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Leaving hospital position to join friends private practice - what do I need to know?

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  • Leaving hospital position to join friends private practice - what do I need to know?

    As the title states, I am leaving my hospital position this summer to join my former residency buddy's practice, and I had a few questions about the transition. I will be joining under his LLC. A few questions:

    1. Do I need to re-enroll in medicare? Or does my enrollment under my current employer carryover?
    2. Since I'm joining under his LLC, guessing we won't be able to do solo-401k?
    3. Speaking of retirement accounts, I have a 403b, 401a, and non-governmental 457b. I know I won't be able to rollover the 457b, but what about the 403b and 401a?

    Anything else I'm missing? Thanks in advance!

  • #2
    What's the distribution rule with the 457?

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    • #3
      Same city? Or out of town?

      That sounds so much fun. I would love to be in practice with my friend. Surgical field?

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      • #4
        Originally posted by Peds View Post
        What's the distribution rule with the 457?
        I can do a lump sum, 5 year, or 10 year distribution.

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        • #5
          Make sure that any doubts that you have are aired out in the open and clarified now rather than simmer and burst out later. A friend you can have a beer or dinner with may not be the same you can work with, day after day.

          Also, make sure agreements are in writing since each person can have a different memory of what was agreed upon 2 years earlier.

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          • #6
            Originally posted by GastroMastro View Post
            Same city? Or out of town?

            That sounds so much fun. I would love to be in practice with my friend. Surgical field?
            That's the hope! He lives in a different state (warmer). We're both in PM&R.

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            • #7
              you will likely need to be re credentialed for all carriers. You need to find out about retirement plans. Are you working as an employee or an owner?

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              • #8
                Originally posted by Kamban View Post
                Make sure that any doubts that you have are aired out in the open and clarified now rather than simmer and burst out later. A friend you can have a beer or dinner with may not be the same you can work with, day after day.

                Also, make sure agreements are in writing since each person can have a different memory of what was agreed upon 2 years earlier.
                Agreed, we're working out the details currently and all of our agreements are going to be written out in a contract.

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                • #9
                  Originally posted by Hatton View Post
                  you will likely need to be re credentialed for all carriers. You need to find out about retirement plans. Are you working as an employee or an owner?
                  Correct, we are going to have me re-credentialed as soon as I am licensed in his state. Re: the last part, we are going to be talking to a lawyer about that. I will be an equal partner, so I'm assuming owner? If I am employed under his LLC though, will I have to be reclassified as employee?

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                  • #10
                    One serious point. You are obviously focused upon entry. Work through the exit terms as well. Sometimes it is by choice and sometimes it’s impossible to avoid. The definition of fair can drastically differ at some point. Get the exit terms in writing.

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