Independent contractor advice

[JelloIsJigglin]

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Hello,

I was wondering if anyone had any experience working as an independent contractor (not locum tenens) with a private practice group. Is it worth setting up an LLC or S-corp? Is it even possible taking advantage of the salary/dividend component of tax savings via s-corp as an independent contractor physician in pain private practice setting?

The pay structure I have agreed upon is percentage of total collections with minimum monthly guarantee payments. All fringe benefits (come, insurances, etc) are my own responsibility.

Obviously if I cannot take advantage of setting dividends for myself than theres is no point in setting up an S-corp right...?

 

[AdminPatient]

Hello,

I was wondering if anyone had any experience working as an independent contractor (not locum tenens) with a private practice group. Is it worth setting up an LLC or S-corp? Is it even possible taking advantage of the salary/dividend component of tax savings via s-corp as an independent contractor physician in pain private practice setting?

The pay structure I have agreed upon is percentage of total collections with minimum monthly guarantee payments. All fringe benefits (come, insurances, etc) are my own responsibility.

Obviously if I cannot take advantage of setting dividends for myself than theres is no point in setting up an S-corp right...?

highly suggest incorporating and making the contracting entity with your Corp instead of you as an individual- there are both tax benefits/consideration and for liability reasons. About 90% of the contracts I work on for PSAs are with corps (even if the corporation is just a single provider). Talk to your accountant who can explain some of the write offs.

Many of these types of arrangements can’t be touched/amended in the first year (Due to Stark reasons) so make sure the comp outlined is crystal clear (% of collections models are pretty straightforward) and there is no ambiguity (eg is there pain call/call pay involved you can participate in?) Or would you contract with the hospital directly outside your private practice PSA?