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I'm a third year resident. As part of my residency we have a moonlighting gig where we reside at a outpatient MRI center and basically our sole responsibility is to monitor for and manage contrast reactions. Pretty sweet gig considering this hardly ever happens and essentially I get my charting done, emails, etc. This was an internal moonlighting gig. As such, we were covered under the same liability insurance under the health system affiliated with our residency. Also, I signed a contract with this same health system to practice as an attending soon. So I've never had to worry about getting my own liability coverage or tail (I'm pretty sure though, that if I leave at some point, I will have tail coverage provided by this employer).
The down side is, that now that I am graduating in a few weeks, I no longer get to moonlight here (boo...).
So turns out, I found about another MRI center in the area that is looking for moonlighters to cover some shifts. The pay is similar, however, seeing as this is an external moonlighting gig, I will get paid as an independent contractor (which potentially means a much higher tax rate, which I am not sure I am thrilled about). Also, I have to look into this more, but I think the liability insurance they are providing me is claims made as opposed to occurance, so I think I would have to get tail coverage when I stop moonlighting.
I was planning on doing a 4 to 8 hour shift one day a week at this job at around $60/ hour. This would be on my day off from my primary employment as an attending.
My argument for this job, would be "easy way to make money while doing charting, emails, etc." My argument against this job is the cost of tail coverage once I leave, the high tax rate as an independent contractor, and having to work on my day off (although probably getting caught up on all my paperwork/ charting, etc.)
Questions I have: anyone out there have a similar situation? Can anyone tail me what I could expect tail coverage to cost in my situation or how I would find that out? For those doing external moonlighting... is it as an independent contractor or is it as a casual employee or something to that extent? What about possible tax benefits as an independent contractor?
Appreciate all your thoughts on this matter!
The down side is, that now that I am graduating in a few weeks, I no longer get to moonlight here (boo...).
So turns out, I found about another MRI center in the area that is looking for moonlighters to cover some shifts. The pay is similar, however, seeing as this is an external moonlighting gig, I will get paid as an independent contractor (which potentially means a much higher tax rate, which I am not sure I am thrilled about). Also, I have to look into this more, but I think the liability insurance they are providing me is claims made as opposed to occurance, so I think I would have to get tail coverage when I stop moonlighting.
I was planning on doing a 4 to 8 hour shift one day a week at this job at around $60/ hour. This would be on my day off from my primary employment as an attending.
My argument for this job, would be "easy way to make money while doing charting, emails, etc." My argument against this job is the cost of tail coverage once I leave, the high tax rate as an independent contractor, and having to work on my day off (although probably getting caught up on all my paperwork/ charting, etc.)
Questions I have: anyone out there have a similar situation? Can anyone tail me what I could expect tail coverage to cost in my situation or how I would find that out? For those doing external moonlighting... is it as an independent contractor or is it as a casual employee or something to that extent? What about possible tax benefits as an independent contractor?
Appreciate all your thoughts on this matter!