Going rate for contracted consultation in CA?

[Red Beard]

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Its been a LOOOOOONG time since I've posted here, hoping some out in the workforce could give some input.

I have been a full time salaried psychiatrist for about 6 years in academia/private non-profit institutions. I am looking at doing some side work for a private, for-profit clinic in CA, doing initial intake psychiatric evaluations. Would not be prescribing or doing any follow-ups. My understanding is that these are private-pay clients.

Evaluations would be 1hr, and I assume it would take me 20-30min to do the documentation. I would probably do 6-8 of these per week.

They want to pay me per eval, as a 1099 contractor. I understand that my tax rate will probably be double what I am used to paying as a salaried provider.

Looking for input re: what I should ask to be paid per case?

I have full benefits from my current employer. I did ask the clinic to cover my malpractice for this work.

Thanks

 

[robellis]

500 per patient

 

[splik]

They want to pay me per eval, as a 1099 contractor. I understand that my tax rate will probably be double what I am used to paying as a salaried provider.

This is not correct (if you think about it, it would be nuts if it were). If you were ONLY doing 1099 work you would pay self-employment taxes which is basically twice FICA. Income tax doesn't change 1099 v W2. However if you have a regular W2 job and are earning more than 142800 per yr then you will have maxed out your social security contributions and thus won't owe any additional social security taxes. You can also write off expenses and/or contribute to a solo 401k in order to reduce your taxable 1099 income.

I think you need to find out what they are charging patients as that will be the main factor in how much you can expect to make. But I would expect something between $200-350/hr. You won't get paid for any additional time documenting unless these are specialized reports that justify spending more time (e.g. transplant, bariatric surgery, gender affirming surgery etc evals). Otherwise the expectation is you would write most of your notes during the time with the pt and maybe an additional 5-10 minutes. However if you spend longer you would want to think about that in determine what you personally consider acceptable compensation.

 

[Red Beard]

Thanks for that info, particularly the part about the cap on social security contributions.