Graduating soon and entering the field Solo

[vitriol102]

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Greetings! I could really use some advice. Will be graduating broke and joining a stand alone rehab facility. Will negotiate a contract next week. Have some questions: 1. Is this viable? Will there be enough money to live off: "modest" lodging, need a "modest" new car, fees for board exam etc... at an average of 15-20pts. What about starting to pay off loans? 2. Any suggestions on purchasing malpractice insurance? How do you feel about taking out a loan? 3a. Any specific clauses in the contract you would recommend? i.e. monetary advance to help for state licensing & DEA fees. 3b. What would you suggest I negotiate in the contract? 4. What about omitting certain clauses in the contract? 5. Once work has started, what should be the immediate focus at 1 month, 3 months, 6 months and 1yr. 6. Is there a suggested time frame to start outpt? 7. Any good sources of information you would suggest for puppies? 8. Any good sources for taxes (and deductions) for physicians? 9. Good source of legal information for physicians? Appreciate any help! Thank you

 

[PMR 4 MSK]

Talk to local docs and see who they use for legal and accounting. You need a lawyer to and an accountant to set up the business (sole proprietor, S-Corp, Professional corp, etc.) and also to review the contract and advise you, Accountant can help with taxes.

Watch non-compete clauses. They are never good for the doc.

Malpractice tail policies - who pays and when?

Are you employee or contractor?

All inpt work gives you very low overhead. Outpt clinic gives high overhead, and you are not making the clinic money while you are seeing inpts, but it is generating expenses.

Is there a directorship/stipend for you? Is there an income gurantee?

 

[RUOkie]

15-20 inpatients (which really means 9-15) is not enough to sustain a FT physician unless you have a serious stipend or are a hospital employee. Are they providing clinic space? Possibly to share with another doc? If you are going to see any outpatients, you need a clinic and phone etc. Maybe supplement by doing EMGs in the ortho clinic?

 

[Jitter Bug]

Depending on how broke you are, you can ask your new employer for a signing bonus of a few thousand which can cover some of the initial out of pockets: first month rent, getting the cable turned on, license and DEA fees etc. Better than a bank loan, but worse than having your bonus rolled into your salary (taxed better as salary than as bonus).

If you need more than 5-10 thousand cash to get settled, you need to downgrade your settling in plan. Don't take a bank loan, get a rental apt or condo with a short lease and drive your current car. In 6-12 months you should have earned enough to upgrade.

Consider hiring a contract specialist to aid you in the negotiations if you don't know much about what should and should not be in your contract. That will be worth the money you spend on it. I had someone who would review new grads for a flat fee. (I think 500-700 $ range)