"Umbrella" group practice with individual practices

[TaxiDriver]

Thank you guys so much for giving me opinions on the other thread on joining a cash-only practice. I also have the opportunity of joining a child/adult practice that is not really a group practice. It is a clinic with 2 MDs and 7 phd psychologists, and one of the MDs is leaving. It is a non-traditional private practice, so each clinician has their own private practice.

They take 10% in overhead for advertising and their name. The advantage they said would be the big referral base they already have. But you have to do everything yourself. There are no benefits and no EMR. Most clinicians there just use My Client which is $30/month. This is probably something I would do 1-2 days per week in the beginning. I should probably find a part-time job somewhere else, or maybe a Locum job in the area?

Anybody have any thoughts on this? Seems to be a good chance to keep most of the money you collect. Most MDs start with being on 1 insurance panel at least, and then you can think about getting rid of the insurance panel later down the road. This would also give me the chance to try out other things, not just outpatient 5 days a week.

Thank you guys so much for the great responses. This job search for child psychiatry jobs is overwhelming but lots of possibilities!

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[michaelrack]

Thank you guys so much for giving me opinions on the other thread on joining a cash-only practice. I also have the opportunity of joining a child/adult practice that is not really a group practice. It is a clinic with 2 MDs and 7 phd psychologists, and one of the MDs is leaving. It is a non-traditional private practice, so each clinician has their own private practice.

They take 10% in overhead for advertising and their name. The advantage they said would be the big referral base they already have. But you have to do everything yourself. There are no benefits and no EMR. Most clinicians there just use My Client which is $30/month. This is probably something I would do 1-2 days per week in the beginning. I should probably find a part-time job somewhere else, or maybe a Locum job in the area?

Anybody have any thoughts on this? Seems to be a good chance to keep most of the money you collect. Most MDs start with being on 1 insurance panel at least, and then you can think about getting rid of the insurance panel later down the road. This would also give me the chance to try out other things, not just outpatient 5 days a week.

Thank you guys so much for the great responses. This job search for child psychiatry jobs is overwhelming but lots of possibilities!

assuming that nothing else is included in the 10% (such as office space, insurance panel enrollment, billing, etc), this is too much to pay just for a name.

 

[vistaril]

assuming that nothing else is included in the 10% (such as office space, insurance panel enrollment, billing, etc), this is too much to pay just for a name.

exactly...it's actually 10% too much. Well maybe 9.5% too much.

The standard to pay in most community setups, if you arent going to evenly split all the expenses(the biggest of which is usually rent/utilities and depending on how large the practice is other employees) is 25-28% of your collections(not billings).

there is simply not enough money in outpatient psych to be throwing away 10% off the top for 'the group' when there isn't anything such as office space, employees, use of an emr, insurance, utilities, etc included in that.

 

[TexasPhysician]

10% doesn't include an office?

They want you to pay 10% to use the name? Confused on how this makes sense. There must be more to the 10%.