Joining private practice

[Yellow mellow]

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I've been asked informally to join a private practice with a psychiatrist whom I've been friends with prior to med school.

I'm very interested but I don't know anything about joining a private practice. Any suggestions on what I should ask him and what I should know ?

Btw, I don't know if he is going to give me some of his patients or what but I m assuming that I may have to moonlight somewhere else to supplement my income. I say this because his office is not terribly busy ( he is an older doc who will probably retire within the next seven years. ).

Currently I work for the government making 200 but absolutely miserable. So my other option was initially to look at corrections or state hospital. But this new offer to came to me and so now I don't know what to do. Any advice is appreciated. Thanks

 

[heyjack70]

Does he want you to join the business or simply share office space under your own LLC?
I imagine filling up won't take much time, depending on the area. You could let the large primary care groups know you are available and they will probably send you plenty of work.

 

[Yellow mellow]

Does he want you to join the business or simply share office space under your own LLC?
I imagine filling up won't take much time, depending on the area. You could let the large primary care groups know you are available and they will probably send you plenty of work.

He wants me to join his practice

 

[F0nzie]

By joining do you mean being a partner in the LLC? W-2 or 1099? If independent, percentage of overhead? Paid hourly or per patient? Insurance or cash? How is call divided? What type of support staff is available? And probably the most important question: will your office have a window?

 

[Yellow mellow]

By joining do you mean being a partner in the LLC? W-2 or 1099? If independent, percentage of overhead? Paid hourly or per patient? Insurance or cash? How is call divided? What type of support staff is available? And probably the most important question: will your office have a window?

My potential office will have no window...game changer? This is going to sound stupid, but what is the difference in LLC, W-2 and 1099 ? I'm assuming w-2 means I will be his employee and paid by hour ? LLC means I partner with him and paid by the patient I see ? And 1099 means I am just using his office space as an independent contractor ? I just purchased white coat investor today on amazon so I know I sound clueless, patience is appreciated . But thanks for bringing up other questions up, I will be speaking with in a couple of hours so please keep advice coming. Thanks !

 

[deleted480308]

Buy a window

 

[Frazier]

My potential office will have no window...game changer? This is going to sound stupid, but what is the difference in LLC, W-2 and 1099 ? I'm assuming w-2 means I will be his employee and paid by hour ? LLC means I partner with him and paid by the patient I see ? And 1099 means I am just using his office space as an independent contractor ? I just purchased white coat investor today on amazon so I know I sound clueless, patience is appreciated . But thanks for bringing up other questions up, I will be speaking with in a couple of hours so please keep advice coming. Thanks !

What is the offer's timeline?

I.e. will it still be there in a month, 3 months, 6 months?

 

[Yellow mellow]

What is the offer's timeline?

I.e. will it still be there in a month, 3 months, 6 months?

Hey thanks, it has great very long term potential, foreseeably retirement is the goal, 50:50, will be likely, build it up as it is becoming more and more nice of a practice, well established patients, get along great with co psychiatrist

 

[psych md jd]

The phrase "join a private practice" could have many meanings.

If it were me, I would ask him what he has in mind, in other words, what sort of practice arrangement does he envision. Is he looking for an employee? associate? partner? shared office?

Generally, an "employee" is paid hourly with taxes taken out (W-2), has benefits, and malpractice insurance is covered. An "associate" could be an employee or could be an independent contractor. An independent contractor is paid hourly without taxes taken out (1099), does not receive benefits, and has to supply their own insurance. A "partner" implies an ownership interest where you have a "buy in" which is essentially, but not necessarily, a purchase of corporate stock (assuming the practice is organized as a corporation or limited liability corporation), or it could be a right to purchase stock. It could also be that he is offering to share office space where he will rent you an office and share some of the overhead.

Regardless of your "employment relationship," I would next ask about compensation, bonuses, profit sharing, current/potential lawsuits, buy-in/buy-out, how patients pay, patient sharing, termination, disability/inability to work, possible non-compete clauses, getting paneled by insurance companies, expected work hours, on-call, responsibilities for hospitalized patients, source of referrals etc.

If becoming a partner, I would also ask about/want to see his financials for the past 10 years. What does the practice gross/net? I would also get a market analysis.

An office that is not "terribly busy" could be a red flag.

 

[Shikima]

The phrase "join a private practice" could have many meanings.

If it were me, I would ask him what he has in mind, in other words, what sort of practice arrangement does he envision. Is he looking for an employee? associate? partner? shared office?

Generally, an "employee" is paid hourly with taxes taken out (W-2), has benefits, and malpractice insurance is covered. An "associate" could be an employee or could be an independent contractor. An independent contractor is paid hourly without taxes taken out (1099), does not receive benefits, and has to supply their own insurance. A "partner" implies an ownership interest where you have a "buy in" which is essentially, but not necessarily, a purchase of corporate stock (assuming the practice is organized as a corporation or limited liability corporation), or it could be a right to purchase stock. It could also be that he is offering to share office space where he will rent you an office and share some of the overhead.

Regardless of your "employment relationship," I would next ask about compensation, bonuses, profit sharing, current/potential lawsuits, buy-in/buy-out, how patients pay, termination, disability/inability to work, possible non-compete clauses, getting paneled by insurance companies, expected work hours, on-call, responsibilities for hospitalized patients, source of referrals etc.

If becoming a partner, I would also ask about/want to see his financials for the past 10 years. What does the practice gross/net? I would also get a market analysis.

An office that is not "terribly busy" could be a red flag.




This post contains general information about legal matters. The information is not advice, and should not be treated as such. You must not rely on the information on this post as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider. You should never delay seeking legal advice, disregard legal advice, or commence or discontinue any legal action because of information in this post.

And the referral source too.

 

[PikminOC]

This post contains general information about legal matters. The information is not advice, and should not be treated as such. You must not rely on the information on this post as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider. You should never delay seeking legal advice, disregard legal advice, or commence or discontinue any legal action because of information in this post.

Has someone been sued on a board like this for advice gone bad?

 

[psych md jd]

Has someone been sued on a board like this for advice gone bad?

Yes. [Not me.]

In light of that case, I don't give advice, I give information-as generally as possible.

My use of "If it were me..." and "I would..." and "Generally" is intentional, as opposed to "You should..." and Here, you...".

Once you mount the public rostrum, you invite all kind and manner of liability.

 

[NickNaylor]

Once you mount the public rostrum, you invite all kind and manner of liability.

...better call Saul.

 

[Shikima]

...better call Saul.

Not sure if you noticed his Avatar...

 

[NickNaylor]

Not sure if you noticed his Avatar...

Of course. 😉

 

[PikminOC]

Yes. [Not me.]

In light of that case, I don't give advice, I give information-as generally as possible.

My use of "If it were me..." and "I would..." and "Generally" is intentional, as opposed to "You should..." and Here, you...".

Once you mount the public rostrum, you invite all kind and manner of liability.

You got the link to the case?

 

[psych md jd]

http://www.ij.org/texas-veterinary-speech-release-3-30-2015
[Other sources say there was a complaint filed against the defendant.]

https://www.ij.org/paleospeech
[Other sources report a complaint here, too. Makes sense since most actions are complaint driven]

Also, note the ij was involved with both suits.

And then there is Elonis, the first "social media-free speech" case to make it to SCOTUS. But, the Court declined to address the 1st amendment issues.