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On April 23, 2024, the U.S. Federal Trade Commission (FTC) took a significant step by voting to ban non-compete agreements between employers and workers in the United States, with some exceptions. The final rule was published in the Federal Register on May 7, 2024, and will come into effect on September 4, 2024. This landmark decision has wide-reaching implications for many industries, including healthcare. Here’s what you, as a medical provider, need to know about your rights under this new rule.
Non-compete agreements have long been used to prevent employees from joining competing practices or starting their own within a certain geographic area and timeframe after leaving their employer. The FTC's new rule considers these agreements to be "unfair methods of competition" and requires employers to cease enforcing most existing non-compete agreements. The goal is to enhance labor market competition and employee mobility.
You can read more about this rule directly from the FTC's website here: FTC Announces Rule Banning Noncompetes.
For further details on the implications and guidance related to this rule, refer to the FTC's official Noncompete Rule page.
This information should help you understand the scope of the new rule and how it affects medical providers. Remember, nothing in this blog constitutes legal advice. We strongly encourage you to seek the advice of an attorney on all matters related to non-compete agreements to ensure you fully understand your rights and obligations under the new FTC rule.
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