specialty: General Otolaryngology