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Residency Contract Buy-out

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by hoorayme hoorayme (New) New Nurse

197 Profile Views; 2 Posts

Long story short, I’m in a 2 year contract with a residency at a hospital. I’m EXTREMELY unhappy to the point of having a nervous breakdown which led me to meds and therapy. Both of which have been helpful, by the way, but for my own happiness and burnout, I would like to leave my job. 

I’ve heard of RN’s who were able to get other hospitals to buy out their contracts. Would anyone care to share that process? I want to know the best way to go about applying for a new job in this way.

 Thank you for your input!

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Ruby Vee has 40 years experience as a BSN and specializes in CCU, SICU, CVSICU, Precepting & Teaching.

11 Followers; 66 Articles; 13,948 Posts; 171,983 Profile Views

How much of your contract have you completed?  What are the terms of your contract?  How much would it cost you to buy out your contract?  And if your job has led you to a nervous breakdown, how would you go about maintaining your mental health at a new job?

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363 Posts; 4,514 Profile Views

I've never heard of another hospital buying out a contract, especially for a new grad who is leaving their residency contract early. 

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171 Posts; 6,770 Profile Views

Cant you request for a transfer?

I am not a new grad, but extremely unhappy in my workplace. I am currently saving up to just buy out my contract and move out of place. I have not heard of other hospitals buying out a contract, but perhaps you can use your sign on bonus to cover some of the amount of your contract. 

Look at the terms of your contract and see what the total amount is, and figure out how much will be deducted from that amount after a certain period of service in the hospital

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Swellz has 6 years experience and specializes in oncology, MS/tele/stepdown.

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I've never heard of a hospital buying out a contract from another hospital, but I have heard of nurses paying back their contract. I've also heard of nurses simply not paying it and the hospital never going after them, but that was one specific health system; you can play that game, but it would be a gamble that could turn into debt collectors calling you. I just don't see a hospital paying another for a nurse unless they were experienced in a hard-to-staff specialty.

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