Announcement

Collapse
No announcement yet.

Resources to start a practice/form company

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Resources to start a practice/form company

    Employed physician happy in my job, but looking to start a LLC for some moonlighting on the side. I would like to set things up so if I wanted to do some telemedicine or weekend clinic coverage on the side myself it would also be set to go for a small 1 doc private group since low overhead.

    Any good resources to look into. For the moonlighting the LLC and then EIN seems easy enough, but to be set as a private practice I know I would need EMR, billing, credentialing with payers, employee handbook etc. not sure if any good resources of check list style so I could slowly start getting some of those set up too.

  • #2
    If you want to do some moonlighting then you don’t need an LLC. If you’re wanting to start your own practice then I don’t think having your own occasional weekend private practice would be anywhere close to worth the cost and hassle.

    Comment


    • #3
      Originally posted by CordMcNally View Post
      If you want to do some moonlighting then you don’t need an LLC. If you’re wanting to start your own practice then I don’t think having your own occasional weekend private practice would be anywhere close to worth the cost and hassle.
      Appreciate the thoughts, but didn’t really answer any of the question.

      Comment


      • #4
        This book was just published a couple of months ago and seems to check all of your boxes. It’s only a $9 investment. And there’s always perennial favorite Cory Fawcett’s book, The Doctor’s Guide to Starting Your Practice Right.

        But I agree with Cord that the LLC is likely unnecessary.
        Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

        Comment


        • #5
          Originally posted by wildcat16 View Post

          Appreciate the thoughts, but didn’t really answer any of the question.
          It did. You just have a lot of preconceived ideas. You need none of everything you mentioned to do what you're talking about.

          Book gig, collect income. Bingo, you're a self proprietor. Done.

          Comment


          • #6
            Originally posted by Zaphod View Post

            It did. You just have a lot of preconceived ideas. You need none of everything you mentioned to do what you're talking about.

            Book gig, collect income. Bingo, you're a self proprietor. Done.
            Would also like to use this to eventually start a private practice/telemed. Would like a business structure in place for this as well(Aka not just moonlight pay). So this is what I was asking for.

            Comment


            • #7
              Originally posted by wildcat16 View Post

              Would also like to use this to eventually start a private practice/telemed. Would like a business structure in place for this as well(Aka not just moonlight pay). So this is what I was asking for.
              Not legal or tax advice. Your private practice can blossom and grow under this legal structure.

              “Book gig, collect income. Bingo, you're a self proprietor. Done.” One gig or 100’s per week. It is a perfectly valid structure. A more complicated structure is needed because it provides advantages. Tax, liability, employee benefits etc. Setting it up prematurely can actually make switching more difficult. Seems you are wanting a solution for issues that don’t exist currently.

              Comment


              • #8
                Originally posted by Tim View Post

                Not legal or tax advice. Your private practice can blossom and grow under this legal structure.

                “Book gig, collect income. Bingo, you're a self proprietor. Done.” One gig or 100’s per week. It is a perfectly valid structure. A more complicated structure is needed because it provides advantages. Tax, liability, employee benefits etc. Setting it up prematurely can actually make switching more difficult. Seems you are wanting a solution for issues that don’t exist currently.
                I would like the benefit of tax/investment, but there will be a second employee who will be scheduling and taking phone calls for the private practice component while I’m at my “regular job.” This no longer is allowed as sole proprietorship if I understand correctly.

                Comment


                • #9
                  Originally posted by wildcat16 View Post

                  I would like the benefit of tax/investment, but there will be a second employee who will be scheduling and taking phone calls for the private practice component while I’m at my “regular job.” This no longer is allowed as sole proprietorship if I understand correctly.
                  Doesnt make sense, these are simply legal structures, nothing more. Quick googling also shows its not prohibited.

                  There are very few benefits to not being a sole proprietor and depends on your situation, sure, but none of it is these kind of things. You should be able to google and learn all this stuff within 2 hours.

                  Most people saying you "need" to do x, y, and z are usually in the biz of profiting off of that service (legal, accounting) or havent looked into it.

                  Comment

                  Working...
                  X